NAG has twice the GXS hectares stakedNorth American Gem Inc. has signed an agreement with Adamas Minerals Corp. of Prince Alberta, Sask., to grant North American Gem exclusive rights to coal, oil shale and/or all hydrocarbon discoveries on a land package on which coal permit applications have been submitted for, west of Hudson Bay, Sask. Included in this new potential land package acquired from Adamas, the company has also submitted coal permit applications for another 578,234 acres, in addition to the previous acreage as stated in the Monday, May 12, 2008, news release in Stockwatch. This now brings the current total land staked to approximately 927,613 acres, more than doubling its current application.
In 2007, Adamas was exploring a magnetic anomaly thought to be a kimberlite target in proximity to the most recent discovery by Goldsource Mines Inc. in western Saskatchewan which has been recently shown to have a major potential for regional coal deposits. During this exploration program, Adamas discovered a coal seam in the Cretaceous rock (Mannville group rocks) sequence containing coal similar to Goldsource. This four-metre intercept is currently on a rush assay to Loring Laboratory out of Calgary, Alta. This is the same laboratory that Goldsource had used and was chosen to maintain assay continuity.
Goldsource Mines Inc. has received confirmation of the priority status from the Saskatchewan Ministry of Energy and Resources for 179 coal applications filed by the company. The coal applications for which priority status has been confirmed comprise a total of approximately 143,000 hectares, being an area of roughly 1,430 square kilometres. This area is centred on the two core drill holes which resulted in the discovery of the coal intercepts previously announced (news in Stockwatch dated April 22 and April 28, 2008). The company cautions that issuance of actual coal permits will not occur until the ministry has completed its full review.
927,613 acres = 375,391 hetares