LAS VEGAS, Sept. 26, 2023 (GLOBE NEWSWIRE) -- via IBN - GEMXX Corporation (OTC:GEMZ) ("GEMXX" or the "Company"), announces today it has signed a binding Letter of Intent ("Proposed Transaction") to acquire an initial 50% stake in The Yukon Gold Project ("the Property"), pending conclusion of due diligence and verification of the considerable exploration work already completed on the property and the assessments quantifying the proven and potential gold resources.
To date, exploration work on the property includes geological mapping and prospecting, ground magnetometer and induced polarization surveys, soil sampling, trenching and diamond drilling. In 2010, Aurora Geosciences Ltd. compiled all data and assay results to complete a NI 43-101 Resource Report, the Canadian equivalent to a SK-1300.
The Resource Report confirms that the Property holds 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.
In addition to the lucrative gold assets, GEMXX is reviewing the data to determine if other minerals and/or rare earth elements, such as those used in battery manufacturing, are also commercially viable on the property.
Letter of Intent
A $50,000 nonrefundable cash deposit will be paid from GEMXX to The Yukon Gold Project for access to geological and engineer reports, other intellectual property, and company information to confirm GEMXX's interest in The Yukon Gold Project.
GEMXX will have 90 days to complete its due diligence and prepare a Definitive Purchase Agreement (the "Agreement").
Pursuant to the Agreement, in consideration for acquiring 50% of The Yukon Gold Project, GEMXX expects to pay to the Vendor, on closing of the Proposed Transaction, ...
GEMZ) Signs Binding Letter of Intent to Acquire 50% Interest in Proven Yukon Gold Project with an Estimated 4 Million Ounces of Gold>Full story available on Benzinga.com