Saga Metals Corp. (SAGA), a North American exploration company, has announced an asset purchase agreement (APA) with two arm’s length private vendors. The acquisition involves 606 mining claims covering 31,347.76 hectares in the Eeyou Istchee James Bay region of Québec, known as the Amirault Property.

Saga Metals Increases Land Holdings

The Amirault Lithium Property adjoins Saga’s Legacy Lithium project, expanding its contiguous land holdings to 1,274 claims spanning 65,849.20 hectares. This acquisition enhances Saga’s position on the prospective paragneiss, suitable for pegmatites following the discovery trend of major companies.

Saga has identified over 100 pegmatites with a combined 7km strike of lithium, cesium, and tantalum (LCT) bearing pegmatites at the Legacy Lithium Project. With over 90% of the project still unexplored, Saga continues to validate its potential.

Major Companies Validate Legacy Lithium Project

Recent validation by major companies includes:

– Winsome Resources’ Adina Lithium project, estimated at 78Mt at 1.15% Li2O.
– Loyal Lithium’s Trieste project reported intercepts with 32.8m of 1.2% Li2O.
– Azimut Exploration and Soquem’s Galinee project drilled 3,203m in their second phase, with results of 2.68% Li2O over 54.6m.
– Midland Exploration and Rio Tinto confirmed high-grade lithium up to 7.2% Li20 at their Galinee project.

Acquisition Terms

The APA indicates a $200,000 cash payment and issuance of 4,000,000 common shares in the company. The payment is in $10,000 monthly instalments, concluding after Saga’s initial public offering closure. The Consideration Shares have a statutory hold period of four months and one day.

Saga Metals will also grant a 2.0% gross overriding royalty on the Amirault Property. The acquisition is subject to customary conditions and approvals.

About Saga Metals Corp.

Saga Metals Corp. is focused on critical mineral exploration supporting the global green energy transition. Their flagship asset is the Double Mer Uranium project in Labrador, Canada. The Legacy Lithium Project in Quebec and a Titanium and Vanadium project in Labrador are other primary assets.

For further details, contact Saga Metals Corp. at +1 (778) 930-1321 or info@sagametals.com.

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