Investors in True North Gems were treated to a rare gift this Christmas past when the company reported the discovery of a new sapphire prospect complete with a 139 carat blue sapphire prospect.
Canada (Press Release) January 17, 2008 --
Investors in True North Gems (TSX.V: TGX) were treated to a rare gift this Christmas past when the company reported the discovery of a new sapphire prospect complete with a 139 carat blue sapphire on its Beluga sapphire property in Nunavut, Canada. The prospect is located on the south shore of Baffin Island, approximately six hundred km west of the company’s Greenland ruby prospects.
The news may have taken some investors off guard, who have been watching closely as the company works toward a positive preliminary assessment of its 110 sq km Fiskenaesset ruby project on the southwest coast of Greenland.
The Beluga sapphire property is actually two mining claims comprising 9.9 square km near the hamlet of Kimmiru. TGX acquired the property in November 2003 through an option agreement with Inuit prospectors who earlier discovered the sapphire occurrences.
The Beluga sapphire occurrence is a metamorphic-type deposit – essentially an ore deposit formed under great pressures and high temperatures, where alteration under these conditions twists, warps and folds the earth and can form gemstones.
To date, twelve gem occurrences, including blue, colourless (sometimes called white), pink and yellow sapphire, have been discovered on the Beluga sapphire property over a 2.7 km strike zone.
The Kikturiaq occurrence is located approximately 1.2 km northeast of the main Beluga occurrence. The samples collected from the surface exposure included several sapphires. The largest is an almost complete crystal weighing 27.85 grams or 139.24 carats.
According to company documents, the large sapphire crystal is a barrel-shaped prism with a colourless core and a bright to dark blue outer rim. The gem occurs in three fragments. The largest of the fragments weighs 18.1 grams (90.6 carats), measures 15 mm in diameter and 20 mm in length.
“Clarity ranges from transparent to translucent,” states the report. “Brittle fracturing, overprinted by recent surface weathering, affects the exposed sapphire crystals.”
This is a most significant discovery for True North Gems. The site had been the focus of some previous exploration activity, but was not mentioned in the 2005 NI 43-101 technical report entitled “2005 Report on Field Activities for the Beluga Sapphire Project.” This new discovery “represents the highlight of the 2007 exploration program now completed on the 18.5 km2 Beluga sapphire property.”
True North Gems’ technical team found nine discrete sapphire showings along the 225 metre, arc-shaped Kikturiaq occurrence. The total sample weight collected in 2007 from Kikturiaq was estimated at 1.3 tonnes.
Full Release: http://www.resourcexinvestor.com/news.php?id=3949
The news may have taken some investors off guard, who have been watching closely as the company works toward a positive preliminary assessment of its 110 sq km Fiskenaesset ruby project on the southwest coast of Greenland.
The Beluga sapphire property is actually two mining claims comprising 9.9 square km near the hamlet of Kimmiru. TGX acquired the property in November 2003 through an option agreement with Inuit prospectors who earlier discovered the sapphire occurrences.
The Beluga sapphire occurrence is a metamorphic-type deposit – essentially an ore deposit formed under great pressures and high temperatures, where alteration under these conditions twists, warps and folds the earth and can form gemstones.
To date, twelve gem occurrences, including blue, colourless (sometimes called white), pink and yellow sapphire, have been discovered on the Beluga sapphire property over a 2.7 km strike zone.
The Kikturiaq occurrence is located approximately 1.2 km northeast of the main Beluga occurrence. The samples collected from the surface exposure included several sapphires. The largest is an almost complete crystal weighing 27.85 grams or 139.24 carats.
According to company documents, the large sapphire crystal is a barrel-shaped prism with a colourless core and a bright to dark blue outer rim. The gem occurs in three fragments. The largest of the fragments weighs 18.1 grams (90.6 carats), measures 15 mm in diameter and 20 mm in length.
“Clarity ranges from transparent to translucent,” states the report. “Brittle fracturing, overprinted by recent surface weathering, affects the exposed sapphire crystals.”
This is a most significant discovery for True North Gems. The site had been the focus of some previous exploration activity, but was not mentioned in the 2005 NI 43-101 technical report entitled “2005 Report on Field Activities for the Beluga Sapphire Project.” This new discovery “represents the highlight of the 2007 exploration program now completed on the 18.5 km2 Beluga sapphire property.”
True North Gems’ technical team found nine discrete sapphire showings along the 225 metre, arc-shaped Kikturiaq occurrence. The total sample weight collected in 2007 from Kikturiaq was estimated at 1.3 tonnes.
Full Release: http://www.resourcexinvestor.com/news.php?id=3949
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