NetworkNewsBreaks – GEMXX Corporation (GEMZ) Ann
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Posted On: 10/03/2023 4:35:50 PM
NetworkNewsBreaks – GEMXX Corporation (GEMZ) Announces Partnership with Aurora Geosciences to Confirm Resources, Increase Asset Value
GEMXX (OTC: GEMZ), a leader in the ammolite gemstone mine-to-market segment and a 50% partner in Canadian gold-exploration company Crazy Horse Mining Inc. (“CHMI”), is partnering with Aurora Geosciences to complete S-K 1300 technical reports on four assets. According to the announcement, two of GEMXX’s gold reserves along with two of its largest ammolite gemstone claims have not yet confirmed by an engineer report. Because of that, while these properties are owned and operated by GEMXX, they are not reflected on the company’s balance sheet and no value has been recorded for the resources they contain. In order to accurately report inferred mineral resources that are owned but not represented on the balance sheet, GEMXX is working with Aurora Geosciences to perform surveys of each property; Aurora Geosciences specializes in producing independent third-party S-K 1300 technical reports that confirm resources. GEMXX noted that gold production during the 2023 mining season at Snow Creek Gold mine has exceeded expectations. GEMXX operates Snow Creek in partnership with CHMI. Once the value of the property’s gold has been confirmed, Snow Creek — along with neighboring property Rosella Creek — will be added to GEMXX’s balance sheet. The company also anticipates adding the value of its ammolite gem-bearing properties to the balance sheet. After Aurora Geosciences completes surveys on the GEMXX Southern Claims properties and verifies the resources in those locations, the company is confident shareholder value will increase when those assets are reflected on the balance sheet. “Management feels GEMZ is significantly undervalued,” said GEMXX president Richard Clowater in the press release. “As of Q3, 2023, the company only reported $14.1 million for owned resources, but this value is only a fraction of what the company owns. We feel the net present value could exceed 10 times that amount once resources are confirmed by an independent expert.”
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GEMXX (OTC: GEMZ), a leader in the ammolite gemstone mine-to-market segment and a 50% partner in Canadian gold-exploration company Crazy Horse Mining Inc. (“CHMI”), is partnering with Aurora Geosciences to complete S-K 1300 technical reports on four assets. According to the announcement, two of GEMXX’s gold reserves along with two of its largest ammolite gemstone claims have not yet confirmed by an engineer report. Because of that, while these properties are owned and operated by GEMXX, they are not reflected on the company’s balance sheet and no value has been recorded for the resources they contain. In order to accurately report inferred mineral resources that are owned but not represented on the balance sheet, GEMXX is working with Aurora Geosciences to perform surveys of each property; Aurora Geosciences specializes in producing independent third-party S-K 1300 technical reports that confirm resources. GEMXX noted that gold production during the 2023 mining season at Snow Creek Gold mine has exceeded expectations. GEMXX operates Snow Creek in partnership with CHMI. Once the value of the property’s gold has been confirmed, Snow Creek — along with neighboring property Rosella Creek — will be added to GEMXX’s balance sheet. The company also anticipates adding the value of its ammolite gem-bearing properties to the balance sheet. After Aurora Geosciences completes surveys on the GEMXX Southern Claims properties and verifies the resources in those locations, the company is confident shareholder value will increase when those assets are reflected on the balance sheet. “Management feels GEMZ is significantly undervalued,” said GEMXX president Richard Clowater in the press release. “As of Q3, 2023, the company only reported $14.1 million for owned resources, but this value is only a fraction of what the company owns. We feel the net present value could exceed 10 times that amount once resources are confirmed by an independent expert.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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