Project Overview
The Blackwater Project is located in central British Columbia, approximately 160 km southwest of Prince George and 446 km northeast of Vancouver. New Gold purchased the project in 2011 and advanced it through to feasilibity. Artemis Gold purchased 100% of the project in 2020, advanced it through permitting and is currently constructing the mine with first production forecast for the second half of 2024.
The Blackwater deposit is an example of an intermediate sulphidation epithermal-style gold–silver deposit. Mineralization is hosted within felsic to intermediate composition volcanic rocks that have undergone extensive silicification and hydrofracturing in association with pervasive stockwork veined and disseminated sulphide mineralization. Mineralization is strongly controlled by northwest–southeast-trending structures characterized by zones of tectonic brecciation and chloritic gouge.
Mining is based on conventional open pit methods suited for the project location and local site requirements. Ultimate pit limits are split into phases or pushbacks to higher economic margin material earlier in the mine life. Open pit operations are anticipated to run for 17 years, excluding 15–18 months of pre-production mining. Following mining operations, stockpiled low-grade material will be processed for an additional five years, resulting in a total LOM of 22 years.
Mill feed targets are 6 Mtpa over the first five years of operation, increasing to 12 Mtpa for the next five years and finally up to 20 Mtpa until the end of mine life. A combined gravity circuit and whole ore leach will be used for recovering gold and silver.
Stream Details
| Date of Contract |
13-Dec-21 |
| Term |
Life of Mine |
| Stream |
50% of Ag until 17.8 Moz, thereafter 33% for life of mine and 8% of Au until 464 koz thereafter 4% for life of mine |
| Upfront Consideration |
$481M |
| Per Unit Production Payment |
35% of spot gold price and 18% of spot silver equal to the upfront cash consideration, 22% of spot silver thereafter |
For more information on the Blackwater Project, please visit: www.artemisgoldinc.com (opens in new tab)