GEMXX Corporation mobilizes mining equipment
GEMXX Corporation announces mobilization of mining equipment to the Snow Creek Mine site in British Columbia, Canada
May 23, 2023 / OTC PR Newswire / GEMXX Corporation (OTC: GEMZ) ("GEMXX" or the "Company") today announced that in association with Crazy Horse Mining Inc. (“CHMI”) the Company has mobilized equipment to the Snow Creek Mine site for the 2023 mining season.
CHMI has now mobilized its mining equipment to the Snow Creek mine to bring the property into full production. In 2022, 100% of the site preparation was completed, including but not limited to access roads, pads for equipment, and ponds that will be used for production. The company also stockpiled 4,800 cubic yards of gold-bearing ore that is ready to be processed. CHMI will complete set up and the first material through the trommel is anticipated near the end of May 2023. The company anticipates processing 1,000 cubic yards of gold-bearing ore per day.
“We are pleased to report that the Snow Creek mine site is on time and budget, and management is looking forward to a highly lucrative first year of gold mining” said Mr. Ian McClintock, CHMI’s President.
"The acquisition of the Snow Creek and Rosella Creek gold asset portfolio enhances the Company’s long-term asset expansion plan and helps to de-risk revenues, but most importantly, it complements our Ammolite production with the world’s most sought-after commodity. This will provide GEMXX with a significant reduction in the cost of goods for our entire gold jewelry product line and will bring the Company one step closer to our goal of becoming vertically integrated" said Jay Maull, GEMXX’s Chief Executive Officer. “To date, there have been 33 test holes drilled and three separate one hundred cubic yard (100 yd3) bulk tests. From our initial testing, indications are that the properties could yield over 100,000 ounces of easily recoverable gold, which will be verified by an S-K 1300 compliant Resource Report this summer." added Mr. Maull.
GEMXX has acquired 50% of Crazy Horse Mining Inc., including its mineral assets located in British Columbia, Canada. CHMI’s principal Canadian gold exploration assets include the Snow Creek and Rosella Creek projects, as well as additional options on mining claims located in British Columbia. The Snow Creek project includes 498 acres with approximately 80% being mineable and the Rosella Creek project includes 240 acres with an estimated 90% being mineable. Three (3) initial one hundred cubic yard (100 yd3) test runs have been completed on the Snow Creek project and returned results of 1.07, 1.08 and 1.12 oz respectively. The Snow Creek project contains well-defined mineral resources with a 0.94:1 overburden-to-pay ore ratio. GEMXX and CHMI will share costs and gold produced from the project.
ABOUT CRAZY HORSE MINING INC.
Crazy Horse Mining Inc. is a Canadian Junior resource company with mining properties in British Columbia, Canada. CHMI’s 498-acre Snow Creek claim is located adjacent to the famous Christie’s Lead gold deposit which in 1876 was described as “the richest piece of ground in the Cassier goldfields”. The 240-acre Rosella Creek property has had limited exploration work completed to date; however, it is reported the adjacent property produces 200+ ounces per season with a small single-operator operation. CHMI is looking forward to doing further testing on the Rosella Creek property during the 2023 season.
The Company’s, Form 1-A to raise up to $6,000,000 USD at $0.40 per share pursuant to the Offering Statement is fully qualified (www.otcmarkets.com). Shareholders, investors, institutions, and financiers interested in participating in the Regulation A Financing are encouraged to visit www.gemxx.com or contact Company officials for more information.
ABOUT GEMXX CORPORATION
GEMXX Corporation is a publicly traded, mine-to-market gold, gemstone, and jewelry producer with global reach that owns mining resources, production facilities, and operating assets. GEMXX controls each stage of its production including gold mining, gemstone production, jewelry manufacturing, and global distribution.
GEMXX is a leading producer of top-quality finished Ammolite and Ammolite jewelry. The Company’s world-class gemstone cutters and jewelry designers are continuously leading the Ammolite industry in new and exciting directions. Our management team is made up of the industry's leading experts with a combined total of 160 years of Ammolite gemstone and jewelry business experience.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the Company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
/S/ Jay Maull
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