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's historic "Gold Rush" region of British Columbia, Canada. Acquired in 1998 and situated near the historic mining town of Barkerville, British Columbia, the 12,686.10 acre Burns Mountain property is located within a historically economic, placer and lode gold producing geologic belt containing high mineral potential; furthermore, the property is adjacent of the most recent significant finding of the region, the "Bonanza Ledge" discovery. The replacement deposit has undergone bulk sampling and is currently in the permitting stage for an open pit mine. The neighboring junior, International Wayside Gold Mines Ltd., is also finalizing plans to build a centrally located processing facility capable of handling 500,000 tonnes of ore per year.
The 100% owned Burns Mountain property, together with the nearby 284.67 acre Hawk and Joytown placer mineral claims and the 2920.00 acre Oliver Snowflake (gold, silver, uranium) 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 NI43-101 geologist report.
Gemco Minerals Inc 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 1181.66 hectares or 2,920 acres of mineral tenure 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, 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 2,920 acre mineral property. This area is known for its uranium reserves and Gemco is keyed up to carry on exploration activities in this region.
Gemco has obtained historical records and documents indicating uranium concentrations in this area. The average uranium concentration recorded was 0.036 percent, with a maximum value of 0.080 percent uranium over this area.
Gemco Minerals Inc plans to contract a Geological Consulting and Engineering firm to conduct airborne and ground geophysical surveys; furthermore, plans exist to drill and prove the uranium reserves within the unconsolidated sediments of the property.
