Artemis Gold (CSV: ARTG) completed its first gold and silver pour at the Blackwater mine in British Columbia.
The company announced on Thursday that it targets commercial production in the second quarter of 2025.
In December 2024, Artemis delayed first gold to January 2025 because final commissioning of the wet plant took longer than expected. Problems with the control circuit configuration and a shortage of vendor specialists during the holidays caused the delay.
The Blackwater mine, located 160 km southwest of Prince George and 450 km northeast of Vancouver, is accessible via major highways and service roads. It will be British Columbia’s first new gold mine since Brucejack opened in 2017.
Once operational, the mine will produce 500,000 oz of gold equivalent annually for the first 10 years, generating CAD$500 million in free cash flow per year at an all-in sustaining cost of CAD$712 per ounce. The 2021 Feasibility Study estimates Phase 1 throughput at 6 Mtpa with a 93 per cent gold recovery rate.
BMO forecasts production of 26,000 oz of gold equivalent in Q1 and 230,000 oz in 2024.
“While still in commissioning, Blackwater’s crushing circuit has sustained operations above its nameplate throughput. The milling circuit is also performing as expected during commissioning and ramp-up,” said Jeremy Langford, Artemis COO.
Artemis owns 328 mineral claims covering 1,487 sq. km, including the Capoose, Auro, Key, Parlane, and RJK claim blocks. The Crown holds surface rights over the project area.
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Project received environment assessment certificate in 2023
The Blackwater project involves constructing, operating, and closing an open-pit gold and silver mine with ore processing facilities. Artemis will recover gold and silver using a combined gravity circuit and whole ore leach. The company will first process high-grade, near-surface ore and stockpile lower-grade material for later processing.
The mine received its BC Mines Act permit in March 2023. The Canadian Environmental Assessment Agency issued a positive decision statement in April 2019, and the project received an Environmental Assessment certificate later that year.
“Yesterday’s first gold pour at Blackwater is a positive, if expected, milestone after holiday startup delays,” BMO noted.
“Targeting commercial production in Q2 2025, Artemis stands out as a new, sizeable mine with the potential to produce ~500,000 oz/year in a top jurisdiction.”
In 2019, Artemis signed a trilateral project participation agreement with Lhoosk’uz Dené Nation and Ulkatcho First Nation, whose traditional territories overlap the mine site. In May 2021, Artemis signed an impact benefits agreement with the Nazko Nation. The company continues discussions with the Carrier Sekani First Nations, whose territories include proposed infrastructure corridors.
The mine will create 457 direct full-time jobs per year throughout its operating life, after already providing 825 direct full-time jobs during construction. It will contribute an estimated $13.2 billion to the provincial economy and $3.2 billion to provincial revenues over its multi-decade lifespan.
Artemis Gold shares rose 3.6 per cent on Thursday morning, pushing the Vancouver-based miner’s market capitalization above CAD$3.5 billion.
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Gold and silver pours are critical milestones in the mining process as they mark the transition from raw ore to refined metal. These pours represent the initial stage of revenue generation for mining companies and offer a tangible product that can be sold or further refined. They also serve as a vital proof of a mine’s operational efficiency, as successful pours demonstrate that processing equipment is functioning as expected and that the ore is yielding the anticipated precious metals.
For investors and stakeholders, a successful pour often signals that the mine is on track for continued production and financial growth. These events also typically trigger payments to local economies through taxes, royalties, and job creation. Moreover, pours offer an important opportunity for miners to evaluate and adjust their recovery processes, ensuring maximum efficiency and profitability over the life of the mine.
In January 2025, Calibre Mining Corp (TSE: CXB) (OTCMRKTS: CXBMF) conducted a significant millionth gold pour in Nicaragua, confirming its continued progress in gold production.
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joseph@mugglehead.com
