Artemis Gold Provides Q1 Update on Blackwater Mine Construction Progress
Project remains fully funded, on schedule, approximately 73% complete, within guidance for initial capital expenditure, and is advancing operational readiness
TSXV: ARTG
At
"The remainder of 2024 will be transformational for
Mild weather conditions in Q1 2024 provided good, early access to infrastructure areas at the
Total major works hours worked up to
At the end of
Process plant construction continues to progress well, particularly within steel erection and conveyor installation. Installation of mechanical equipment within the secondary and tertiary crushing circuits, as well as the screening station, was completed during the quarter. Notable achievements throughout the period included the installation of the ball mill, intensive leach reactor and the regeneration kiln, while installation of the gravity concentrator has commenced. All major tanks have been completed, including pre-leach, carbon-in-leach, and elution, and hydrotesting is underway.
Concrete work is nearing completion with most of the major pours now completed including the primary crusher run-of-mine slab, crusher vault and ore stockpile reclaim tunnel. Erection of the reagents and mill buildings are in progress with cladding works planned to commence in April.
Electrical and instrumentation activities are scaling up, with the installation of the main electrical room in the crushing circuit area now complete.
During Q1 2024 the transmission line right-of-way clearing was completed. Construction contracts were awarded, and contractors mobilized to the region. Laydown areas and camp facilities have been established and civil foundation work and structure erection commenced. All electrical conductors have been delivered to site. Poles and hardware deliveries are in progress and sequenced to support the construction schedule.
The line is being built in two parts, north and south of the
Upgrades to the BC Hydro Glenannan substation are progressing to plan. Commissioning planning with BC Hydro is advancing as planned.
Work associated with Blackwater's 25kV power distribution network has progressed according to plan with engineering at an issued-for-construction (IFC) level, procurement complete, and most materials on site. Pole foundations are 65% completed and pole erection has commenced.
Assembly and commissioning of the owner's mining fleet continues to advance. Two 400-tonne hydraulic backhoe excavators, six 240-tonne rigid frame haul trucks and two large mining front-end loaders are fully assembled. The remainder of the fleet to support initial operations is on site and nearing completion. Additional units will be added to the fleet as operations ramp up.
The Company maintained its workforce of 320 employees in Q1 2024 and the ratios of the workforce have remained consistent, approximately:
- 20% of the team are women
- 30% identify as Indigenous
- 50% are from the local region, and;
- 80% are B.C. residents.
The total
Recruitment for the
A laboratory contract has been signed and all mill reagents have been tendered, with plans to finalize the contracts in Q2 2024.
Procurement for commissioning, operations and critical spares was completed, and the operational readiness planning commenced during the quarter.
During Q1 2024, the Company completed an additional draw of
At
- cash and cash equivalents of
C$155 million ; - remaining drawdowns from the project loan facility of
C$100 million (including approximatelyC$20 million of capitalized interest remaining available), and - a cost overrun facility of
C$40 million .
In addition, the Company had 23.2 million warrants outstanding which are exercisable at
Artemis Gold President and COO
Watch here for a Q1 project update video: https://youtu.be/JFwpIC9fFZo
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Chairman and Chief Executive Officer
+1 604 558 1107
Neither the
This press release contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and
These forward-looking statements represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance, which are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Such forward-looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to the ability of the Company to accomplish its plans and objectives with respect to the development of the project within the expected timing or at all, the timing and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, risks inherent in exploration and development activities, changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the project and other risks set out in the Company's most recent MD&A, which is available on the Company's website at www.artemisgoldinc.com and on SEDAR+ at www.sedarplus.ca
In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary approvals and consents in connection with the development of the project will be obtained; (3) financing for the development, construction and continued operation of the project will continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the project economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward-looking statements. The Company is under no obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.
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1 LTIFR or Lost Time Injury Frequency Rate refers to the number of lost time injuries occurring per million man-hours worked, divided by total man-hours worked. |
2 AIFR or All Injury Frequency Rate refers to the total number of recordable incidents occurring per million man-hours worked, divided by total man-hours worked. |
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