True North Gems Inc. is a Canadian junior resource company focused on the exploration and development of North American coloured gemstone deposits. Since its inception in May, 2001, True North Gems has striven to lead the industry in exploration, discovery and development of coloured gemstone deposits in the north.
True North Gems began with an emerald property in the Yukon Territory, Canada, expanded its holdings in 2003 to include sapphires from Baffin Island, Nunavut, Canada, and completed its portfolio of gemstone properties in 2004 with the acquisition of its Greenland ruby property.
Following the 2006 exploration season, True North Gems shifted its focus to its Greenland ruby property, and is now advancing the ruby property through advanced exploration to development. In 2007 the company expanded its property holdings in Greenland, and now holds an exploration licence over 823 km². There are 29 ruby and pink sapphire occurrences on the property, and True North has invested the bulk of its exploration effort on one of those, Aappaluttoq, Greenlandic for “Big Red”.
True North discovered the Aappaluttoq occurrence in 2005, and in 2006 took a 30 tonne bulk sample from the site. Based on initial results from 2006, True North expanded the Aappaluttoq effort in 2007, taking more than 60 tonnes of bulk, surface and channel samples. In addition to the sampling program, True North also completed 5,000 metres of drilling on Aappaluttoq in 2007. Drill core from several holes show visible ruby and pink sapphire. True North also took several channel and mini bulk samples from other occurrences on its Greenland ruby property in 2007.
While results from the 2007 program are pending, final results for True North’s 2006 bulk sample are being completed, with key valuation announcements having been made in January, 2008. The 30 tonne sample from 2006 was reduced on site to concentrate, with the concentrate later split into 1/8 fractions, each weighing approximately 16 kg. One of those 1/8 fractions was sorted into commercial rough, which was valued as gem rough. The total value on this 1/8 split was $4,167.
True North Gems took a second 1/8 split from the 2006 bulk sample and had it cut and valued. Cutting of this second 1/8 split returned 5,224 carats. The 5,224 carats was valued by an independent valuator at US$123,266. Among this parcel, the average value for the faceted rubies was US$73, and for faceted pink sapphires the average value was US$30. True North feels that these values are exceptional and is now aggressively moving the Aappaluttoq ruby property to development. It has hired Wardrop Engineering to complete a Preliminary Economic Assessment report, and will be undertaking an aggressive exploration program in 2008 with a view to completing a full feasibility study in the next two years.
True North Gems Inc.
Suite 500, 602 West Hastings Street