- GEMXX in September signed a binding letter of intent to acquire a 50% interest in the historic Yukon Gold Project, which holds 2,210,660 ounces of proven gold resources, and potentially holds a total of 4 million ounces of gold
- The company recently updated the progress made in the review and verification of previously completed exploration work as part of the due diligence process to purchase the Yukon Gold Project property
- GEMXX is also assessing the data to determine whether other minerals and/or rare earth elements are also commercially viable on the property
- The move to acquire the Yukon Gold Project property is part of GEMXX’s long-term asset expansion plan, which has also seen it acquire a 50% interest in an exploration company that owns 100% interest in two gold projects in British Columbia, Canada
GEMXX (OTC: GEMZ), a publicly traded, mine-to-market company that focuses on producing gold, gemstone, and jewelry from its own land resources, has this year intensified the execution of its long-term asset expansion plan, initially acquiring a 50% interest in Crazy Horse Mining Inc. (“CHMI”), a Canadian exploration company that owns 100% interest in two gold projects in British Columbia, Snow Creek and Rosella Creek, covering more than 700 acres (https://nnw.fm/KOEDw).
“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 more importantly, it complements our Ammolite production with the world’s most sought-after commodity,” said GEMXX CEO Jay Maull of the CHMI acquisition, announced in March. “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.”
In September, the company moved another step closer to achieving this goal when it signed a binding letter of intent to acquire a 50% interest in the historic Yukon Gold Project, which holds 2,210,660 ounces of proven gold resources, according to an NI 43-101 Resource Report completed in 2010 by Aurora Geosciences Ltd. (https://nnw.fm/awpJE). The acquisition is pending, awaiting the completion of due diligence and verification of the considerable exploration work that had been carried out on the property. This exploration work includes trenching, diamond drilling, soil sampling, ground magnetometer and induced polarization surveys, and geological mapping and prospecting.
GEMXX is also awaiting the verification of assessments quantifying the proven as well as the potential gold resources (https://nnw.fm/WmhnZ). According to the Resource Report, which includes probable and possible values, the Yukon Gold Project potentially holds a total of 4 million ounces of gold. (GEMXX has not yet verified the historic resource classification or volume, but it remains confident they indicate the property’s potential.)
With the due diligence and verification processes well underway, GEMXX recently sought to update investors and shareholders on the progress made in this regard. According to the update, the company has engaged a professional geological services firm to assess the historical resource documents and data pertaining to the Yukon Gold Property project.
As part of the assessment and verification, the firm will update the historical resources to the current Canadian Institute of Mining, Metallurgy, and Petroleum (“CIM”) reporting standards. Any additional drilling programs or assay results added will be included in the updated S-K 1300-compliant report.
In addition to reviewing and verifying data relating to the lucrative gold assets, GEMXX is assessing the data to determine whether other minerals and/or rare earth elements (“REEs”) are also commercially viable on the property. (REEs are a set of 17 elements used to manufacture vital components of modern technology, from defense and telecommunication systems to electronic and transportation equipment.)
GEMXX has also begun discussions with the current owner/partner to conduct a pilot plant on the Yukon property starting next year. “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 visibility, equipment, and operations on a small scale before full production,” commented Maull.
The Yukon Gold Property is located south of Whitehorse within Canada’s Yukon Territory. It consists of 145 full Yukon Quartz Claims, which entitle the current owner and potentially GEMXX, subject to the successful finalization of the planned acquisition, to the minerals in the property’s bedrock (https://nnw.fm/I6hx0).
Those interested in participating through Reg A financing are encouraged to visit the company’s investor page (https://nnw.fm/umXVl) or contact company officials for more information ([email protected] – 702-930-1815).
For more information, visit the company’s website at www.GEMXX.com/investors.
NOTE TO INVESTORS: The latest news and updates relating to GEMZ are available in the company’s newsroom at https://nnw.fm/GEMZ
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