Noront Resources signs MOU with Aroland First Nation to advance planning of Ring of Fire
The Ring of Fire is a mineral rich zone in the James Bay area
A memorandum of understanding (MOU) was announced on Thursday between Noront Resources and Aroland First Nation to "advance the planning process for the development of ... the Ring of Fire," according to written release from the company.
The Ring of Fire is a mineral-rich area in the James Bay lowlands, about 575 kilometres northeast of Thunder Bay, Ont.
The MOU will not only formalize the relationship between the company and the community, but will create and establish an ongoing working and communication protocol to develop mutually beneficial economic opportunities, the company said.
Aroland First Nation will also receive 150,000 shares issued by the company, subject to TSX approval.
"Noront is actively reaching out to the traditional land holders in the area and engaging them in early dialogue on how the projects and associated infrastructure will be developed, " Noront president and CEO, ALan Coutts stated.
Aroland First Nation, located approximately 60 km north of Geraldton and 20 km west of Nakina on Highway 643, is the traditional landholder to the region where the proposed north-south all season road will connect with established railroads.
"Aroland First Nation is advancing responsible mineral development in collaboration with other area First Nations in what we call the 'Mining Hub' that is growing quickly between the Geraldton-Beardmore Greenstone belt and the Ring of Fire," Aroland First Nation Chief Dorothy Towedo said.
"Our First Nation is encouraged by Noront's inclusive approach to advancing mutually beneficial opportunities with First Nations."
Noront Resources has also previously signed an Exploration and Project Advancement Agreement with Marten Falls First Nation, who is also a shareholder of the company.