Osisko Mining has signed a binding term sheet with Miyuukaa Corp., a wholly owned business of the Cree First Nation of Waswanipi, to build the proposed hydro-electric powerline for the Windfall gold project. The project, located in the Abitibi greenstone belt, Eeyou Istchee James Bay, Que., is slated to produce 306,000 oz. of gold annually.
Miyuukaa will finance, build, own and operate a 69-kV dedicated line from the Waswanipi substation to the project site. As an end user, Osisko will by service fees to Miyuukaa. The Cree First Nation will benefit from employment opportunities and reduced greenhouse gas emissions from the mine and mill.
"Cree ownership of this transmission line is a great example of what can be achieved when resource development companies engage honourably and meaningfully with Indigenous nations and the concerns of all parties are addressed upstream and conciliated,” said Chief Irene Neeposh. “By owning and operating this key infrastructure for the region, with Osisko as a partner, the Cree First Nation of Waswanipi continues on its path to controlling the development of its traditional territory."
“The advent of power at Windfall will allow us to move away from diesel generated electricity for our exploration activities. Hydroelectric power availability for the anticipated construction of the Windfall mine will make a significant difference in both the cost and environmental impact of our future planned activities, noted Osisko CEO and chair John Burzynski. Today's agreement with Miyuukaa is aligned with both Osisko's and CFNW's vision towards the development of infrastructure and natural resource in a sustainable fashion within their traditional territory."
Work on the powerline is expected in January on existing access rods in preparation for brush clearing and construction of the line. The work is expected to take 12 months to complete after permits are received, with the hook-up date anticipated in the first half of 2024.
Full details of the Windfall gold project can be found in the corporate presentation on www.OsiskoMining.com.