TSX-V-listed Artemis Gold has acquired the Blackwater project – one of Canada’s largest openpit gold deposits – from New Gold, sending the company’s stock up nearly 30%.
Blackwater, south-west of Prince George, British Columbia, has a federal decision statement and a provincial environmental assessment certificate, which are major milestones in derisking the project to ultimate permitting and construction.
Artemis will acquire the project for C$190-million in cash, comprising of C$140-million upon closing of the transaction and C$50-million payable 12 months later.