Saga Metals (TSXV:SAGA) is a mineral exploration company focused on acquiring and exploring mineral assets in Canada. The company explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. Saga Metals has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
The Legacy lithium project in James Bay, Quebec, is the subject of a C$44 million joint venture option agreement with Rio Tinto Exploration Canada (NYSE:RIO), signed in June 2024. Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy over a period of four years. This joint venture allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador.
Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option period. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Company Highlights
Saga Metals is an exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions in North America consisting of uranium, lithium, titanium-vanadium and iron ore projects.Saga Metals’ flagship asset is the Double Mer Uranium Property with an 18km trend verified with high-resolution magnetic survey, uranium count radiometrics, consistent counts-per-second (cps) readings and rock sample assay results of up to 4,280ppm U3O8. With numerous targets validated in the 2024 summer exploration program the company is planning for its maiden drill program this winter.The Legacy Lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region.
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