Artemis Gold Inc. (CVE: ARTG) (OTCMKTS: ARGTF) has nearly completed the Blackwater Mine in Prince George, BC, having surpassed 95 per cent completion as of Sept. 30, 2024, and anticipates the first gold pour will be in late Q4, 2024.
On Thursday, the company announced that the processing facility’s crushing circuits have received the first ore, and the operations team is expected to take full control from the commissioning team within the next few weeks.
The Blackwater Mine is a significant open-pit gold and silver project located in central British Columbia. It is located approximately 160 km southwest of Prince George and 446 km northeast of Vancouver. Artemis acquired this project from New Gold Inc (TSE: NGD) (NYSEAMERICAN: NGD) in 2020. It’s also one of the largest capital investments in central British Columbia in over a decade, designed to become one of Canada’s largest gold mines.
It’s not been without challenges, though.
Some of these include wildfires, which have impacted construction timelines. However, the project remains fully funded, with all necessary infrastructure, including a 135-km 225kV transmission line, completed and energized.
Artemis announced that it has successfully commissioned the 225kV renewable grid power line and substation, which is now supplying power to the Blackwater site as planned. With the 25kV site-wide power reticulation nearing completion, the company expects to gradually shut down and demobilize the diesel power generation units across the site by the end of 2024.
Additionally, the company expects the Blackwater project to generate substantial economic benefits. This includes creating 825 jobs during construction and 450 during operations.
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Mine’s ore reserves are estimated at 334 million tonnes
The feasibility study outlines an initial capital expenditure between CAD$730 to CAD$750 million. Furthermore, recent updates suggest an increase to CAD$780 to CAD$800 million due to wildfire-related delays and acceleration initiatives.
The mine’s ore reserves are estimated at 334 million tonnes, grading 0.75 g/t gold and 5.8 g/t silver, containing around 8 million ounces of gold. The project’s all-in sustaining costs (AISC) are projected at CAD$850/oz, reflecting increases in sustaining capital for tailings management and equipment replacement.
Additionally, Artemis Gold emphasizes sustainable development, particularly focusing on relationships with Indigenous communities. These have signed participation and cooperation agreements.
The company uses clean hydroelectricity from BC Hydro to power operations. Artemis anticipates this will result in one of the lowest greenhouse gas emissions profiles among gold mines globally.
Once the Blackwater mine is operational it will be the province’s first new gold mine since Brucejack in 2017. Artemis suspects the average annual production will range around 500,000 gold-equivalent ounces in its first decade.
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joseph@mugglehead.com
