GEMXX Corporation (OTCMKTS:GEMZ) Stock Takes a Hit: But Why?
On Tuesday, GEMXX Corporation (OTCMKTS:GEMZ) came on to the news cycle after it announced it has mobilized equipment to the Snow Creek Mine in relation to the 2023 mining program.
The company mobilized the equipment in collaboration with Crazy Horse Mining Inc. It was a significant development because the company further noted that the mobilization of the equipment would allow GEMXX to bring Snow Creek Mine into full production. Last year, the company completed the preparation of the site in its entirety. That included the development of access roads, ponds, and pads for equipment, which will all be pivotal in the production process.
It was also announced yesterday that GEMXX had also stockpiled as much as 4800 cubic yards of gold-bearing ore for the purpose of processing. Crazy Horse would be responsible for the setup and the first materials are expected to come through the trammel at some point towards the end of May 2023.
Perhaps more importantly, the company also informed us that the Snow Creek mine had been prepared on time and on budget. The management added that it was looking forward to a lucrative year of mining in the first year.
