GEMXX Corporation ("GEMXX" or the "Company"), a leader in the ammolite gemstone mine-to-market segment and a partner in Canadian gold exploration company Crazy Horse Mining, Inc. (“CHMI” or “Crazy Horse”), is pleased to provide investors with an update on its current and future plans.
The Company is highlighting the 2023 mining season.
GEMXX has achieved significant milestones recently and it's worth noting that the Company continues to control each stage of its production including gold mining, gemstone production, jewelry manufacturing and global distribution. Further, the Company continues to expand while avoiding long-term debt.
GEMXX has set aggressive but achievable goals for its mining division. During 2023 the Company intended to prove the commercial viability of the Snow Creek gold mine and it achieved that goal. The Company was also able to lay the groundwork for a world-class ammolite gemstone mine and has identified several acquisition targets including the Yukon Gold Project.
"Opening a profitable mine operation takes a tremendous amount of time and effort to do it right. 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," said Jay Maull, GEMXX CEO.
Snow Creek
GEMXX, in partnership with Crazy Horse Mining, Inc. (CHMI), has successfully completed gold production at the Snow Creek Mine site for the 2023 mining test season, processing a total of 31,200 cubic yards of gold-bearing ore yielding 0.929 ounces per 100 cubic yards.
2024 plans include upscaling the gold mine operation to triple production at the site. GEMXX is meeting with CHMI on November 8 to finalize the 2024 mining plan for the two gold properties, Snow Creek and Rosella Creek.
Lastly, the Company is compiling all test and mining results from the 2023 mining season which will be used as part of the information required to complete an S-K 1300 compliant resource report. Once the report is complete, the Company can better value the resource claim and add the assets’ resources to the balance sheet.
Rosella Creek
GEMXX and CHMI are working closely to maximize resources and equipment to operate two gold mines in 2024. In 2024, the test plant used at Snow Creek will be moved to Rosella Creek to prove the property is commercially viable.
The intent is to complete an S-K 1300 compliant resource report during the 2024 mining season.
Yukon Gold Property
The Company is intently working to complete due diligence and the 50% acquisition of the Yukon Gold Property by the end of 2023. Review of the engineer and geological reports is progressing on schedule and discussions have begun to initiate a pilot mine on the site to confirm the gold deposits indicated by reports. The reports provided to GEMXX indicate the property may host somewhere between 2,210,660 and as much as 4 million ounces of recoverable gold.
The intent is to update reports to be S-K 1300 compliant before the due diligence is completed.
Ammolite
Preparations continue to open an ammolite mine on the company’s south block. Preparations have taken longer than expected; as such the Company has moved the target start date to early in 2024.
GEMXX has secured 75% of mining costs for its ammolite mining and production initiatives.
This mine is required to meet the growing demand for ammolite gemstone products. GEMXX plans to expand gemstone and jewelry production by 300% in 2024. The Company’s shopping channel division is preparing to supply $5.5 million worth of ammolite jewelry over the next 12 months.
Once in production, the Company will complete an S-K 1300 compliant resource report on this property.
2023 and Beyond; Looking Forward - For the balance of 2023 and into 2024, the Company is focused on expansion and adding shareholder value. That means more acquisitions, more mine production and more revenues.