Artemis Gold (TSXV: ARTG) is on the verge of being Canada’s next gold producer. The company this morning reported that it has begun feeding ore through its processing facility at the Blackwater mine.
The first ore was said to be fed through the crushing circuit at the facility, which follows mining operations at the open pit mine having commenced this quarter. Production drilling and blasting has also begun, with the initial open pit blasts going to plan.
Full handover of the crushing circuit from the commissioning team to the operations team is slated to occur over the course of the next few weeks, while the 225kV renewable grid power line and substation have been fully commissioned. Diesel power generation on site is expected to be fully shutdown by year end.
Finally, construction at the tailings storage facility is complete and ready for full production.
Blackwater, once in production, is expected to produce on average 463,000 ounces of gold and 1.9 million ounces of silver over its first five years of mine life at all all in sustaining costs of $615 an ounce. The project boasts an overall after-tax net present value (5% discount) of C$3.25 billion, based on US$1,800 gold and US$23 an ounce silver.
The first gold pour is currently expected to occur late in the fourth quarter of 2024.
Artemis Gold last traded at $13.12 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
