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GEMXX Announces First Gold Production from Snow Creek Mine Site
GEMXX Announces First Gold Production from Snow Creek Mine Site.
About this update from Gemxx Corp.
[{"type":"text","content":"\n LAS VEGAS, Aug. 15, 2023 (GLOBE NEWSWIRE) -- via IBN – GEMXX Corporation (OTC: GEMZ) (\"GEMXX\" or the \"Company\") announces today the successful completion of its first clean-out and recording of gold production at the Snow Creek Mine site for the 2023 mining season, in collaboration with Crazy Horse Mining Inc. (“CHMI”). CHMI, in partnership with GEMXX, has processed a 4,500 cubic yard sample of gold-bearing surface ore stockpiled while building the processing site, providing a positive indication of the resource potential on the property. The initial production results have exceeded expectations, yielding 38.73 ounces of gold from 4,500 cubic yards of surface material, amounting to 0.86 ounces per 100 cubic yards. “These results are a promising start to what is anticipated to be a highly lucrative first year of gold mining,” said Ian McClintock, CHMI’s president. Jay Maull, GEMXX’s CEO, expressed his excitement about adding the Snow Creek and Rosella Creek gold assets to the Company’s portfolio, stating: \"The acquisition of the Snow Creek and Rosella Creek gold asset 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.\" 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 encompasses 498 acres, with approximately 80% being mineable, while the Rosella Creek project covers 240 acres, with an estimated 90% being mineable. Three initial 100 cubic yard (100 yd3) test runs have been completed on the Snow Creek project, returning excellent results of 1.07, 1.08 and 1.12 ounces respectively. The Snow Creek project boasts well-defined mineral resources with a 0.94:1 overburden-to-pay ore ratio. From 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 summ...