Ring of Fire Metals (formerly Noront Resources) and Webequie First Nation have signed a Memorandum of Understanding (MOU) outlining a framework for collaboration on proposed development in Northern Ontario.
Wyloo Metals earlier in the year acquired Noront Resources and its mining assets in Ontario’s emerging metals camp known as the Ring of Fire, and chose Ring of Fire Metals as the new name for its Canada-based business as exploration activities begin in the area.
Its primary asset is the early-stage Eagle’s Nest project, which has been billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in Labrador.
The MOU details how the two parties will work together to progress ongoing exploration activity in the region as well as negotiations on a partnership agreement for the proposed Eagle’s Nest mine.
“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,” Webequie Chief Cornelius Wabasse, said in a media statement on Tuesday.
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