LSFN enters exploration agreement with Great Bear Resources Ltd.
Jesse Bonello - Staff Writer
In a news release on May 26, gold exploration company Great Bear Resources Ltd announced an Exploration Agreement with both Lac Seul First Nation (LSFN) and Wabauskang First Nation (WFN).
The agreement, which is in relation to Great Bear’s exploration activities on its mining properties within the WFN and LSFN traditional territories, came into effect on April 28.
“The Exploration Agreement defines the protocol for meaningful communications and engagement between the parties to understand and accommodate each other’s interests in relation to Great Bear’s exploration activities. Through this cooperative approach, the parties seek to build a strong, positive foundation for Great Bear to proceed with its exploration activities in a manner that is informed by and respects the interests of WFN and LSFN,” the news release informed.
“As part of the accommodation to LSFN and WFN under the Exploration Agreement, Great Bear issued an aggregate of one-hundred thousand (100,000) common shares (“Shares”) in its capital stock to LSFN and WFN at a deemed price of $11.55 equal to the market price on May 4, 2020 the date of issue, such shares to be divided equally between
LSFN and WFN.”
When it comes to Great Bear’s Dixie Project, a gold exploration and discovery project located only 25 kilometers southwest of Red Lake, Great Bear said they’re excited to apply traditional knowledge from LSFN through their agreement.
“We view this agreement as one of the most significant steps taken by our company to date. While we have been working operationally with our Wabauskang First Nation neighbours for the past three years, we are very pleased to progress that relationship to include Lac Seul First Nation on a go-forward basis. We feel strongly that the Dixie Project will benefit from the traditional knowledge regarding land use, environmental stewardship and cultural history stemming from our partners’ long experience in this area and look forward to our ongoing cooperation and mutual benefit,” said Chris Taylor, President and CEO of Great Bear.
“Lac Seul First Nation is very pleased with this agreement. We see it as an opportunity to participate in the ongoing success of Great Bear’s exploration activities. The benefits generated by this exploration will help to bring economic prosperity to the region and to our communities,” said Derek Maud, LSFN Chief.
Chief Doug Riffel of Wabauskang First Nation stated, "As First Nations, we were long overlooked in meaningful participation within the resource sector in our Territory. Changes to the Ontario Mining Act nearly a decade ago have brought a new era of relationship building with our communities and the mining industry. The Agreement with Great Bear and our shared Territory neighbor Lac Seul, represents another strong step for our Communities in protecting our values while participating in resource development."
According to Great Bear, “The Dixie project is a gold exploration and discovery project located only 25 kilometers southwest of Red Lake, Ontario. The reknown Red Lake gold district has produced approximately 30,000,000 oz. gold from 29 gold mines historically. Dixie itself is a large high-grade gold system from surface that is accessible year-round by highway and has access to major infrastructure. It is located only 15 minutes from the town of Red Lake and the entire project runs parallel to a highway and power lines, with natural gas lines and power running right through the project as well.”