GEMXX Corporation (OTC:GEMZ) Stock On Watchlist After a Major News
Following the significant announcement made by GEMXX Corporation (OTC:GEMZ) yesterday, it may be a good time for investors to take a closer look. The company announced that it had been successful in making progress pertaining to the verification and review of the significant exploration work concluded at the Yukon Gold Project property.
It also included the assessments that had been made about the potential and proven gold resources at the property. Additionally, it was also noted that GEMXX had also been in talks with the current owner-partner of the property with regards to a pilot plant there next year.
The Chief Executive Officer of the company, Jay Maull, spoke about the pilot project on Tuesday. He noted that the pilot plant would test the limits of production systems, new technologies, and process technologies for the purpose of scaling up mineral processing and production methodologies sustainably.
Jay Maull, GEMXX CEO, commented: “A pilot plant will test the parameters of new technologies, production systems, and process technologies to support the sustainable scale-up of mineral processing and production methods. It will provide an opportunity to test flowsheet viability, equipment, and operations on a small scale before full production.”
Additionally, it would also provide GEMXX with the opportunity to test operations, equipment, and test flowsheet viability on a smaller scale prior to full production. In the news release, the company noted that the previous owners of the property had completed trenching, geological mapping, geological prospecting, exploration work, soil sampling, diamond drilling, and ground magnetometer and induced polarization surveys.
The reports that had been submitted by the owner for due diligence review purposes stated that the property hosted 2210660 ounces of proven gold reserves. Other than the considerable gold assets at the property, GEMXX also started work on the review of data to work out if other minerals or rare earth elements could be present at the property. Rare earth elements are vital to battery manufacturing, and there is considerable demand. The Yukon project consists of a total of 145 full quartz claims and is situated to the south of Whitehorse, Yukon Territory, in Canada.