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Artemis Gold Mine Set for Expanded Production Artemis Gold Mine Set for Expanded Production

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Artemis Gold, in its most recent announcement, has unveiled plans to expand its Blackwater gold mine, a move that is predicted to yield an impressive $370 million in annual cash flow. This expansion, rooted in the existing reserves and resources, is set to bring about a significant rise in production potential.

Rich Resources

The current project boasts proven and probable reserves of 334.3 million tonnes, with an impressive grade of 0.75 g/t gold and 5.8 g/t silver. Notably, this translates to 8 million oz. of gold and 62.2 million oz. of silver. Early in 2023, Artemis made public its plans to optimize various aspects of the mineral processing plant, thereby fast-tracking phase two of the expansion. These refinements included structural steel additions, wider conveyor belts, and the implementation of variable-speed drives for the ball mill.

After-tax Net Present Value

The after-tax net present value (NPV) of the expanded Blackwater project has been calculated at a staggering C$3.25 billion over its life, using a gold price of $1,800 per ounce. This NPV estimation accounted for a number of tax considerations, including BC mining tax and federal income tax.

Untapped Potential

Despite the comprehensive nature of the expansion study, it refrained from speculating on a number of additional opportunities that Artemis continues to explore. The research did not delve into the potential for an extended mine life, exploration of resource extensions, alternative waste material transportation methods, electrification of the haulage fleet, automation of hauling operations, and various process engineering initiatives.