Artemis Gold (TSXV: ARTG) has reached a major milestone at its Blackwater Mine in British Columbia. The company has commenced milling of ore this week.
The achievement follows the advancement of commissioning of the grinding circuit, enabling ore to begin being sent through. Artemis has said the achievement puts the mine on track to complete its first gold pour this month.
The achievement however follows delays experienced in December related to the configuration and communication of the process control network. That delay resulted in the mine failing to meet its target of a first gold pour in the fourth quarter of 2024.
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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 $15.44 on the TSX Venture.
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