Artemis Gold pours first gold and silver at Blackwater

“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 Artemis COO Jeremy Langford.

“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 approximately 500,000 oz./year in a top jurisdiction.”

BC’s first gold mine since 2017

The Blackwater mine, 160 km southwest of Prince George and 450 km northeast of Vancouver, is accessible via major highways and service roads. It will be the province’s first new gold mine since Brucejack in 2017.

Once operational, it is expected to produce 500,000 oz. gold equivalent annually for the first 10 years, generating C$500 million in free cash flow per year at an all-in sustaining cost of $712/oz. A 2021 feasibility study projects Phase 1 throughput at 6 million tonnes per annum with 93% gold recovery.

BMO models 26,000 oz. gold equivalent produced in Q1 and 230,000 oz. gold equivalent for the year.

Artemis’ property comprises 328 mineral claims covering 1,487 sq. km, including the Capoose, Auro, Key, Parlane, and RJK claim blocks. The Crown controls surface rights over the project area.

The Blackwater project includes the construction, operation, and closure of an open-pit gold and silver mine with ore processing facilities. Artemis will use a combined gravity circuit and whole ore leach for gold and silver recovery. The company will initially process high-grade, near-surface ore, stockpiling lower-grade material for later processing.

The mine received its BC Mines Act permit in March 2023. A positive decision statement from the Canadian Environmental Assessment Agency was issued in April 2019, followed by an Environmental Assessment certificate later that year.

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. Discussions with the Carrier Sekani First Nations, whose territories include proposed infrastructure corridors, are ongoing.

Shares of Artemis Gold rose 3.6% Thursday morning, pushing the Vancouver-based miner’s market capitalization above C$3.5 billion ($2.4 billion).