Saga Metals and Rio Tinto to explore for lithium in Canada
North American exploration company Saga Metals has announced the execution of an option to joint venture agreement with Rio Tinto Exploration Canada (RTEC) for its Legacy lithium project, in James Bay, Quebec.
The Rio Tinto subsidiary will have an option to acquire an initial 51% interest in the Legacy project over four years, for about C$10.5-million in cash and exploration commitments.
RTEC will have an option to increase its interest in the project to 75% by spending a further C34.18-million on exploration over five years.
The Legacy project contains 663 claims, spanning 34 243 ha, hosting 100 km of striking paragneiss.
“This marks a significant milestone in the company’s development and creates a non-dilutive pathway for the necessary capital to properly explore our Legacy lithium project over the coming years,” states Saga CEO and director Mike Stier. “We look forward to partnering with Rio Tinto and hope to have a long and fruitful relationship for many years to come.”
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