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-bearing ore per day, further bolstering production levels and enhancing profitability.
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. www.gemxx.com
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.
Signed.
/S/ Jay Maull, CEO
GEMXX Corporation
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