Last week Osisko Mining (TSX:OSK) announced that the hydroelectricity power allocation agreement with Hydro-Québec has been concluded for the Windfall gold project 200 km northeast of Val d’Or, Que. The project is a 50:50 joint venture with Gold Fields (JSE:GFI; NYSE:GFI).
The power utility has agreed to supply 27,400 kW, the estimated demand for the mine once it is in production. Power will be delivered at the MICO substation located in nearby Waswanipi, Que., then be transported using a dedicated power line (currently under construction) from the MICO substation to Windfall by Miyuukaa Corporation, a wholly-owned arm of the Cree First Nation of Waswanipi.
"Receipt of the Windfall power allocation is a major milestone, as it will significantly reduce greenhouse gas emissions and project power costs,” Osisko Mining chair and CEO John Burzynski said in a release. “It is well aligned with our joint-venture ESG goals."
Hookup of the mine site to the Quebec power grid is anticipated in early 2024.
The feasibility study for Windfall included a measured resource of 811,000 tonnes grading 11.4 g/t gold (174,000 contained oz.) and an indicated resource of 10.3 million tonnes grading 11.4 g/t gold (3.8 million oz. of contained gold) as well as an inferred resource of 12.3 million tonnes at 8.4 g/t gold (3.3 million ounces). Within the M+I portion are 12.2 million tonnes of probable reserves grading 8.06 g/t gold (3.2 million ounces).
More information is posted on www.OsiskoMining.com.
April 25, 2024
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