SAGA Metals to Acquire Amirault Lithium Property in Québec AcquisiƟon turns Saga Metals into the largest conƟguous landowner in Eastern James Bay focused on Hard Rock Lithium ExploraƟon
SAGA Metals to Acquire
Amirault Lithium Property in Québec
AcquisiƟon turns Saga Metals into the largest conƟguous landowner in Eastern
James Bay focused on Hard Rock Lithium ExploraƟon
VANCOUVER, B.C. – Tuesday, July 2, 2024, Saga Metals Corp. (the “Company” or “Saga”), a North
American exploraƟon company focused on cri Ɵcal mineral discovery in Canada, is pleased to announce
that it has entered into an asset purchase agreement (the “APA”) with two arm’s length private vendors
(the “Vendors”), pursuant to which the Company will acquire a 100% interest in 606 mining claims covering
an area of 31,347.76 hectares in the Eeyou Istchee James Bay region of Québec (the “Amirault Property”).
The Amirault Lithium Property is con Ɵguous to Saga’s Legacy Lithium project expanding the total
conƟguous land holdings to 1,274 claims spanning 65,849.20 hectares (658 square kilometers). The
acquisiƟon increases the Company’s foothold on the striking paragneiss, all of which can be considered
prospecƟve for pegmaƟtes following the discovery trend of Winsome Resources, Azimut ExploraƟon, Rio
Tinto, and Loyal Lithium (See Figure 1).
To-date, Saga has confirmed over 100+ iden Ɵfied pegma Ɵtes with a combined 7km strike of lithium,
cesium & tantalum (LCT) bearing pegma Ɵtes at the Legacy Lithium Project with over 90% of the project
sƟll to be explored.
The Legacy Lithium Project has con Ɵnued validaƟon by major companies announcing results from their
winter drill programs including:
o Winsome Resources’ Adina Lithium project announced an increase to its resource now
esƟmated to be 78Mt at 1.15% Li2O. Read More.
o Loyal Lithium’s Trieste project con Ɵnues to take shape with thick high -grade intercepts
with 32.8m of 1.2% Li2O including 8.3m at 2.4% Li2O at Dyke # 04. Read More.
o Azimut ExploraƟon and Soquem drilled an addi Ɵonal 3,203m at their Galinee project in
their second phase of the campaign. Results include 2.68% Li2O over 54.6m and 3.48%
Li2O over 35.85m. Read More.
o Midland ExploraƟon in partnership with Rio Tinto confirms high-grade lithium up to 7.2%
Li20 and i denƟfies addiƟonal spodumene-bearing pegmaƟtes on Galinee project. Read
More.
Figure 1: A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
“This is an exci Ɵng acquisiƟon for Saga Metals Corp. Increasing our claim package over the prospec Ɵve
paragneiss in this up-and-coming eastern district of James Bay’s La Grande sub-province gives the
Company lots of op Ɵons in the future”, stated Michael Garagan, Chief Geological Office of Saga Metals
Corp. “With early indicaƟons from lake sediments over the area we look forward to uncovering what this
property holds.”
AcquisiƟon Terms
Pursuant to the APA, the Company agreed to acquire 100% in the Amirault Property from the Vendors in
consideraƟon for payment of $200,000 (the “Cash Payment”) and issuance of 4,000,000 common shares
in the capital of the Company (the “ConsideraƟon Shares”).
The Cash Payment is payable in $10,000 monthly instalments un Ɵl no later than five days following the
closing of the Company’s ini Ɵal public offering and all documents pursuant to the APA having been
delivered, or such other date as the parƟes may agree (the “Closing Date”), at which point the balance of
the Cash Payment is payable on the Closing Date, which will be equal to $200,000 less the total aggregate
monthly instalments.
The Consideration Shares are subject to contractual restrictions on resale (the “Lock-Up Restrictions”),
as well as a statutory hold period of four months and one day from the later of (i) the date of issuance,
and (ii) the date that Saga becomes a reporting issuer in any province or territory of Canada. In
accordance with the Lock-Up Restrictions, the Vendors may not sell, pledge, encumber, assign or
otherwise dispose of or transfer the Consideration Shares until they are released in accordance with the
release schedule, pursuant to which 10% of the Consideration Shares will be released on the Closing
Date and 15% of the Consideration Shares will be released every six months thereafter for a total period
of 36 months.
“This is another great milestone completed as we continue to build towards our IPO”, stated Mike Stier,
CEO & Director of Saga Metals Corp. “We are working through the regulatory process and anticipate
filing our final prospectus in the coming days.”
In accordance with the APA, the Company will grant the Vendors a 2.0% (1.0% per Vendor) gross
overriding royalty on the Amirault Property. The closing of the acquisition is subject to customary
conditions and approvals. No finder’s fees or commissions were paid in connection with the acquisition.
To learn more about Saga’s projects visit the projects page here and corporate video here or see below.
To access Saga’s corporate presentaƟon select here.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploraƟon and discovery of criƟcal
minerals to support the global green energy transi Ɵon. Saga’s flagship asset is the Double Mer Uranium
project spanning 25,600 hectares and located between the towns of Goose Bay and Rigolet in eastern
Labrador, Canada. The Uranium radiometrics highlight an 18km east-west linear trend averaging ~500m in
width with 14km confirmed to contain highlight samples up to 4,281ppm U 3O8 and 21,000cps on a
spectrometer. The Company’s other primary asset is the Legacy Lithium Project, located in the Eeyou
Istchee James Bay region of Quebec, Canada. The Company owns 65,849 hectares of land in the eastern
region of the La Grande sub-province aiming to discover hard rock lithium minerals. The property is located
along strike from notable successes in the eastern region and with over 100+ pegma Ɵtes, Saga has
confirmed four zones of LCT-bearing pegmaƟtes over a combined 7km strike. The Company’s secondary
asset is a Titanium and Vanadium project covering 17,250 hectares located 10km south of Cartwright in
Labrador. Here the Company has discovered a 3.5km by 500m zone of enrichment containing over 6%
Titanium and up to 3,670ppm Vanadium.
For further informaƟon, please contact:
Saga Metals Corp.
Investor RelaƟons
Tel: +1 (778) 930-1321
Email: [email protected]
www.sagametals.com
Qualified Persons
Michael Cullen, P . Geo., and Rochelle Collins, P . Geo., of Mercator Geological Services Limited are each a
“qualified person” as defined under Na Ɵonal Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) and have reviewed and approved the scienƟfic and technical content of this news
release regarding the Double Mer Uranium Property.
Kamil Khobzi, P . Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI
43-101 and has reviewed and approved the scienƟfic and technical content of this news release regarding
the Legacy Lithium Property.
Disclaimer Regarding Forward-Looking Statements
This news release contains forward- looking statements within the meaning of applicable securi Ɵes laws
that are not historical facts. Forward-looking statements are oŌen idenƟfied by terms such as “will”, “may”,
“should”, “anƟcipates”, “expects”, “believes”, and similar expressions or the nega Ɵve 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 uncertainƟes. In parƟcular, this news release
contains forward- looking informa Ɵon pertaining to the acquisi Ɵon of the Amirault Property and the
Company’s plans regarding such property. There can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially from those an Ɵcipated in such
statements. Important factors that could cause actual results to differ materially from the Company’s
expectaƟons include, but are not limited to, changes in the state of equity and debt markets, fluctuaƟons
in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental
risks, limitaƟons on insurance coverage, failure to sa Ɵsfy closing condiƟons in respect of the Company’s
iniƟal public offering , failure to list the Company’s common shares for trading on the TSX Venture
Exchange, risks and uncertainƟes involved in the mineral exploraƟon and development industry, and the
risks detailed in the Company’s preliminary prospectus dated April 26, 2024 and in the con Ɵnuous
disclosure filings made by the Company with securi Ɵes regula Ɵons from Ɵme to Ɵme. The reader is
cauƟoned that assumpƟons used in the preparaƟon of any forward-looking informaƟon 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, uncertainƟes, and other factors, many of which are beyond
the control of the Company. The reader is cauƟoned not to place undue reliance on any forward-looking
informaƟon. Such informa Ɵon, although considered reasonable by management at the Ɵme of
preparaƟon, may prove to be incorrect and actual results may differ materially from those an Ɵcipated.
Forward-looking statements contained in this news release are expressly qualified by this cau Ɵonary
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.
Neither TSX Venture Exchange nor its RegulaƟon Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.