Business
GEMXX Engages Aurora Geosciences to Verify Resource Volume and Boost Asset Value
GEMXX Engages Aurora Geosciences to Verify Resource Volume and Boost Asset Value.
About this update from Gemxx Corp.
[{"type":"text","content":"\n 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 p...