Canadian junior Artemis Gold (TSX-V: ARTG) has begun site works at its Blackwater gold project in central British Columbia, Canada.
The miner said major construction activities are scheduled to begin in the first quarter of 2023, following receipt of the BC Mines Act Permit, which is expected this fall.
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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Balter
I’m gonna have to wait and see how badly Eby screws the province when he takes over from Horgan: downtown lawyer doesn’t know how anything works in the real world, liable to adopt some screwball ideas when his own fail and the peanut gallery starts yelling.