With the Moss Gold Project shaping up to be a potential open-pit gold mine in northwestern Ontario, Goldshore Resources announced it’s laying the groundwork for a nearby First Nation to realize some of the spinoff benefits.
The Vancouver gold company said on May 26 that it had signed a term sheet to negotiate a future impact benefit agreement (IBA) with Lac des Mille Lacs First Nation.
Goldshore is out to secure project consent and support from the community for its Moss project located in the Shebandowan area, 100 kilometres west of Thunder Bay.
In a May 26 news release, Goldshore said the term sheet lays out the key terms and intentions that will guide upcoming negotiations. The company said the sheet represents a shared commitment to ensure the project “delivers meaningful and long-term benefits to the community.”
Though the details of IBA agreements, between a company and an Indigenous community, are usually kept confidential, Goldshore shared that some identified areas for collaboration revolve around engagement on regulatory, environmental, cultural and financial matters, as well as employment and contracting opportunities for Lac des Milles Lac members and businesses.
Goldshore said they hope to conclude IBA negotiations with the community within a year. Back in June 2022, the company and community signed an early exploration agreement.
In a statement, Goldshore CEO Michael Henrichsen said they’re out to grow their relationship with Lac des Mille Lacs First Nation by developing this “transformational project” in tandem with Indigenous people.
“This milestone reflects Goldshore’s commitment to building meaningful relationships based on trust and respect.”
Lac des Mille Lacs Chief Judy White Cloud called the term sheet signing “a meaningful step forward in our relationship with Goldshore. We are committed to ensuring that the Moss Gold Project reflects our values and delivers long-term benefits for our Nation.”
In acquiring the project off Wesdome Gold Mines in 2021, Goldshore operates in an area that has been extensively explored in the past with two previously identified gold deposits. Goldshore has been conducting its own exploration drilling and came out with its own gold estimate of 1.54 million ounces at 1.23 grams per tonne in the indicated category with an additional 5.1 million ounces inferred at 1.11 grams per tonne.
Though Goldshore has yet to table a feasibility study of what an open-pit mine will look like, the company thinks Moss has the size and scale to be a district-sized pit operation.
The company had been running a 20,000-metre drill program since the winter, to enlarge the deposit, and has been gradually trickling out the assay results for investor and public consumption.
At the same time, the company has been doing environmental data collection on water flow in and around their property since 2021, which will support their permit application, which they hope to enter into in two years. They’re also conducting aquatic and biological studies that will be done by the end of 2026 and will be shared with First Nation partners.
