LAS VEGAS, Oct. 03, 2023 (GLOBE NEWSWIRE) -- via IBN -- GEMXX Corporation (OTC: GEMZ) ("GEMXX" or the "Company"), a leader in the Ammolite gemstone mine-to-market segment and a 50% partner in Canadian gold exploration company Crazy Horse Mining, Inc. (“CHMI” or “Crazy Horse”), have engaged Aurora Geosciences to complete S-K 1300 technical reports on four assets already owned by the companies.
Two of the Company’s gold reserves and two of its largest Ammolite gemstone claims are not yet confirmed by an engineer report, as such they are not included on the company's balance sheet. These assets are owned and operated by the Company, but no value has been recorded for the resources they contain.
To report confidently and accurately inferred mineral resources already owned but not represented on the balance sheet, the Company has engaged Aurora Geosciences to conduct surveys of each property. Aurora Geosciences specializes in producing independent third-party S-K 1300 technical reports and is qualified to confirm the resources present on the properties owned by the Company. Once the resources are confirmed and a value is calculated, the value will be discounted by 90% and that discounted value will be added to the balance sheet to represent the Net Present Value of resources before extraction.
Richard Clowater, GEMXX Corp. president, said: “Management feels GEMZ is significantly undervalued. As of Q3, 2023, the company only reported $14.1 million for owned resources, but this value is only a fraction of what the company owns. We feel the Net Present Value could exceed ten times that amount once resources are confirmed by an independent expert.”
GOLD: In partnership with CHMI, Snow Creek gold mine has exceeded all gold production expectations during the 2023 mining season. Snow Creek and its neighbor property Rosella Creek will soon appear on the Company’s balance sheet after the inferred value of the property’s gold has been confirmed by Aurora Geosciences. To see more information on these two properties click here: Press release dated 03/15/2023.
“We are extremely pleased with commercial production from the Snow Creek gold mine thus far. We knew the gold was there after conducting an extensive testing program in 2022 and this season’s mining production confirmed our initial assessment. The active mine on Snow Creek site proves the gold is present, but the engineer’s report will accurately confirm how much gold could be on the two properties, allowing us to value the properties and add them to the balance sheet at a 90% discount,” said Crazy Horse President Ian McClintock.
AMMOLITE GEMSTONE: Exploration is always an ongoing part of GEMXX operations; the Company recently acquired an additional 217 acres (Southern Claims) of Ammolite gem-bearing property in Southern Alberta, Canada. To date three core samples have been drilled on the Southern Claims, proving the existence of two very large gem-bearing shale formations. The resources on these two properties are not yet confirmed by an independent engineer’s report, as such the resources in the ground do not appear on the balance sheet.
“Our team has mined Ammolite in this area for decades. We are confident that our Southern Claims will produce some of the best Ammolite gemstone in the world. We look forward to working with Aurora Geosciences to prove the resources present on these two great properties. We anticipate the report will confirm our estimates and we look forward to increasing shareholder value by representing these owned assets on the balance sheet,” said Jay Maull, GEMXX Corp. CEO.
About Aurora Geosciences
Aurora Geosciences Ltd. (Aurora) provides professional geological and geophysical consulting and reporting services to clients working in North America. Based in Yellowknife, Northwest Territories, Aurora has specialized in the mineral deposits of Canada’s North for more than 45 years and has built a reputation for applying an innovative and systematic approach to mineral deposit discovery.
About Crazy Horse Mining Inc.
Crazy Horse Mining Inc. (CHMI) 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 infamous Christie’s Lead gold deposit, which in 1876 was described as “the richest piece of ground in the Cassier gold fields.” 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.
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.
For more information, please visit: GEMXX Corporation
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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.
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