Artemis Gold returns staff to B.C. mine as fire evacuation order lifted
Artemis Gold Inc. [ARTG-TSXV] said it has returned staff to its Blackwater Gold Project in central British Columbia, after a wildfire evacuation order previously announced on July 22, 2024 was lifted. The company said it plans to immediately commence the staged return of employees and contractors to site over the coming days.
“Camp operations and services have been maintained and accordingly ramp-up to full construction capacity is expected to be expeditious,’’ the company said in a press release that came after the close of trading on July 25, 2024 when Artemis shares eased 2.05% or 23 cents to $19.97.
The shares trade in a 52-week range of $12.20 and $4.88.
“All access roads to the Blackwater mine are clear and the mine site was not impacted by any wildfires,’’ the company said.
Artemis has been focused on construction of the Blackwater mine, which ranks as the one of the largest capital investments in central British Columbia in over a decade. The first pour of gold and silver at Blackwater is expected to occur in the second half of 2024.
The Blackwater project is located 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 study envisages $13.2 billion in added value in B.C. from an operation that is expected to consist of an open pit gold and silver mine that will begin life with a nominal milling rate of 15,000 tonnes per day or 5.5 million tonnes per year.
The mine is expected to be in production for a minimum of 22 years.
As of March 31, 2024, overall construction was approximately 73% complete and approximately $523 million of the guided capital expenditure of $730 million to $750 million had been spent.