10:48 AM EDT, 10/15/2024 (MT Newswires) -- Saga Metals (SAGA.V) on Tuesday completed the acquisition of 606 mining claims in the Eeyou Istchee James Bay region of Quebec, referred to as the Amirault Lithium Property. The company paid $200,000 cash and issued 4 million shares as consideration. Pursuant to a royalty agreement, the company granted the vendors a 2.0% gross overriding royalty (1.0% for each vendor).

Amirault is contiguous to Saga's Legacy Lithium Project, and expands Saga's land holdings to 1,274 claims across 658 square kilometers. This acquisition significantly enhances the company's position in a high-potential lithium-bearing region, with prospective pegmatite formations along the same discovery trend as Winsome Resources, Azimut Exploration ( AZMTF ) , Rio Tinto, and Loyal Lithium.

The Legacy Lithium project is subject to the option to joint venture agreement signed with Rio Tinto Exploration Canada on June 27, 2024.

Saga was last seen unchanged at $0.40, on the TSX Venture Exchange.