Saga Metals Corp. (the “Company” or “Saga”), a
North American exploration company focused on critical mineral
discovery in Canada, is pleased to announce that Rio Tinto
Exploration Canada (“
RTEC”) has commenced its
initial exploration program on the Legacy Lithium project. Saga and
RTEC executed an option to joint venture agreement on June 28, 2024
(the “
Option Agreement”) on the Legacy Lithium
Project in the renowned James Bay Lithium District.
RTEC is a Canadian subsidiary of the Rio Tinto
Group (LSE: RIO,
ASX: RIO, NYSE:
RIO).
The Legacy Lithium Project is located in
Quebec's Eeyou Istchee James Bay region (See “Lithium Neighborhood”
Map below).
Figure 1: A map of the “Lithium Neighborhood” at
the Legacy Lithium Project in Quebec
The Legacy Lithium project is a
lithium-cesium-tantalum (LCT) pegmatite exploration project
consisting of an aggregate of 663 claims covering an area of
34,243.76 hectares. These claims (highlighted in red in Figure 1)
are subject to the Rio Tinto Option to Joint Venture Agreement.
Learn more about the Rio Tinto partnership by selecting here: SAGA
Metals and Rio Tinto Sign Option to Joint Venture Agreement for
Lithium Asset in Eastern James Bay, Quebec.
As previously noted, RTEC will act as project
operator under the Option Agreement during the First Option period
and the Second Option period. Saga and RTEC have formed a technical
committee to review and prepare exploration programs such as the
one outlined herein.
The inaugural program operated by RTEC has
commenced, with plans to have boots on the ground for 2 weeks. This
first phase will focus on scouting pegmatites using the helicopter
as well as sighting landing pads for reconnaissance mapping and
prospecting. This phase will also draw the first observations of
outcrop abundance and regional to property scale geology; special
focus is to be paid to shear zones that are known to host
pegmatites in the area.
Airborne magnetics and radiometrics surveying
are scheduled to commence on August 11th. Results from this survey
as well as early geochemical data will be reviewed prior to the
next phase of fieldwork.
RTEC will head back into the field focusing on
Area 1 (Figure 2) with a planned start date of September 9. This is
an area that has not yet had significant work and is in proximity
to known spodumene-pegmatite showings. Exploration activities will
focus within the magnetic low domains that coincide with the
metasedimentary belt that is contiguous with the Trieste Greenstone
Belt.
Figure 2: Saga ground over Quebec Govt Magnetics
and Lithology. On the right, in blue, are metasedimentary rocks
that are contiguous with the Trieste Greenstone Belt.
There will be special attention towards previous
workings from Saga that took place on the property during last
summer’s field programs (Figure 2 Area 2). Initial results from
last year indicated that the sampled pegmatites have LCT
signatures, with the most highly fractionated samples located at
the edge of the mapped areas.
Per news released on July 17, 2024, Saga has
filed and obtained a receipt for its final long form prospectus
dated July 11, 2024, in respect of its initial public offering
(“IPO”) from the securities regulatory authorities in British
Columbia, Alberta and Ontario. See full details of the news release
here.
The Offering is being made on a best-efforts
basis led by Research Capital Corporation, as sole agent and
bookrunner. Interested parties who wish to participate in the
Offering should ask their investment advisor to contact the Agent
below for more information about the Offering and selling group
participation at:
|
Jovan Stuparemail: jstupar@researchcapital.com; phone:
604-662-1808Savio Chiuemail: schiu@researchcapital.com; phone:
778-373-4088 |
|
|
|
|
In connection with the Offering, SAGA has
received conditional approval from the TSX Venture Exchange (the
“TSXV”) for listing of the Company’s common shares subject, to the
fulfillment of the TSXV’s final listing requirements. Once final
approval is received, the Common Shares will commence trading under
the symbol “SAGA”.
The Company anticipates closing of the Offering
to occur on or about August 19, 2024, subject to satisfaction of
certain closing conditions, including, but not limited to
satisfaction of the approval conditions of the TSXV for the listing
of the common shares, among other things.
To learn more about the Company’s projects
select here.
About Saga
Metals Corp.
Saga Metals Corp. is a North American minerals
exploration company focused on the exploration and discovery of
Critical Minerals to support the global green energy transition.
The Company has an interest in four properties located in the
Fraser Institute’s top mining jurisdictions of Quebec and Labrador,
Canada focused on the exploration and discovery of Uranium,
Lithium, Titanium, Vanadium, and Iron ore. For more information
visit www.sagametals.com.
For further information, please contact: Saga Metals
Corp.Investor RelationsTel: +1 (778) 930-1321Email:
info@sagametals.comwww.sagametals.com
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the accuracy or adequacy of this
release. Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Disclaimer
The map in Figure 1 and related narrative
regarding proximal projects is provided for contextual and
illustrative purposes only, and should not be construed a
representation as to the similarities between the Legacy Lithium
Project and the neighboring projects shown and discussed herein,
each of which are at a more advanced stage of development.
Development at such proximal projects may not be replicated
similarly, or at all, at the Legacy Lithium Project.
This news release contains forward-looking
statements within the meaning of applicable securities laws that
are not historical facts. Forward-looking statements are often
identified by terms such as “will”, “may”, “should”, “anticipates”,
“expects”, “believes”, and similar expressions or the negative of
these words or other comparable terminology. All statements other
than statements of historical fact, included in this release are
forward-looking statements that involve risks and uncertainties. In
particular, this news release contains forward-looking information
pertaining to the proposed exploration of the Legacy Lithium
Project. There can be no assurance that such statements will prove
to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company’s expectations include, but are not limited to, changes
in the state of equity and debt markets, fluctuations in commodity
prices, delays in obtaining required regulatory or governmental
approvals, environmental risks, limitations on insurance coverage,
risks and uncertainties involved in the mineral exploration and
development industry, and the risks detailed in the Company’s
Preliminary Prospectus filed under its profile at www.sedarplus.ca
and in the continuous disclosure filings made by the Company with
securities regulations from time to time. The reader is cautioned
that assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward- looking statements
only as expressly required by applicable law.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/0f0255b4-c1ea-41e2-80b2-df0878c19a8c
https://www.globenewswire.com/NewsRoom/AttachmentNg/b19ee9b0-57c5-45f7-912c-46412b290d14
Rio Tinto (NYSE:RIO)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Rio Tinto (NYSE:RIO)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024