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BC approves early construction of Blackwater at Artemis Gold
Seetao 2021-07-16 10:04
  • The Blackwater Gold Mine Development Project is being developed in phases in the Cariboo area of BC
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British Columbia has approved early construction work on the Blackwater Gold project, which is owned by Artemis Gold (TSXV: ARTG). This was the first step in the construction of the mine, in preparation for site preparation and land clearing at the mine site, 150 kilometers southwest of Prince George BC.

Blackwater is estimated to be the largest gold development project in the Caribu region of BC in the past 10 years and has supported employment in the area over the past 25 years, including the construction period, which could be extended through further exploration.

Blackwater will be connected to the BC Hydro grid, which is powered by hydroelectric power to provide sustainable low-carbon energy with the potential to produce gold and silver from an open-pit mine with one of the lowest greenhouse gas emissions in the world.

The project will be developed in phases as an open pit and carbon pulp processing plant. The initial capital requirements for the first phase are C $592 million (US $470 million). The plant has a capacity of 5.5 MMtpa and an annual gold production of 248,000 ounces. Over a 23-year service life, production will be increased to 20 million tons per year through two further phases of expansion.

Blackwater Gold has a net present value (5% discounted) of C $2.2 billion (US $1.75 billion) after tax, with an internal rate of return of 35% and a payback period of two years.

The deposit is estimated to contain 251 million metric tons of measured and indicated tons-1.04g/t of gold and 8.3g/t of silver 8.4 million ounces of gold and 68 million ounces of silver. The extrapolate estimate is 5.6 million metric tons, 0.79 g/ton of gold, 26 g/ton of silver, containing 142,000 ounces of gold and 4.6 million ounces of silver. These figures reflect a gold cutoff of 0.5 g/t.Editor/GongYan


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