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Details of Imminent Diamond Drilling Program, Louise Lake Project, North American Inc.
Details of Imminent Diamond Drilling Program, Louise Lake Project, North American Inc..
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Feb. 15 /CNW/ - The Board of Directors of North American Gem\nInc. (NAG, TSX-V) is pleased to announce details of the Company's winter, 2007\ndiamond drilling program on its Louise Lake Project, set to commence during\nthe week of February 19th, 2007. The program will consist of 3,800 metres of\n\"NQ\"-sized core in 13 holes, using two diamond drills, the second of which\nwill be in service by month-end. Further drilling may occur if conditions\npermit. The road-accessible Louise Lake property is located 35 kilometres west\nof Smithers, a full-service community with excellent access to highway, rail\nand electrical power infrastructure.\n\n\nThis drilling program is designed to test extensions of mineralization\ncomprising the \"Main Zone\", a tabular, north-dipping\ncopper-gold-molybdenum-silver deposit. The deposit extends to a depth of about\n270 metres, where it is abruptly truncated by a flat-lying thrust fault,\ncalled the \"Terminator\".\n\n\nAn Independent NI 43-101 compatible resource estimate by SRK Consulting\n(Canada) Inc., released in late May, 2006, provided the following Indicated\nand Inferred resource base:\n\n\nTable 1: - SRK classified mineral resources for the Louise Lake deposit.\n-------------------------------------------------------------------------\n Mineral CuEq(xx) Cu Mo Au Ag\nResources(x) Tonnes (%) (%) (%) (g/t) (g/t)\n-------------------------------------------------------------------------\nIndicated 6,000,000 0.369 0.214 0.006 0.20 0.98\nInferred 141,000,000 0.426 0.234 0.009 0.23 0.94\n-------------------------------------------------------------------------\n(x) All resources quoted at 0.25% CuEq cut-off\n(xx) CuEq calculated using the following metal prices:\n Cu US$1.20/lb, Mo US$8/lb, AU US $450/oz, AG US$7/oz\n\n\nThe final report by SRK Consulting also stated that the Main Zone deposit\nremains open to the north, along its down-dip extension. It also remains open\nalong strike to the west and also along its southern, footwall contact. Thus,\nthree holes will test the northern down-dip extension; one of these will be\nlocated somewhat east of known mineralization to simultaneously test the\neastern strike extent. One hole will test the western strike extension and two\nwill test the southern contact.\n\n\nThe report suggests the presence of a separate mineralized body no...