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First Mining signs development agreement for Springpole Gold project
Springpole, about 140 km north of Sioux Lookout, Ont., is described as one of Ontario’s largest undeveloped gold projects, with an inferred resource of 4.8 million ounces of gold and 28 million ounces of silver.
Cat Lake First Nation, Lac Seul First Nation, and First Mining Gold (TSX: FF) have signed an agreement for the development of the Springpole Gold project in northwestern Ontario, Mining.com reports. The company says its shares rose in early trading after the deal.
According to Mining.com, the agreement covers all phases of the project, including construction, operations, and closure, with provisions intended to respect land, air, water, and culture. First Mining also said the agreement includes benefits for both Nations, such as opportunities tied to environmental management and monitoring.
Mining.com adds that the Springpole property, located roughly 140 km north of Sioux Lookout, Ont., is described as one of the largest undeveloped gold projects in the province. The company cited an inferred mineral resource of 4.8 million ounces of gold and 28 million ounces of silver.
The outlet reports that the agreement, negotiated through an Anishinaabe-led impact assessment process, includes preferential training and employability measures aimed at delivering economic upside to the communities. First Mining CEO Dan Wilton and the chiefs of both Nations said the milestone reflects collaborative work and respect for Traditional Territories.
Latest closeGold $4,666.20 ▲0.6%|Silver $68.61 ▼0.0%