Artemis Gold kicks off site works at Blackwater project in British Columbia
Construction of the project was approved in the summer of 2021, nearly a year after Artemis acquired the property from New Gold (TSX: NGD) for C$190 million ($142.3m).
Artemis said it will focus in the coming months on expanding the capacity of the existing exploration camp by 90 rooms, setting a 245-room construction camp, installing a wastewater treatment plant, and upgrading existing access roads among other activities.
The Vancouver-based miner aims to complete early works by December, it said in the statement.
According to an economic impact study released by the company in 2020, Blackwater would contribute more than C$13.2 billion ($9.9bn) to BC’s economy over its 23-year mine life.
In the first five years of operation, the mine will produce 321,000 ounces of gold a year, at an all-in sustaining cost (AISC) of $576 per ounce. Over time, production will average to 351,000 ounces of gold with an AISC of $672 per ounce.
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