Artemis Gold Provides Q2 Update on Blackwater Mine Construction Progress
TSXV: ARTG
Project remains fully funded and on budget; 87% complete at the end of
At
Construction Update
Construction of the water management pond, excavation of the cutoff trench through
Total major works hours worked up to
Process Plant
At the end of
Equipment installation was a key focus area for Q2 as well as installation of structural steel, conveyors, platework, pipework, and electrical infrastructure. Installation of the primary crusher commenced, and utilities were installed across the crushing circuit, allowing for pre-commissioning activities on the crushing circuit to commence. Mill installation advanced, while the cyclone, gravity concentrators and the sulphur burner were installed. Cladding of the reagents building was completed, and the mill building will soon be ready to be clad following final equipment installation. Hydro testing of the process and raw water tanks was completed, and tank infrastructure completed, with tank top installations well advanced.
Early pre-commissioning activities in the crushing area of the process facility is underway.
Transmission Line
During Q2 2024 the transmission line continued to advance on schedule. The line is being built in two parts, north and south of the
In the North section, 98% of foundations are complete, 97% of pole structures are installed, 95% of structural frames are complete and 25% of the conductor was installed.
In the South section, 91% of foundations are complete, 84% of pole structures are installed, 69% of structural frames are complete and 10% of the conductor was installed.
Upgrades to the BC Hydro Glenannan substation were completed, while commissioning planning with BC Hydro is advancing as planned.
The main 25 kV electrical substation to power infrastructure at
Heavy Equipment
During Q2 2024, construction and commissioning of the initial phase of the mining fleet was completed, with two 400-tonne hydraulic backhoe excavators, nine 240-tonne rigid frame haul trucks, and two large mining front-end loaders now fully assembled. The fleet to support initial operations is now complete. Additional units are on-site and are currently being assembled, with the intent to add these to the fleet as operations ramp up.
Personnel
The Company maintained its workforce of approximately 350 employees in Q2 2024 and the ratios of the workforce have remained consistent, approximately:
- 20% of the team are women;
- 30% identify as Indigenous;
- 45% are from the local region, and
- 80% are B.C. residents.
The total
Operational Readiness
Recruitment of personnel for the
Key personnel have been mobilized to initiate pre-commissioning activities in the crushing area.
Operations preparation and integration is now underway.
Wildfire Response
On
Funding
During Q2 2024 the Company completed the third and final draw of
At
- cash and cash equivalents of
C$111 million ; - approximately
C$13 million of capitalized interest remaining available, and - a cost overrun facility of
C$40 million .
In addition, the Company had 20.5 million warrants outstanding at
Artemis Gold President and COO
Video
Watch here for a Q2 project update video: https://youtu.be/McTJRTSby-s
Photos –
About
Qualified Person
On behalf of the Board of Directors
Chairman and Chief Executive Officer
+1 604 558 1107
Neither the
Cautionary Note Regarding Forward-looking Information
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.
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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