Treasury Metals signed a memorandum of understanding (MOU) with Eagle Lake First Nation related to the company’s Goliath Gold Project in northwestern Ontario.
A MOU is a basic framework deal that opens up the line of communication between the company and community. It also lays the groundwork for future negotiations on employment, training and business spinoff opportunities, and potential partial ownership by the First Nation.
Goliath Gold is an advanced stage open-pit and underground gold mine and mill project, located 20 kilometres east of Dryden.
The deposit current contains 1,229,800 ounces of measured and indicated gold. An updated resource estimate will be released sometime this year as the project moves to the feasibility study stage.
The company expects a federal environmental assessment to be completed this year and for provincial permits to be issued.
The mine project resides in the traditional territory of Eagle Lake, a community of 238, southwest of Dryden.
"A key goal of the Goliath Gold Project is to reflect the knowledge and input of all stakeholders and Indigenous communities in the development of the Goliath Gold Project and Eagle Lake First Nation's regional experiences,” said company CEO Greg Ferron in a statement, “and local traditional knowledge will help with the development of a socially and environmentally responsible project."
Eagle Lake Chief Arnold Gardner called the MOU a “positive step moving forward toward building trust with the community of Eagle Lake First Nation, which is an important step in the process."