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Great Bear Resources strikes exploration deal with two First Nations groups in Ontario

The deal has been made with the Wabauskang First Nation (WFN) and Lac Seul First Nation (LSFN) over land within their traditional territories

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Great Bear Resources controls over 300 square kilometres of highly prospective ground across four projects in Red Lake, Ontario

Great Bear Resources Ltd (CVE:GBR) (OTCQX:GTBDF) has struck a deal with two First Nations groups over exploration in Ontario.

The deal with the Wabauskang First Nation (WFN) and Lac Seul First Nation (LSFN) over land within their traditional territories seeks to define the engagement between the parties, the junior explorer said.

"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 group added.

READ: Great Bear Resources upsizes previously announced offering to C$33M

Great Bear said it has issued 100,000 of its shares to Wabauskang First Nation and Lac Seul First Nation at a deemed price of C$11.55, which is equal to the market price on May 4. The shares are to be divided equally between the two groups.

"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," Great Bear CEO Chris Taylor said in a statement.

"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."

Chief Doug Riffel of the Wabauskang First Nation added: "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."

 Great Bear Resources controls over 300 square kilometres of highly prospective ground across four projects in Red Lake, Ontario.

Contact the author at [email protected]

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