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GEMXX Corporation (GEMZ) Reports 2nd Gold Production from the Snow Creek Mine Site in British Columbia, Canada
GEMXX Corporation (GEMZ) Reports 2nd Gold Production from the Snow Creek Mine Site in British Columbia, Canada.
About this update from Gemxx Corp.
[{"type":"text","content":"\n LAS VEGAS, Sept. 19, 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 partner in Canadian gold exploration, is pleased to announce its collaboration with Crazy Horse Mining, Inc. (“CHMI” or “Crazy Horse”) has successfully completed its second clean-out and recording of gold production at the Snow Creek Mine site for the 2023 mining season. GEMXX, in partnership with CHMI, has processed 18,000 cubic yards of gold-bearing ore at its Snow Creek mine. The production results have exceeded expectations, yielding 172.30 ounces of gold from 18,000 cubic yards of material, amounting to 0.96 ounces per 100 cubic yards. “We are extremely pleased with our first commercial production from the Snow Creek mine, and we are on track to exceed our estimated production for this season,” said Crazy Horse President Ian McClintock. \"Gold production from the Snow Creek mine helps to de-risk revenues, but most importantly, it complements our Ammolite production with the world’s most sought-after commodity. Producing our own gold provides GEMXX with a significant reduction in the cost of goods for our entire gold jewelry product line, bringing the Company one step closer to our goal of becoming vertically integrated,\" said GEMXX CEO Jay Maull. 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 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 year. GEMXX and CHMI will jointly share the costs and gold produced from the project. The Company continues to ramp up processing to 1,000 cubic yards of gold-bea...