North American Gem Inc V.NAG

NAG News

[Lucy1]

North American Gem Inc.: Three New Zones Identified During Brief Surface Program, Louise Lake Project 6/27/05 VANCOUVER, BRITISH COLUMBIA, Jun 27, 2005 (CCNMatthews via COMTEX) -- The Board of Directors of North American Gem Inc. (TSX VENTURE:NAG) is pleased to announce that at least three "new" mineralized zones were identified during a short surface exploration program recently completed at the Louise Lake property, located 35 km west of Smithers, northwestern British Columbia, Canada. This program was focused on identifying potential surface extensions of the east-west striking "Main Zone" high-level porphyry-style copper-molybdenum-gold system, and on "ground truthing" of copper-gold-molybdenum anomalies outlined from past soil sampling. The first zone, tentatively called the "West Extension", is located roughly 400 - 500 meters west of the known surface expression of the Main Zone, and is likely an extension of it. The "West Extension" consists of strongly altered and locally strongly pyritic feldspar porphyritic monzonite, and includes an east-west trending pyritic shear zone (Much of the mineralized Main Zone itself consists of altered and mineralized porphyritic monzonite). Trace malachite (a green copper mineral) was identified; disseminated pyrite concentrations locally exceed 10%. The West Extension, coincident with a moderately anomalous copper anomaly identified from soil sampling in 1970, is located approximately at the up-dip location of the projected extension of the Main Zone, which was intersected at depth during the 2005 Phase 1 drilling program (see NAG News Releases dated April 20, 2005). The second zone, tentatively called the "Northeast Zone", is centered roughly 300 meters north of the known eastern end of the Main Zone. Abundant proximal float and rubblecrop of strongly altered feldspar porphyritic monzonite, commonly strongly pyritic, occurs across a minimum 300 by 300-meter area. The southern margin of this area coincides with two adjacent anomalous values grading 667 and 1953 ppm copper respectively from previous soil sampling taken along the northern limit of a soil grid. Abundant mineralized float was found in the immediate area of the anomaly. Strongly pyritic altered feldspar porphyritic monzonite was found in place about 300 meters north of the soil anomaly; the zone likely extends further to the north. The third zone, called the "Right Hand Zone", was identified during geological mapping along recent logging roads about 1.0 km south of Louise Lake and 2.0 km southeast of the eastern limit of the Main Zone. Two zones of strongly silicified pyritic andesite and/or conglomerate are located roughly 300 meters apart along a logging road. Past soil sampling in the area returned several weakly anomalous copper values; one sample returned a value of 170 ppm molybdenum. The Right Hand Zone, located on the south side of the Coal Creek Fault, may represent the upper limits of a separate mineralized system. Numerous smaller pyritic occurrences and a separate feldspar porphyritic stock were identified elsewhere south of the Coal Creek Fault. All of the newly identified zones are located within property boundaries. A total of 51 rock and 55 soil samples have been submitted to ALS Chemex for 34-element ICP and gold analysis by fire assay. Results will be used to design further surface exploration and diamond drilling programs at the Louise Lake Project. Main Zone The Main Zone represents an unusual tennantite-based copper-gold-molybdenum mineral assemblage. In 1992, former operator Equity Silver Mines Ltd. released a geological resource estimate for the Main Zone of 50 Million tonnes grading 0.3% copper and 0.3 g/t gold. This estimate was produced prior to implementation of modern resource standards contained within National Instrument 43-101, does not distinguish between resource categories, and should not be relied on to necessarily represent accurate estimates under modern standards. No subsequent resource estimates have been made. North American Gem is not treating this estimate as an NI 43-101 defined resource verified by a Qualified Person and has not done the work necessary to verify the classification of the resource. This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis is being done by ALS Chemex of North Vancouver, British Columbia, Canada. About North American Gem Inc. North American Gem Inc. (TSX VENTURE:NAG) is a junior exploration Company based in Western Canada. The Company's primary goal is to explore for Uranium, Molybdenum, Gold, Copper and other Base metals. The Company is actively pursuing several opportunities, including the company's Louise Lake Property and the Bonaparte Mine Property both located in British Columbia, Canada and its Uranium and Multi-mineral deposit Properties which are the Del Bonita, the Western Basin, and the Bonny Fault, all located in Alberta, Canada. For additional information please contact North American Gem Inc. On Behalf of the Board of Directors NORTH AMERICAN GEM INC. Charles Desjardins, President and Director Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. North American Gem Inc. Charles Desjardins President and Director [phone] or Toll Free: 1-866-683-5445 [phone] (FAX) [e-mail] www.northamericangem.com NEWS RELEASE TRANSMITTED BY CCNMatthews The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Copyright (C) 2005, CCNMatthews. All rights reserved.