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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: siempre who wrote (26608)	1/8/2004 2:21:52 PM
From: Stephen O	Read Replies (1) \| Respond to of 39344

re True North Baffin Island is a long way from Finlayson district of the Yukon where discovery was found.

To: siempre who wrote (26608)	1/9/2004 2:22:52 PM
From: siempre	Respond to of 39344

True North Gems -tgx- article from minesite.com Minews Story Date : January 9, 2004 True North Gems Widens Its Portfolio Through New Discoveries To Include Gold And Base Metals. As the name suggests, Canadian listed True North Gems is looking for gemstones and, indeed, it has had a fair degree of success. When we last wrote about the company in August it had just identified a further two new two new emerald-bearing zones at its Regal Ridge emerald deposit in the Finlayson district of the Yukon. These were in addition to the ten zones identified in the 2002 season which host gem and near gem quality emeralds. In the south west zone a 6.36 tonne bulk sample had returned 121.42 grams of gem quality emeralds at a grade of 19.09 g/t and 587.33 grams of near gem quality emeralds at a grade of 92.35 g/t. In the meantime the company had also taken an option on what looks like the second gem quality emerald discovery in Canada at Ghost Lake in northwestern Ontario. The mineralised emerald exposure at Ghost Lake is surrounded by similar geology in other outcrops so the company is hopeful that it has a large emerald-bearing region on its hands. This was all in line with the company’s plan to become the largest producer of coloured gemstones in North America which has been boosted considerably by the discovery of a unique type of aquamarine, the first of its kind in Canada, durable, beautiful and rare on its True Blue property. Soon after that discovery True North Gems optioned 100 per cent interests in two Baffin Island properties with confirmed sapphire mineralisation of exceptional blue colour. These were useful additions to the portfolio as the sapphires recovered from the properties are naturally deep, pure blue with purple overtones and as such represent a rare type of occurrence. The cost was modest as it amounted to only C$70,000 in cash to be paid for each property over four years and 50,000 shares to be issued over the same period. The vendor is entitled to a two per cent net smelter return on all non-gem materials extracted from the property and a two percent gross overriding royalty on all gem material. Last September, however the company widened the basis of its operations when Hinterland Minerals discovered significant gold mineralisation just 15 kms north west of Regal Ridge. A series of six chip samples across the showing returned a weighted average of 3.86 g/t gold and 48.1 g/t silver over a width of five metres. This discovery confirmed the exploration potential of the highly mineralised Finlayson District for base metals, gold and gemstones. True North Gems wants to concentrate on gemstones, so it agreed a deal whereby Hinterland has the right to earn a 100 per cent interest in the property, but it retained the right to earn back 50 pe rcent of the property by funding a C$200,000 exploration program after the conclusion of an initial three year agreement. True North Gems can also earn an additional 10 percent in the property by financing all the costs up to commercial production. Now has come further proof of the potential of the Finlayson district with the announcement that the company has discovered a new copper-lead-zinc-silver-gold showing in the Finlayson district during its 2003 exploration programme. Recently received analyses have confirmed high-grade copper mineralisation in massive sulphide float returned values of 6.59 % Cu, 0.46 % Pb, 4.61 % Zn, 240 g/t Ag, 0.45 g/t Au. This is typical of the polymetallic volcanogenic massive sulphide deposits which can be expected in the region and adds considerably to the company’s potential. The discovery of the massive sulphide talus high in a north facing cirque indicates a nearby source for the mineralisation. Plans are being laid to carry out further prospecting and exploration in the environs of this new base metal showing. As Minews pointed out when last writing about the company it is not that easy to market coloured gemstones, but True North Gems is aware of this and intends to move downstream into cutting and polishing. The plans for this are obviously in their infancy until the company can prove that it will have sustained production of gem quality stones. In the meantime the discoveries of gold and base metals should add value to the portfolio and provide useful diversification. True North Gems is now a very different animal from the pure gemstone explorer of last year.