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Junior widens net to capture sapphires

 

February 24, 2008



True North Gems has expanded its Beluga sapphire property by staking six additional claims, thereby doubling holdings.

The Beluga sapphire property, now covers 38 square kilometers, or nearly 24 square miles, is located near the hamlet of Kimmirut, along the south coast of Baffin Island, Nunavut Territory.

The Vancouver, B.C.-based junior staked the new claims to cover additional occurrences of sapphire and scapolite, a diagnostic indicator mineral, extending to the southwest and southeast from the known sapphire mineralization at Beluga, and highly prospective geology continuing to the north and northeast.

During 2007 exploration, True North continued to make new discoveries containing colorless-to-blue, multi-carat sapphires.

"We remain very encouraged with the regional gemstone potential of the Lake Harbour marbles, and in light of the recent exploration success, another program of ultraviolet light prospecting, geological mapping and bulk sampling is planned for our expanded property holdings in 2008," said Greg Davison, True North's vice president of exploration.

Independent valuations of faceted sapphires from Beluga range from $30-$400 per carat wholesale.

True North originally staked the Beluga Property in 2002 and since has confirmed the potential for a world-class gem district in the area. In 2005, True North collected an 80-metric-ton mini-bulk sample from the Beluga occurrence that yielded 2,872 grams, or 14,362 carats, of gem and near-gem sapphire in 22.5 metric tons of ore from processing using a combination of dense media separation and optical sorting. Exploration in 2006 identified 12 occurrences within four geographic clusters, the largest of which, Beluga, measured 250 x 600 meters over a 50-meter elevation range.

True North Gems completed its earn-in obligations on the original claims at Beluga in 2006 and now owns 100 percent interest in all 10 claims subject to a production royalty.

The junior also holds a 100 percent interest in the Tsa da Glisza emerald property in Yukon and interests in ruby and pink sapphire properties in Greenland.

 

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