True North Gems Announces $3.0M Exploration Program for Greenland Rubies
Wednesday April 11, 9:00 am ET
biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 11, 2007) - True North Gems (TSX VENTURE:TGX - News) is pleased to announce its 2007 exploration program for the Company's 110 km2 property located near the village of Fiskenaesset, on the southwest coast of Greenland.
The proposed exploration budget for the 2007 True North Gems program is approximately C$3,000,000 with the field season running from June 1 to September 30. The field program will be implemented with the objective of delivering a Preliminary Assessment on the Aappaluttoq ruby and pink sapphire occurrence, the most promising occurrence identified to date from the Company's Greenland property.
To meet this objective, an aggressive exploration program comprised of diamond drilling, bulk assay sampling and geological mapping has been recommended. The Phase 1 drill program is planned to total 5,000 metres. The majority of the drilling program will include detailed drill fans of the Aappaluttoq occurrence to evaluate the subsurface geology and the grade, quality and continuity of gemstone distribution. Additional exploration drilling will be conducted on other ruby targets identified along strike on the Ruby Island Line. Drill core will be logged and processed to extract rubies and pink sapphire clean rough. The exploratory drilling will be guided by mapping, prospecting, advance surface channel sampling and on-site processing in Fiskenaesset.
Bulk assay sampling to test Aappaluttoq and several other occurrences also is recommended as an integral component of the 2007 exploration program. The extraction and processing of a total of 50 tonnes is proposed, including 10 tonnes from the Aappaluttoq main site, 10 tonnes in aggregate from the sampling pits located above each of the drill sections and 10-3 tonne samples collected from new exploration sites.
In addition, True North plans to upgrade the Company's Fiskenaesset-based processing plant for the preparation of sized gravity concentrates. The re-design and increased capacity of the test plant will permit enhanced processing in terms of time, process optimization and sample handling protocols.
In preparation for the completion of a Preliminary Assessment of the Aappaluttoq occurrence, an Independent Qualified Person will be contracted through an internationally recognized engineering firm to provide site due diligence, project oversight and quality assurance, and to prepare a Preliminary Assessment aimed at a pre-feasibility decision by Q2 2008.
The planning and execution of the exploration, mineral processing and quality control programs at the 2007 Greenland ruby project are under the supervision of Greg Davison, True North Gems' VP Exploration. Mr. Davison is a qualified person as defined by National Instrument 43-101.
True North Gems Inc. is listed on the TSX Venture Exchange (TGX-V) and is engaged in the exploration and development of North American and Greenland coloured gemstone projects. The Company is a pioneer in coloured gemstone exploration and has the rights to earn 100% interest in the Fiskenaesset ruby and pink sapphire property in Greenland, and holds 100% interest in the Yukon-based Tsa da Glisza emerald property and the Beluga sapphire property located on Baffin Island.
The Company relies on litigation protection for "forward-looking" statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.
Contact:
Andrew Lee Smith
True North Gems Inc.
Chairman and CEO
(604) 687-8055 or 1-800-399-8055
Ken Shortt
True North Gems Inc.
Investor Relations
(604) 687-8055 or 1-800-399-8055
Email: ken@truenorthgems.com
Website: www.truenorthgems.com
Source: True North Gems Inc. |
