NetworkNewsBreaks – GEMXX Corporation (GEMZ) Releases Mining Update Report, Plans to Expand Capacity
GEMXX (OTC: GEMZ), a leader in the ammolite gemstone mine-to-market segment and a partner in Canadian gold-exploration company Crazy Horse Mining Inc. (“CHMI”), is reporting on its current and future mining plans for each of its operations. At Snow Creek, which the company operates in partnership with CHMI, GEMXX has completed gold production, processing a total of 31,200 cubic yards of gold-bearing ore yielding 0.929 ounces per 100 cubic yards. The company is compiling test and mining results and is planning to triple production at the site in 2024. The two companies plan to move the test plant used at Snow Creek to Rosella Creek to prove the property is commercially viable while also completing an S-K 1300 compliant resource report during the 2024 mining season.
At its Yukon Gold property, GEMZZ is focused on completing due diligence and its 50% acquisition of the property by the end of 2023; the review of key reports is moving forward on schedule along with discussions to initiate a pilot mine on the site to confirm gold deposits indicated by reports, which could be between 2,210,660 and as much as 4 million ounces of recoverable gold. As for its ammolite strategy, GEMZZ continues preparations to open an ammolite mine on the company’s south block, with a target date to start in early 2024. The company has secured 75% of mining costs for its ammolite mining and production initiatives and plans to expand its gemstone and jewelry production by 300% in 2024. For the rest of this year and into 2024, GEMXX is committed to expansion and adding shareholder value, which means more acquisitions, more mine production and more revenues. “Opening a profitable mine operation takes a tremendous amount of time and effort to do it right,” said GEMXX CEO Jay Maull in the press release. “As a company interested in creating longevity and shareholder value, we take the time needed to achieve both. We look forward to updating shareholders as each milestone below is met. Everything the company has planned is focused on driving shareholder value.”