North American Gold provides Norra project first assays
North American Gold Inc (TSX-V:NAU)
Shares Issued 15,866,115
Last Close 9/22/2004 $0.42
Thursday September 23 2004 - News Release
Mr. Buck Morrow reports
ASSAY RESULTS FROM DRILLING AT NORRA EXTENDS MINERALIZATION TO THE NORTHWEST
North American Gold Inc. has provided the first assay results from a continuing diamond drilling program at the Norra project in northern Sweden. A total of 10 holes have been completed to date at the Norra zone.
The 2004 drilling program at Norra has been designed to test for strike extents of polymetallic (including gold) rich massive sulphide mineralization tested in 2003. In 1993 for example, hole 03-005 returned eight metres averaging 11.0 grams per tonne (g/t) gold (Au), 91.0 g/t silver (Ag), 3.5 per cent copper (Cu) and 3.7 per cent zinc.
The latest holes, from a 45-metre step-out, confirm that the gold-rich massive sulphide mineralization continues and remains open to the northwest. This is along strike with favourable stratigraphy and closely coincident with gravity-EM-magnetic anomalies further to the northwest at Cee Lake. This zone is developing into an important gold-rich massive sulphide body with promising strike potential.
Hole No. From To Au Ag
(m) (m) (g/t) (g/t)
DDH 04-13 89.55 90.52 2.1 11.2
90.52 91.35 5.8 60.6
91.35 92.35 1.0 56.7
92.35 93.35 4.2 43.6
Wt'd Avg: 89.55 93.35 3.2 42.5
DDH 04-14 98.65 99.65 10.5 45.6
99.65 100.20 6.9 132.0
100.20 101.10 6.6 80.5
101.10 101.73 12.0 66.4
Wt'd Avg: 98.65 101.75 9.0 75.5
Hole No. From To Cu Zn
(m) (m) (%) (%)
DDH 04-13 89.55 90.52 0.1 1.4
90.52 91.35 2.0 3.0
91.35 92.35 1.0 0.6
92.35 93.35 0.5 1.4
Wt'd Avg: 89.55 93.35 0.8 1.5
DDH 04-14 98.65 99.65 1.3 0.6
99.65 100.20 2.2 18.0
100.20 101.10 2.6 6.8
101.10 101.73 0.4 2.0
Wt'd Avg: 98.65 101.75 1.6 5.8
Commenting on the assays from holes DDH 04-13 and 04-14, Buck Morrow, president, said: "These are the type of results we were hoping for at Norra. This zone represents new high-value polymetallic mineralization in the Skelleftea VMS (volcanic massive sulphide) belt, one of the world's most productive gold-rich VMS environments. Our exploration team has done an excellent job of targeting these holes and significantly increasing the exploration potential along a strike length exceeding two kilometres. We are currently exploring the northwest strike potential in the area of the gravity surveys, but we can't forget about the southeast direction either. The proximity of the Norra zone mineralization to the gravity anomalies at Cee Lake, as well as other known gold-bearing zones including Avan, Central and Skirasen, is becoming more and more significant."
In addition, more assays are now available from the Barsele Central zone, as follows:
Hole No. From To Width Au
(m) (m) (m) (g/t)
DDH 04-06(1) 19.9 31.4 11.5 7.4
Including 24.9 29.1 4.2 11.6
55.5 60.5 5.0 2.2
DDH 04-07 48.6 86.6 38.0 0.9
Including 66.5 76.7 10.2 1.8
Including 66.5 68.5 2.0 4.6
(1) Assays from hole 04-06 announced in Stockwatch on Sept. 9, 2004.
Holes 04-06 and 04-07 tested the western margin of the Barsele Central zone and continue to increase the size of the mineral occurrence.
The remaining assays in holes 04-11, 04-12 and 04-15 through 04-20 at Norra, as well as holes 04-08 through 04-10 at the Barsele Central zone, are pending, and will be reported when available and confirmed. Drilling is continuing along strike to the northwest at Norra.
National Instrument (NI) 43-101 compliance
The 2004 drilling program is being supervised by Harmen Keyser, PGeol, a qualified person under NI 43-101, who has verified the data disclosed in this release. It is not yet possible to make a conclusive statement defining true width in these intercepts, as adjoining assay intervals remain pending at Norra. Averages reported in this news release are weighted to sample width and not to specific gravity. Assays have been performed by Omac Laboratories (ISO 9001:2001) of Loughrea, Ireland, and ALS Chemex (ISO 9001:2000) of Vancouver, B.C., Canada, using standard fire assays for gold and AAS for silver, copper and zinc.
Background
North American has an option to acquire a 60-per-cent interest in the adjoining Norra and Barsele properties from Minmet PLC by incurring a total of $3.5-million (U.S.) in exploration expenditures and issuing 400,000 shares to Minmet by Nov. 3, 2003 (see news release in Stockwatch dated Nov. 3, 2003). For more information, please refer to North American's website www.northamgold.com or call Kareen McKinnon toll-free at 1-888-627-9378.
© 2004 Canjex Publishing Ltd.
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