Blackwater Mine, Canada's newest gold and silver mine, officially open

The Market Online

2 days ago

Artemis Gold (TSXV:ARTG) marked a major milestone with the official opening of the Blackwater Mine, Canada's newest gold and silver mine
The Blackwater Mine, 100-per-cent owned by Vancouver-based Artemis Gold, represents the largest resource development project in the Cariboo region in over a decade
The mine is forecast to produce between 190,000 and 230,000 ounces of gold in fiscal 2025
Artemis Gold stock (TSXV:ARTG) last traded at C$21.87
Artemis Gold (TSXV:ARTG) marked a major milestone with the official opening of the Blackwater Mine, Canada's newest gold and silver mine. The ceremony, held at the mine site 110 km southwest of Vanderhoof, B.C., celebrated the culmination of a rapid and responsible development process that saw the mine built in just 22 months—an industry-leading timeline.
The Blackwater Mine, 100-per-cent owned by Vancouver-based Artemis Gold, represents the largest resource development project in the Cariboo region in over a decade. The mine is forecast to produce between 190,000 and 230,000 ounces of gold in fiscal 2025, following its first gold pour in January and the achievement of commercial production earlier this month.
To date, over 5.3 million hours have been worked at the site without a single lost time incident—a testament to the company's commitment to safety and operational excellence. Economic and regional impact
The mine currently employs over 400 people, with 25 per cent identifying as Indigenous, 40 per cent from the surrounding region, and 80 per cent from within B.C. The project is expected to support regional employment for decades, with the potential for further expansion through exploration. A decision on accelerating Phase 2 of the mine's development—which could create an additional 800 construction jobs and 170 permanent operations roles—is expected later this year.
Since 2022, Artemis Gold has spent approximately C$1 billion with Canadian contractors and service providers to build the mine, including over C$700 million in B.C. and more than C$300 million with local and Indigenous businesses. This investment comes at a critical time for the region, which has faced economic challenges due to forestry sector downturns.
A 2020 economic impact study by KPMG estimated the mine would contribute C$13.2 billion to the provincial economy over its life, including C$2.3 billion in provincial revenues and C$1.5 billion in federal tax revenues—figures that are likely to be exceeded due to rising gold and silver prices. Environmental leadership
Blackwater Mine is designed to be one of the lowest greenhouse gas-emitting open-pit mining operations in the world. Artemis Gold invested in a fully electrified processing facility, replacing traditional carbon-fuelled systems with electric alternatives. The mine is powered by renewable hydroelectricity via a new transmission line connected to BC Hydro's Glenannan substation.
The company has also committed to further reducing its environmental footprint by exploring zero-emission ore and waste haulage options by 2030.
Artemis Gold worked closely with federal and provincial governments and six First Nations—Lhoosk'uz Dené, Ulkatcho, Nadleh Whut'en, Saik'uz, Stellat'en, and Nazko—to develop precedent-setting environmental management plans. These include innovative strategies for caribou habitat offsetting, fish and wetlands conservation.
'Blackwater Mine is an example of what can be achieved through collaboration with First Nations and the protection of vital lands and waters,' Premier David Eby said on-site and transcribed into a news release. 'This mine is a part of what we're building in B.C. the economic engine of the new Canadian economy. It creates hundreds of family-supporting jobs and builds prosperity here and across the country.'
With total measured and indicated resources of 11.7 million ounces of gold and 122.4 million ounces of silver, Blackwater Mine is in a solid position to become a cornerstone of Canada's mining sector. As Artemis Gold continues to explore and expand, the company remains committed to responsible development, Indigenous partnership, and environmental stewardship.
Artemis Gold Inc. identifies, acquires and develops gold projects in mining-friendly jurisdictions.
Artemis Gold stock (TSXV:ARTG) last traded at C$21.87 and is up 105.74 per cent since this time last year.
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