Business
GEMXX Corporation purchases 50% equity stake in gold bearing assets in British Columbia, Canada
GEMXX Corporation purchases 50% equity stake in gold bearing assets in British Columbia, Canada.
About this update from Gemxx Corp.
[{"type":"text","content":"March 15, 2023 / OTC PR Newswire / GEMXX Corporation (OTC: GEMZ) (\"GEMXX\" or the \"Company\") today announced that it has acquired a 50% interest in the Canadian exploration company Crazy Horse Mining Inc. (“CHMI”) (the \"Transaction\"). Crazy Horse Mining Inc. assets include 100% percent interest in two gold projects, Snow Creek, and Rosella Creek, covering more than 700 acres. \"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 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\" said Jay Maull, GEMXX’s Chief Executive Officer. “To date, there have been 33 test holes drilled and three separate one hundred cubic yard (100 yd3) bulk tests. From our 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 summer.\" added Mr. Maull.Under the terms of the Transaction, GEMXX has acquired 50% of Crazy Horse Mining Inc., including its mineral assets located in British Columbia, Canada. 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 includes 498 acres with approximately 80% being mineable and the Rosella Creek project includes 240 acres with an estimated 90% being mineable. Three (3) initial one hundred cubic yard (100 yd3) test runs have been completed on the Snow Creek project and returned results of 1.07, 1.08 and 1.12 ounces respectively. The Snow Creek project contains well-defined mineral resources with a 0.94:1 overburden-to-pay ore ratio.In connection with the Transaction, GEMXX and CHMI have completed the 2023 mining plan. Under the Agreement, GEMXX and CHMI will share costs and gold produced from the project.ABOUT CRAZY HORSE MINING INC.Crazy Horse Mining Inc. is a Canadian Junior resource company with mining properties in British Columbia, Canada. CHMI’s 498-acre Snow Cre...