Big Tree Carbon Announces Commencement of Lac Seul Forest Community Project
TORONTO, ON / ACCESSWIRE / November 30, 2022 / Big Tree Carbon Inc. (the "Company" or "Big Tree") (TSXV:BIGT) is pleased to announce that work has been initiated on the Lac Seul pilot carbon offsetting project in conjunction with the Obishikokaang …
TORONTO, ON / ACCESSWIRE / November 30, 2022 / Big Tree Carbon Inc. (the "Company" or "Big Tree") (TSXV:BIGT) is pleased to announce that work has been initiated on the Lac Seul pilot carbon offsetting project in conjunction with the Obishikokaang Resources Corporation ("ORC") and project partner Anew Climate LLC ("Anew").
ORC is 100% owned by Lac Seul First Nation ("LSFN") and is the First Nation's forest management company, with responsibility for forest management on Lac Seul I.R. 28 and is a partner to the enhanced sustainable forest licence for the Lac Seul Forest Crown management unit in Northwestern Ontario. Principal staff and Board members of ORC have been developed from within Lac Seul's own Band membership, and the corporation has been in operation since 2012.
Upon recommendation from project partner Anew in their recently-updated prefeasibility assessment, the Lac Seul Community Forest Project will pursue project registration through the American Carbon Registry ("ACR") voluntary Improved Forest Management program for Canadian forests. The ACR voluntary program carries a 40-year crediting period, during which the sustainable forestry practices set out in the project design will maintain and sequester carbon throughout the life of the project, with no longer-term obligation such as would be applicable in a compliance-based project.
Initial stages of project development include definition of the overall project boundary, and valuation of other ecosystem service benefits associated with the land, coupled with ongoing community and First Nation governance engagement. The prefeasibility assessments provided by project partner Anew contemplate 22,063 hectares of productive forested area on the Lac Seul reserve lands, which does not include the footprint of the First Nation's three communities. The quantum of annual credits generated by this project will be determined through project development activities of all project partners, and will be reported to shareholders once the project is registered with ACR.
Big Tree has an interest with Anew and a third party in 25% of the total annual project revenue from the Lac Seul Community Forest Project with 75% of the total annual project revenue going to LSFN. See the Company's Press Releases dated May 11, 2020 and May 15, 2020.
ABOUT BIG TREE CARBON INC.
Big Tree is a carbon sequestration natural resource developer and a mineral exploration company focused on the acquisition, exploration, and development of gold properties. Big Tree has a portfolio of Forest Carbon projects under development namely the Lac Seul and Agoke projects - and several mineral exploration assets in Ontario, which include the Richardson Lake, Ranger Lake, Dancing Man and Bridget Lake gold properties.