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.
Under the agreement, RTEC will have the option to acquire an initial 51% interest in the Legacy project over four years for approximately C$10.5 million in cash and exploration commitments.
Additionally, RTEC can increase its stake to 75% by investing a further C$34.18 million in exploration over the subsequent five years.
The Legacy project encompasses 663 claims spanning 34,243 hectares, hosting 100 kilometers 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,” said 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.”
