Subjects: CORPORATE OFFICERS, MISCELLANEOUS, MISCELLANEOUS, MERGERS AND ACQUISITIONS (M&A)
GEMXX Updates on Progress to Acquire 50% Interest in Yukon Gold Project with Proven 2.2 Million Gold Resources
- The proven Yukon Gold Project hosts an estimated 4 million ounces of gold.
- The historic ?Yukon Gold Project' boasts extensive exploration, proving the site's potential to host an economic gold deposit of significant proportions.
LAS VEGAS, Dec. 05, 2023 (GLOBE NEWSWIRE) -- via IBN - GEMXX Corporation ( OTC: GEMZ ) ("GEMXX" or the "Company"), announces today that it has made progress in its review and verification of the considerable exploration work already completed on the Yukon Gold Project property and the assessments quantifying the proven and potential gold resources. The Company has also begun discussions with the current owner/partner to conduct a pilot plant on the property in 2024.
Jay Maull, GEMXX CEO, commented: "A pilot plant will test the parameters of new technologies, production systems, and process technologies to support the sustainable scale-up of mineral processing and production methods. It will provide an opportunity to test flowsheet viability, equipment, and operations on a small scale before full production."
Work completed by the previous owners included trenching, exploration work, geological mapping and prospecting, ground magnetometer and induced polarization surveys, soil sampling and diamond drilling.
Several reports submitted by the owner for due diligence review state that the property hosts 2,210,660 ounces of proven gold resources. In addition, the probable and possible values indicated in the reports suggest the Yukon Gold Project could yield a total of 4 million ounces of gold. The Company has not verified the historic resource classification or volume but remains optimistic that they speak to the property's potential.
In addition to the lucrative gold assets, GEMXX is reviewing the data to determine if other minerals and/or rare earth elements, such as those used in battery manufacturing, are also commercially viable on the property.
GEMXX has engaged a professional geological services firm to assess the historical resource documents and data that pertain to the property. The historical resources will be updated to current CIM reporting standards. Any additional drilling programs or assay results added will be included in the updated SK 1300 compliant report.
THE YUKON GOLD PROJECT PROPERTY
The property consists of 145 full Yukon Quartz Claims and is located south of Whitehorse, Yukon Territory in Canada. The property has been explored since the time of the Klondike Gold Rush. It is a property of merit that could substantially impact the company's balance sheet and future revenue.
ABOUT GEMXX CORPORATION
GEMXX Corporation (OTC: GEMZ; $GEMZ) 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.
For more information, please visit: GEMXX Corporation
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.
Signed. /S/ Jay Maull, CEO
GEMXX Corporation
For more information, please contact:
Corporate Communications:
Investor Brand Network (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]
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