Wyloo Metals making early progress on-site at Ring of Fire asset

Following the capture of the much sought after Canadian nickel developer Noront Resources last year, Andrew Forrest’s Wyloo Metals has been completing early groundworks this year at the Eagle’s Nest deposit in Ontario’s so-called Ring of Fire.

The private mining company owned by Australian billionaire Forrest eventually succeeded in a bidding war with BHP for the coveted high-grade nickel-copper-PGM asset in Canada, before laying out a clear plan to develop the project.

Wyloo plans to build a net zero mine that would process the nickel in-province and create a ‘future metals hub’ while awarding US$77.5 million worth of contracts to First Nations-owned businesses and establishing a training and employment centre for Northern and Indigenous communities.

More importantly, Forrest pledged to quickly address the infrastructural requirements of the project after years of inaction. “17 years ago, people told me Fortescue’s deposits would never be mined because there was no infrastructure to access our projects. We proved those critics totally wrong and we want to do the same in the Ring of Fire,” Forrest said last year.

In early June, Wyloo reopened the Esker exploration camp in Ontario’s James Bay Lowlands for the first time in three years, before commencing a 3,000 metres drilling programme at Blue Jay — the first of 76 targets it intends to drill in the Ring of Fire.

“Exploration-wise, the Ring of Fire must be one of the most exciting packages of ultramafic rocks in a mining friendly jurisdiction,” said Wyloo CEO Luca Giacovazzi during the recent PDAC Convention in Toronto.