LAS VEGAS, August 29th, 2023. Mine-to-market global jewelry producer GEMXX (OTC: GEMZ) is increasing its capacity for gold ore processing at one of the company’s Canadian assets, enthusiastic over the better-than-expected amount of ore produced from stockpiled surface material.
GEMXX’s Snow Creek Mine property in British Columbia completed site preparation for gold processing last year and mobilized equipment in May to begin bringing the property into full production (https://ibn.fm/ah7a9). GEMXX reported the first production of gold from the site on Aug. 15 as ore collected from a 4,500-cubic-yard sample during construction of the facility was “cleaned out.”
The operation yielded 38.73 ounces of gold, amounting to 0.86 ounces per 100 cubic yards, according to the company’s statement (https://ibn.fm/JNtFk).
“These results are a promising start to what is anticipated to be a highly lucrative first year of gold mining,” Ian McClintock, the president of GEMXX’s exploration partner Crazy Horse Mining Inc., stated in the news release.
GEMXX is anticipating that gold ore from the 498-acre site, together with ammolite from its Alberta resources, will bolster the company’s long-term plans to expand its jewelry production and “de-risk revenues,” CEO Jay Maull added.
GEMXX has also acquired a second gold resource in British Columbia — the 240-acre Rosella Creek project. Initial testing at the two sites has led the company to estimate the properties could yield over 100,000 ounces of easily recoverable gold.
GEMXX has scheduled an S-K 1300-compliant Resource Report to be completed this summer to provide verification of its estimate.
“The acquisition of the Snow Creek and Rosella Creek gold asset … 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,” Maull stated.
The company has contracted with publicity agencies this year to increase brand awareness of its operations and has begun fund-raising efforts for its Reg A offering, which is fully qualified for $6 million at 40 cents per share (https://ibn.fm/2fBx0).
Ammolite, the gemstone that has been the centerpiece of GEMXX’s jewelry production, is derived from the fossilized shells of ammonites, a group of extinct marine nautiluses. Alberta is the only place in the world where the gem is mined commercially, thanks apparently to historical conditions unusual to the region, since only select ammonite fossils result in ammolites, according to research published by the University of Alberta (https://ibn.fm/hQmfh).
Ammolites were only formally recognized as a gemstone in 1981, but are now valued for their iridescent colors, which are a result of alternating layers of the mineral aragonite and the protein in the ammonites’ shells, the article states.
For more information, visit the company’s website at www.GEMXX.com.
NOTE TO INVESTORS: The latest news and updates relating to GEMZ are available in the company’s newsroom at https://ibn.fm/GEMZ
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