GEMXX to Implement Pilot Mine at Proven Yukon Gold Project

Rhea-AI Summary

GEMXX Corporation (GEMZ) announces a 'letter of Intent' to move ahead with a proven Yukon Gold Project, with 2.2 Million Ounces of Gold resources. The company plans to implement a pilot mine in 2024 and extend the closing deadline for the project. Analysts predict gold prices reaching or exceeding $2,500 per ounce, which could lead to improved valuation and excellent potential for growth for GEMXX.

With the Skyrocketing Prices of Gold, the Company through its “letter of Intent” looks to move ahead with a Proven Yukon Gold Project. The project could be a valuable asset and a “Return on Investment” with proven resources of 2.2 Million Ounces of Gold.

LAS VEGAS, Dec. 20, 2023 (GLOBE NEWSWIRE) -- via IBN -- GEMXX Corporation ( OTC: GEMZ ) ("GEMXX" or the "Company") announces today that it has made additional progress in its assessments quantifying the proven and potential gold resources on the Yukon Gold property. GEMXX, working in concert with the current owners, have approved a plan to implement a pilot mine as soon as the weather permits in 2024. 

The Company has amended the Letter of Intent (LOI) to extend the closing deadline until after a pilot mine project is completed. “We are happy to take this project to the next level by detailing the work plan. This one-year initiative will further prove the commercial viability of the property and will lay the groundwork for full scale 2025 operations,” commented Jay Maull, GEMXX CEO.

As we approach 2024, various financial analysts and organizations have offered diverse predictions regarding gold prices. The World Gold Council suggests that gold may experience new all-time highs in 2024¹, aligning with analysts' projections of gold prices reaching or exceeding $2,500 per ounce.² This bullish trend is further supported by expectations of the Federal Reserve cutting rates, potentially leading to gold prices hitting fresh highs.³

Improved valuation with excellent potential for growth

Yukon Gold’s 2,210,660 ounces of gold in proven resources represents a significant milestone for our Company, particularly in light of the current gold price being projected at up to $2,500 per ounce. The latter will improve valuation with excellent potential for growth. GEMXX claim the property hosts somewhere between 2.2 million and as much as 4 million ounces of gold and current higher gold price environment will be contributed to an increase in project value. At current spot gold prices ($2,040/once), the NPV (at a 10% discount rate) could reach approximately $450 million.

This positions the Company with a million in revenue, considering the current and forecasted market value of gold, this is expected to make a considerable impact on the Company's valuation, reflecting a robust future revenue stream.

Rare Earth Elements and Other Minerals

In addition to the lucrative gold assets, GEMXX continues to review the data provided by the current owner to determine rare earth elements and /or other minerals if such as those used in battery manufacturing, are also commercially viable on the property.

“This strategic move will allow us to validate the projected Gold deposits and ultimately enhance our efficiencies in procuring raw materials for our worldwide retail 'Mine to Market,'” further commented, Jay Maull, GEMXX CEO.

Impact on Gold Mining Companies 

This anticipated uptrend in gold prices bodes well for gold mining companies, including GEMXX. Analysts predict a sharp rebound in industry earnings in 2024, significantly influencing our stock value and investor confidence. Gold mining stocks are increasingly attractive to investors, given as gold prices rise, these companies are positioned to experience robust growth in cash flows, contributing to a positive outlook for the gold mining sector. 

ABOUT GEMXX CORPORATION

GEMXX Corporation (OTC: GEMZ; $GEMZ) 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.

THE YUKON GOLD PROJECT PROPERTY

The Property consists of 145 full Yukon Quartz Claims and is located south of Whitehorse, Yukon Territory in Canada. The Property has been explored since the time of the Klondike Gold Rush. It is a property of merit that could substantially impact the Company’s balance sheet and future revenue.

Several of the reports submitted by the owner for due diligence review state that the Property hosts 2,210,660 ounces of Proven gold resources. In addition, the Probable and Possible values indicated in the reports suggest the Yukon Gold Project could yield a total of 4 million ounces of gold.  The Company has not verified the historic resource classification or volume but remains optimistic that they speak to the property’s potential.

For more information, please visit: GEMXX Corporation

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

For more information, please contact:

Corporate Communications:
Investor Brand Network (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

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¹ https://www.kitco.com/news/2023-12-11/Gold-is-poised-for-new-all-time-highs-in-2024-World-Gold-Council.html

² https://seekingalpha.com/article/4656910-phys-why-gold-prices-may-exceed-2500-in-2024

³ https://think.ing.com/articles/gold-to-hit-fresh-highs-in-2024/

What is the latest announcement from GEMXX Corporation (GEMZ)?

GEMXX Corporation (GEMZ) has announced a 'letter of Intent' to move ahead with a proven Yukon Gold Project, with 2.2 Million Ounces of Gold resources. The company plans to implement a pilot mine in 2024 and extend the closing deadline for the project.

What are the projections for gold prices in 2024?

Analysts predict gold prices reaching or exceeding $2,500 per ounce in 2024, which could lead to improved valuation and excellent potential for growth for GEMXX.

How will the gold prices impact GEMXX Corporation (GEMZ) financially?

The current and forecasted market value of gold is expected to make a considerable impact on GEMXX's valuation, reflecting a robust future revenue stream.

What additional assets is GEMXX Corporation (GEMZ) reviewing aside from gold?

Aside from gold, GEMXX continues to review the data provided by the current owner to determine rare earth elements and /or other minerals commercially viable on the property, potentially enhancing their efficiencies in procuring raw materials for their worldwide retail 'Mine to Market.'

How will the anticipated uptrend in gold prices impact gold mining companies like GEMXX Corporation (GEMZ)?

The anticipated uptrend in gold prices bodes well for gold mining companies, including GEMXX. Analysts predict a sharp rebound in industry earnings in 2024, significantly influencing stock value and investor confidence.