MQM Signs Exploration and Pre-Development Agreement with Naskapi Nation of Kawawachikamach ON the LAC Otelnuk Iron ORE Project, Labrador Trough, Quebec, Canada
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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MQM SIGNS EXPLORATION AND PRE-DEVELOPMENT AGREEMENT
WITH NASKAPI NATION OF KAWAWACHIKAMACH ON THE
LAC OTELNUK IRON ORE PROJECT, LABRADOR TROUGH,
QUEBEC, CANADA
12th December 2023, Rockport, Ontario – MetalQuest Mining (“MQM”) is pleased to announce
that it has signed an Exploration and Pre-Development Agreement with the Naskapi Nation of
Kawawachikamach ( the “Naskapi Nation”) to continue to promote a mutually respectful
relationship with First Nations concerning MQM’s exploration programs on its claims within the
Lac Otelnuk Iron Ore Project (the “Project”). The Naskapi Nation holds inherent Aboriginal rights
and treaty rights to and over certain territory within the Company’s Project and Naskapi exercises
those rights and asserts certain rights and claims in respect of surface and subsurface rights.
• The objective of the agreement is to promote a cooperative and mutually respectful
relationship concerning MQM’s exploration and development programs on its flagship
Lac Otelnuk Iron Ore Project.
• The agreement is supported by the Naskapi Nation as represented by its Chief and
Council and by MQM as represented by its directors, management, and consultants.
• The Lac Otelnuk Iron Ore Project is a historic multi-billion-tonne resource with a
Feasibility study completed in 2015. The Project is located in Nunavik, approximately
170km north of the town of Schefferville and 250km south of Kuujjuaq, Québec, Canada.
• MQM owns 306 claims in the block, including the concentration of 75 claims in the
middle that will cover the main resource.
Harry Barr, Chairman & CEO stated, “MetalQuest Mining is very pleased to sign this
Exploration and Pre-Development Agreement and to be an active Participant with the Naskapi
Nation. MQM acknowledges that the Lac Otelnuk Iron Ore Project is subject to Aboriginal and
treaty rights which are protected under Section 35 of the Constitution Act, Canada. By signing
this agreement, the Company believes that there is a structured method to work constructively
with the Naskapi Nation in regards to the exploration and development of any of the company’s
claims that are located on traditional territories.”
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Naskapi Chief Theresa Chemaganish added, “ We have recently adopted our Naskapi Mining
Policy to clarify the Nation’s vision, values and expectations and to provide clarity and certainty
to the mining industry . This agreement is fully aligned with our policy and will establish a
respectful and mutually beneficial relationship where the Naskapi Nation, without consenting to
any future mine, will collaborate with MQM to develop a project that aligns with the Naskapi
Nation’s values, its vision of protection and development and its economic interests. This
agreement is also reflective of the new relationship that must be established between First Nations,
the Inuit and the mining industry.”
The agreement establishes a foundation for collaborative and respectful communications between
the Parties to facilitate MQM’s consultation with Naskapi to ensure that any exploration and pre-
development activities within Nuchimiyuschiiy, the Naskapi traditional territory, are conducted
for the mutual benefit of Naskapi and MQM, while recognizing the importance of the environment
and Naskapi traditional territory and the associated indigenous and treaty rights of the Naskapi
Nation and its members.
Figure 1. Location map of Lac Otelnuk, Labrador Trough, Quebec
MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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Future Negotiation of Further Agreements
In the event of the Project moving into advanced development , this Exploration and Pre -
Development agreement outlines the process for the parties to negotiate further agreements. Such
negotiations would take into account the scope, duration, and estimated economics of advanced
explorations and/or a potential mine.
About MetalQuest Mining
MetalQuest Mining (MQM) owns a 100% of Otelnuk and is further looking to develop one of the
largest Iron ore projects in North America. The Lac Otelnuk Iron Ore Project is located in Quebec’s
Labrador Trough and is approximately 165 km by air northwest of the Town of Schefferville, and
1200 km northeast of Montreal by air. Given the size and scope of the Lac Otelnuk Project,
management of MQM are working with a Toronto -based engineering company familiar with the
project to create a go-forward development plan. The Quebec government has recently transferred
the claims into MQM’s name and management is accumulating a vast amount of technical data as
approximately $150 million has been expended on the project to date. Going forward, one of our
primary objectives will be to work with Wasayao Strategy Group, a Quebec-based First Nations
consulting firm, that will work with MQM to secure Memorandums of Understanding (MOU) with
local First Nations and other stakeholders. Management is continuing to develop its in-house Iron
ore database to enable the Company to secure an Option/Joint Venture partner from the Iron ore
industry. The Company is diversified with a ~2 8.2% stake in Murray Brook PEA Stage Zinc -
Polymetallic Deposit, situated in the famous Bathurst Mining District, New Brunswick, Eastern
Canada and has entered into Binding Letter of Intent dated September 11th, 2023 to sell this interest
to Canadian Copper Inc (CCI) subject to cash payments, issuance of a Royalty, issuance of units
in CCI and a pre-production cash payment of $1 million.
Investors are invited to visit the MetalQuest Mining website at www.metalquestmining.com
where they can review the company and its corporate activities. Any questions or comments can
be directed to Harry Barr at [email protected] or Farid Mammadov at
[email protected] or call 613 659 2773.
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MetalQuest Mining TSX-V: MQM OTCQB:MQMIF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.metalquestmining.com
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“Harry Barr”
Harry G. Barr
Chairman and CEO
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