Project Overview
The Blackwater Mine 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
feasibility. Artemis Gold purchased 100% of the project in 2020 and have recently brought it into commercial
production.
The Blackwater deposit is an example of an intermediate-sulphidation, epithermal gold–silver deposit.
Mineralization is hosted within felsic to intermediate volcanic rocks that have undergone extensive
silicification and hydrofracturing in association with pervasive, stockwork-veined and disseminated sulfide
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 |
| Cost Quartile |
First |
For more information on the Blackwater Project, please visit: www.artemisgoldinc.com (opens in new tab)