Artemis Gold Inc. [TSXV-ARTG] has released an update on third quarter construction progress at its Blackwater Gold Project in central British Columbia. The company said the project remains fully funded, within the guidance for capital spending, and on schedule for the first gold pour in the second half of 2024.
As of September 30, 2023, overall construction was 45% complete, and approximately $280 million of the guided capital expenditure of $730 to $750 million had been spent. The lag between the spend and percentage of completion is as planned within a typical project spending curve.
“Our workforce and construction activity at Blackwater returned to 100% following the wildfire events in early Q3,’’ said Artemis Gold Chairman and CEO Steven Dean. “We remain fully focused on a disciplined approach to development and remain on track for the first gold pour in H2 2024.’’ The forecast is consistent with the updated feasibility study dated September, 2021.
The Blackwater project is located in central B.C. approximately 160 kilometres southwest of Prince George and 446 kilometres northeast of Vancouver. It is accessible by a major highway and access/service roads.
Artemis bought the Blackwater Project from New Gold Inc. (NGD-TSX, NYSE American) in August, 2020.
The company has said it plans to develop the project in three stages, a move that would entail targeting a higher-grade zone of near surface mineralization in the southern half of the open pit in the first seven years, supporting a shorter payback period and higher IRR. It said this approach would reduce the initial capital expenditures to $592 million.
The phased approach provides the opportunity to build the Blackwater project into a new 250,000 ounce per year gold operation, growing to more than 400,000 ounces annually with growth financed from free cash flow, the company has said.
Artemis said an economic study indicates that Blackwater could deliver $2.3 billion in provincial government revenues over the life of the project and provide 825 jobs during the construction and expansion phases.
The mine is expected to be in production for a minimum of 22 years.
In the latest update, Artemis said its staffing numbers at the Blackwater Mine surpassed 250 employees in Q3, 2023, with approximately 20% female and 30% identifying as Indigenous. Over 50% of the development team is from the local region and over 80% are B.C. residents. The total workforce at the Blackwater Mine, including staff and contractors, was more than 500 at the end of September, 2023.
With Phase 1 fully funded and 45% complete, a study to evaluate the benefits of advancing the Phase 2 expansion earlier than contemplated in the September 21, feasibility study is progressing well. The results of the study are expected to be released in early 2024.
On October 23, 2023, Artemis shares closed at $5.26 and currently trade in a 52-week range of $6.50 and $3.48.
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