Gemco Minerals Inc. (OTCBB:
GMML.OB) is strategically acquiring interest
and options in high quality resource properties
to explore, develop and bring to commercial
viability, as its overall business plan.
Gemco has interests in gold,
silver and uranium properties and further
interests through its 100% owned subsidiary in
the specialty industrial mineral products,
magnetite, ilmenite and hematite. Gemco will
continue to make strategic efforts in these
areas.
Cornerstone to Gemco
Minerals Inc. is its flagship Burns Mountain
mineral property in the Cariboo "Gold Rush"
region of British Columbia, Canada. Acquired in
1998 and situated near the historic mining town
of Barkerville, British Columbia, the 12,685
acre Burns Mountain property parallels the
famous "Bonanza Ledge" discovery made by
International Wayside Gold Mines Ltd. Wayside
has extensive holdings in the region which
surrounds Gemco’s Burns Mountain property and is
currently in the permitting stage for their open
pit gold mine. The company is also finalizing
plans to build a processing facility capable of
handling 500,000 tonnes of ore per year.
The 100% owned Burns Mountain
property, together with the neighbouring Hawk
and Joytown placer mineral claims and the Oliver
Snowflake (silver) claim have Gemco well
positioned to take advantage of the all-time
highs in gold and silver prices, should their
developments prove out as outlined in their
43-101 geologist report. Gemco’s management has
adopted an aggressive continuing research and
evaluation process that has uncovered a number
of opportunities to adapt their knowledge,
technology and expertise to new enterprises.
Gemco has taken an option to
purchase 60% ownership of 3,560 acres of mineral
title property near Oliver, British Columbia,
just a few miles north of Washington State, USA.
Examining potentially positive gold and silver
assay results from the Snowflake mineral
property near Oliver, British Columbia, Gemco
management found the holdings exhibited
attractive uranium potential. The recent lifting
of moratoriums on uranium mining and renewed
worldwide interest in nuclear power plants,
coupled with positive gold and silver assay
results at the location, prompted Gemco
management to acquire an option to purchase 60%
ownership of this 3,560 acre mineral title. This
area is known for its Uranium findings and Gemco
is very excited to carry on exploration works on
the subject lands.
The property is located
3.75 miles northwest of Oliver in South
Central British Columbia.
Gemco has obtained
historical records and documents indicating
Uranium Concentrations in this area. The
average Uranium concentration recorded was
0.036 per cent, with a maximum value of
0.080 per cent uranium over this area.
Gemco will be hiring a
Geological Consulting and Engineering firm
to conduct airborne and ground geophysical
surveys and drilling will also take place
into unconsolidated sediments to confirm the
uranium concentrations.
Gemco’s continuing research
has also lead them to enter into a 50/50 joint
venture with Canamex, a Mexican corporation with
600 hectare holdings at Punta Colonet, Mexico.
Preliminary testing at the Canamex property
shows potential values of $150 to $200 million
(US) for gold and silver but there is also the
potential to recover 5 million tonnes of
alluvial magnetite and ilmenite, adding source
material to the EcoBlast product line.
