Eagle’s Nest is one of the world’s large-scale undeveloped, high-grade nickel-copper-platinum-palladium deposits located in the Ring of Fire region, northern Ontario, with an initial mine life of 11 years
Ring of Fire Metals signs memorandum of understanding with Webequie First Nation. (Credit: Ring of Fire Metals)
Ring of Fire Metals (RoFM), previously known as Noront Resources, has signed a memorandum of understanding (MOU) with Webequie First Nation to collaborate on the proposed Eagle’s Nest operation in Northern Ontario.
Earlier this year, Australia-based mining company Wyloo Metals acquired Noront Resources and its mining assets in the Ring of Fire region, an emerging metals camp in Ontario.
Wyloo has renamed Noront as Ring of Fire Metals (RoFM), after the restart of activity in the Ring of Fire region that covers Northern Ontario.
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.
“This MOU demonstrates our commitment to work together with Webequie to develop projects based on shared values, sustainable opportunities for economic and community development and collaborative decision-making.
“It reflects our approach to developing critical mineral projects that deliver mutual, long-term benefits for Webequie community members with a deep respect for their culture and land.”
Under the terms of the MOU, the two parties will work together on the ongoing exploration activity and negotiate a partnership agreement for the proposed Eagle’s Nest mine.
Eagle’s Nest is one of the world’s large-scale undeveloped, high-grade nickel-copper-platinum-palladium deposits, located in the Ring of Fire region, northern Ontario.
Based on the existing exploration work, Eagle’s Nest will have an initial mine life of 11 years with the potential for a nine-year extension.
It currently hosts more than 11 million tonnes of proven and probable resources and an additional nine million tonnes of inferred resources.
The inferred resources include high-grade nickel mineralisation with significant copper, palladium, and platinum content, said the company.
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.
“We are exercising our sovereignty and the right to pursue economic sustenance in a manner that respects the land and brings opportunity for our young people.
“Our community encourages ongoing working relationships with Ontario and Federal Government, including First Nations, to work with us and support our community initiatives.”