GEMXX Corporation (OTC:GEMZ) Stock Continues to Move Higher

On December 20, GEMXX Corporation (OTC:GEMZ) had been one of the companies to come into focus following a key announcement. The company announced yesterday that it had made more progress in its assessments related to the quantification of the potential and proven gold resources at the Yukon Gold property.

It was also noted that the company had been working on the property in collaboration with the current owners. The company also revealed that it had given its approval to a plan for the implementation of a pilot mine in 2024. It would commence as soon as the weather permits such an exercise.

Additionally, GEMXX Corporation also amended the letter of intent and extended the closing deadline so that a pilot mine could be concluded. In the news release, the company also stated that it was happy to take the project to new heights. The one-year-long project would go a long way in demonstrating the commercial viability of the project. It would also help in laying the basis for full-scale operations in 2025. GEMXX Corporation also stated that as 2024 approached, many organizations and financial experts had offered a range of predictions regarding gold prices.

As per the World Gold Council, the price of gold could hit all-time highs in 2024, and that was in alignment with projections from analysts, who projected that gold prices could hit $2500 an ounce or higher.

The bullish price action projections in gold are also backed by widespread expectations of rate cuts by the Federal Reserve. GEMXX Corporation stated that the proven resource of 2,210,660 ounces of gold at the Yokon Gold property was a major milestone for the company. The milestone was especially valuable considering the projections with regards to the price of gold in the near term. That would help in further boosting the valuation of the project.