Serpent River First Nation has received federal funding for a feasibility study that will determine the viability of a freshwater, closed containment aquaculture project for the community.
FedNor has approved $40,363 for the study, which will outline the economic potential of the project, as well as the technical requirements needed for the business. The funding comes from the government's Northern Ontario Development Program.
“Establishing sound projects and investing in our community's economic vision is vital to sustainable growth in Northern Ontario,” Serpent River Chief Isadore Day said in a news release. “We welcome and acknowledge the importance of this investment from FedNor and look forward to the positive benefits this initiative will help deliver for the Serpent River First Nation.”
The First Nation, located on the North Shore of Lake Huron between Sudbury and Sault Ste. Marie, signed a memorandum of understanding with Vancouver-based AgriMarine Holdings Inc. last March to undertake the feasibility study, which proposes the rearing of trout on the First Nation.
AgriMarine has developed and commercialized proprietary floating closed containment technology for growing salmon in Asia and North America, and the technology can also be used for the rearing of other finfish, such as trout, tuna and yellow croaker. The Serpent River project, if successful, would be the first if its kind in Ontario.
.jpeg;w=120;h=80;mode=crop)
