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VANCOUVER, British Columbia, Oct. 15, 2024 (GLOBE NEWSWIRE) — SAGA Metals Corp. (the “Firm” or “SAGA”), a North American exploration firm targeted on important mineral discovery in Canada, is happy to announce that, additional to its information launch dated July 2, 2024, it has accomplished the acquisition (the “Acquisition”) of a 100% curiosity in 606 mining claims protecting an space of 31,347.76 hectares within the Eeyou Istchee James Bay area of Québec, known as the Amirault Lithium Property (the “Amirault Property”).
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The Amirault Lithium Property & Legacy Lithium Venture: The Largest Contiguous Land Holdings in Japanese James Bay, Quebec
The Amirault Lithium Property is contiguous to SAGA’s Legacy Lithium Venture, increasing SAGA’s land holdings to 1,274 claims throughout 65,849 hectares (658 sq. kilometers). This acquisition considerably enhances the Firm’s place in a high-potential lithium-bearing area, with potential pegmatite formations alongside the identical discovery pattern as Winsome Assets, Azimut Exploration, Rio Tinto, and Loyal Lithium (See Determine 1).
Rising Lithium Alternative
This acquisition strengthens SAGA’s foothold within the japanese district of James Bay, considered one of Canada’s most promising lithium exploration areas, the place main corporations are validating the realm’s potential with ongoing discoveries and exploration successes together with:
- Winsome Assets’ Adina Lithium undertaking introduced its preliminary financial evaluation with an indicated useful resource of 60.5Mt at 1.14% Li2O and inferred useful resource of 15.9Mt at 1.17% Li2O. Learn Extra.
- Loyal Lithium’s Trieste undertaking continues to take form with the invention of a seventh spodumene pegmatite dyke rising its pattern to a 22km stretch of excessive lithium prospectivity. Learn Extra.
- Azimut Exploration and Soquem full systematic until sampling highlighting new potential zones with cumulative size of ~18km with boulders grading as much as 5.36% Li2O. Learn Extra.
- Midland Exploration in partnership with Rio Tinto introduced $5.8M drill program on the Iceberg Exhibiting which has already confirmed high-grade lithium as much as 7.2% Li2O and spodumene-bearing pegmatites on the Galinee undertaking. Learn Extra.
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Determine 1: A map of the “Lithium Neighborhood” on the Legacy Lithium Venture in Quebec
The Legacy Lithium undertaking as proven in Determine 1 is topic to the choice to three way partnership settlement signed with Rio Tinto Exploration Canada on June 27, 2024.
- The Rio Tinto Partnership: Beneath the Choice Settlement, Rio Tinto Exploration Canada (RTEC) has the choice to accumulate a 51% curiosity in SAGA’s Legacy Lithium Venture over 4 years if it meets the next circumstances:
- C$410,190 money fee to SAGA (obtained by SAGA in August 2024).
- C$9.57 million in exploration spending, with not less than C$1.71 million dedicated throughout the first 20 months.
- Annual money funds of C$68,365 (totaling C$273,460) and extra funds of C$225,000 for declare acquisitions owed by SAGA to the unique property distributors.
As soon as RTEC earns the preliminary 51% curiosity, it has the choice to extend its stake to 75% over 5 extra years by spending an extra C$34.18 million on exploration. RTEC will oversee the undertaking throughout each the primary and second possibility intervals, and a joint technical committee will plan the exploration applications.
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Exploration in Movement: Fieldwork performed by Rio Tinto Exploration Canada is ongoing, with a concentrate on pegmatite mapping and sampling in addition to geophysical surveys throughout the property. The choice settlement with Rio Tinto is a serious progress driver for SAGA.
Michael Garagan, CGO & Director of SAGA Metals, commented: “We’re excited to announce the official closing of the Amirault acquisition, increasing SAGA’s foothold within the japanese part of James Bay to the most important contiguous land package deal at over 65K hectares. Whereas RTEC operates boots on the bottom applications at Legacy, we look ahead to confirming the potential nature of the Amirault claims which run contiguous to Legacy and Loyal Lithium as seen on this launch.”
The Amirault Lithium Property Acquisition Phrases:
On Might 17, 2024, the Firm entered into an asset buy settlement (the “Asset Buy Settlement”) and a royalty settlement (the “Royalty Settlement”) with the 2 arm’s size personal distributors in respect of the Acquisition. Pursuant to the Asset Buy Settlement, the Firm paid $200,000 money ($100,000 to every vendor) and issued 4,000,000 widespread share (2,000,000 per vendor) (the “Consideration Shares”) as consideration for the Amirault Property. Pursuant to the Royalty Settlement, the Firm granted the distributors a 2.0% gross overriding royalty (1.0% for every vendor).
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The Consideration Shares are topic to contractual restrictions on resale (the “Lock-up Restrictions”), pursuant to which 10% of the Consideration Shares had been launched upon closing of the Acquisition and 15% of the Consideration Shares might be launched each six months thereafter for a complete interval of 36 months. No finder’s charges or commissions had been paid in reference to the Acquisition.
About
SAGA Metals
Corp.
SAGA Metals Corp. is a North American mining firm specializing within the exploration and discovery of important minerals to advance the worldwide inexperienced vitality transition. The Firm’s flagship asset is the Double Mer Uranium undertaking, protecting 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear pattern averaging roughly 500 meters in width, with a confirmed 14 km part containing samples as much as 4,281 ppm U3O8 and readings of 21,000 cps on a spectrometer.
SAGA’s main extra asset is the Legacy Lithium Property positioned in Québec’s Eeyou Istchee James Bay area. This property is a part of a partnership with Rio Tinto and consists of the Amirault Property. Collectively, these initiatives cowl 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Assets, Azimut Exploration, and Loyal Lithium within the La Grande sub-province.
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The Firm additionally holds two secondary belongings targeted on titanium, vanadium, and iron ore discovery in Newfoundland and Labrador, Canada.
For additional data, please contact:
SAGA Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Electronic mail: information@sagametals.com
www.sagametals.com
Certified Individuals
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “certified particular person” as outlined beneath NI 43-101 and has reviewed and authorised the scientific and technical content material of this information launch relating to the Legacy Lithium Property.
Disclaimer Concerning Ahead-Trying Statements
This information launch incorporates forward-looking statements throughout the that means of relevant securities legal guidelines that aren’t historic information. Ahead-looking statements are sometimes recognized by phrases reminiscent of “will”, “might”, “ought to”, “anticipates”, “expects”, “believes”, and related expressions or the detrimental of those phrases or different comparable terminology. All statements apart from statements of historic truth, included on this launch are forward-looking statements that contain dangers and uncertainties. Specifically, this information launch incorporates forward-looking data pertaining to the Amirault Property and the Firm’s plans and expectations in respect of the property. There might be no assurance that such statements will show to be correct and precise outcomes and future occasions may differ materially from these anticipated in such statements. Necessary elements that might trigger precise outcomes to vary materially from the Firm’s expectations embody, however will not be restricted to, adjustments within the state of fairness and debt markets, fluctuations in commodity costs, delays in acquiring required regulatory or governmental approvals, environmental dangers, limitations on insurance coverage protection, dangers and uncertainties concerned within the mineral exploration and improvement trade, and the dangers detailed within the Firm’s steady disclosure filings, which can be found beneath the Firm’s profile on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used within the preparation of any forward-looking data might show to be incorrect. Occasions or circumstances might trigger precise outcomes to vary materially from these predicted, because of quite a few recognized and unknown dangers, uncertainties, and different elements, a lot of that are past the management of the Firm. The reader is cautioned to not place undue reliance on any forward-looking data. Such data, though thought-about cheap by administration on the time of preparation, might show to be incorrect and precise outcomes might differ materially from these anticipated. Ahead-looking statements contained on this information launch are expressly certified by this cautionary assertion. The forward-looking statements contained on this information launch are made as of the date of this information launch and the Firm will replace or revise publicly any of the included forward-looking statements solely as expressly required by relevant regulation.
Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
A photograph accompanying this announcement is obtainable at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07d23c-b560-487a-a5d3-e564f5844e4f
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