Why Artemis Gold (TSXV:ARTG) Is Up 8.9% After Deeper Blackwater Drill Hits Hint at Zinc Potential
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In August 2026, Artemis Gold reported early results from its 2026 resource expansion drilling at the Blackwater project, including long gold‑bearing intercepts such as 259 metres at 1.22 g/t gold from 309 metres downhole and 191 metres at 0.95 g/t gold from 163 metres downhole, extending mineralization below prior drilling.
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An interesting feature of these results is the combination of deeper high‑grade gold zones and elevated silver and base metals, prompting Artemis to add a third drill rig and begin metallurgical work to assess whether zinc could become an additional revenue stream alongside gold.
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Next, we’ll explore how these deeper high‑grade intercepts and potential zinc by‑product revenue could influence Artemis Gold’s existing investment narrative.
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Artemis Gold Investment Narrative Recap
To own Artemis Gold, you need to believe Blackwater can deliver steady production from a single, growing asset while expansions and costs stay under control. The latest deep drilling results at Blackwater look incremental to that story rather than a near term catalyst, with Phase 1A delivery and EP2 execution still the key drivers and execution risk remaining centered on construction, throughput reliability, and operating costs.
The August 4 update on Phase 1A and EP2 matters most here, because it sets the context for what extra deep mineralization and possible zinc by product credits could eventually feed into. With Phase 1A targeting 8 Mtpa in late 2026 and EP2 planned to take capacity to 21 Mtpa by 2028, any future resource growth from this drilling would slot into an already large build out rather than change the near term schedule.
Yet, even as growth plans progress, investors should be aware that unplanned downtime, like prior ball mill issues, could still…
Read the full narrative on Artemis Gold (it’s free!)
Artemis Gold’s narrative projects CA$2.5 billion revenue and CA$1.7 billion earnings by 2029. This requires 21.7% yearly revenue growth and an earnings increase of about CA$1.1 billion from CA$557.6 million.
Uncover how Artemis Gold’s forecasts yield a CA$51.83 fair value, a 21% upside to its current price.
Exploring Other Perspectives
Before this drilling news, the most optimistic analysts were already modeling about CA$3.0 billion of revenue and CA$1.7 billion of earnings by 2029, which assumes the multi stage Blackwater build out and related cost control efforts all track close to plan. This is a much more optimistic view than the consensus narrative, and depending on how resource expansion drilling and Phase 1A progress unfold from here, you may find your own expectations drifting closer to either side of that range.
