Artemis Gold (TSXV: ARTG) is behind schedule at its Blackwater Mine in British Columbia. The firm this morning in a brief update indicated that it had failed to complete commissioning on its wet plant.
The failure to complete final commissioning follows “unexpected delays” with the configuration and communication of the process control network, which it blamed on vendor availability over the holidays.
As a result of the delay, the processing of ore through the ball mill at Blackwater is now not expected to begin until January 2025. The first gold pour is now slated to take place in January as a result, rather than the fourth quarter of 2024 as previously forecasted.
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Phase one of the Blackwater Mine, once complete, is expected to see average annual production of 321,000 ounces of gold at an all in sustaining cost of just US$578 based on a 2021 feasibility study. A phase two expansion, slated for completion in year five of operations, will increase production to 381,000 ounces per year on average.
Artemis Gold last traded at $13.50 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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Good things come to those who wait…