Ring of Fire Metals, formerly Noront Resources, has reached a memorandum of understanding (MoU) with Webequie First Nation to partner on the proposed development in the Ring of Fire in northern Ontario.
Earlier this year, Wyloo Metals purchased Noront Resources and its mining assets in emerging metals camp called the Ring of Fire in Ontario.
Subsequently, Wyloo Metals named its Canada-based business as Ring of Fire Metals (RoFM).
The MoU outlines ways for Ring of Fire Metals and Webequie to jointly work on advancing exploration activity in the region, as well as negotiate on an alliance for the proposed Eagle’s Nest mine.
Webequie chief Cornelius Wabasse said: “As leaders and critical decision-makers, we have a social responsibility with our members and that is to find ways to sustain our community through long-term relationship agreements that will bring and foster livelihood.
“Our community encourages ongoing working relationships with Ontario and federal government, including First Nations, to work with us and support our community initiatives.”
RoFM’s Eagle’s Nest project is expected to have an initial mine life of 11 years with the potential for extension for nine years.
Located in the Ring of Fire region, the mine is said to be one of the world’s largest undeveloped, high-grade nickel-copper-platinum-palladium deposits.
RoFM acting CEO Stephen Flewelling said: “We have worked well with Webequie for many years, but this MoU signifies a formal transition to a new phase of collaboration on the future of the Ring of Fire.
“Canada has a once-in-a-generation opportunity to develop the critical minerals the world needs to decarbonise, and it’s vital that Indigenous communities play a central role in how these projects are developed on their traditional territories.”