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).
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.
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.
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:
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.
About Saga Metals Corp.
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.
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