That is an interesting thought, for such a remote area. I have no idea if it would work. I also don't know how much energy would be needed to change the magnetic feild enough. The earth is, afterall, one hellovabig magnet. Most magnets won't move a compas more than an arms length away.
Conveniently, there's a huge power plant nearby ;) but fair. I read the other day that the space magnet proposed to generate a magnetic field to protect a transformed Mars' atmosphere would be "charged" and then not require active power. I don't know enough physics to know if similar is possible here.
