Saga Acquires Drill-Ready Quebec Titanium Project from Rio Tinto

Saga Metals (TSXV:SAGA,OTCQB:SAGMF) has acquired a titanium exploration project in Quebec from a unit of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), gaining a drill-ready target in one of North America’s few established ilmenite districts.

The Garneau project, located near Havre-Saint-Pierre, sits within the same geological complex as Rio Tinto’s Lac Tio mine, a long-running operation that anchors Canada’s titanium supply.

The acquisition gives Saga full ownership of 120 claims covering more than 6,400 hectares, with prior work already identifying a large geophysical anomaly but stopping short of drilling.

Rio Tinto’s exploration work in Garneau advanced the property to the point of a defined target, but the company did not proceed to subsurface testing. Airborne surveys outlined a coherent magnetic feature roughly 4.5 by 7.5 kilometers in size, located along a corridor known to host iron-titanium mineralization.

In this part of Quebec, such magnetic signatures are associated with hemo-ilmenite deposits, including Lac Tio, rather than indicating a lack of mineralization.

Fieldwork also recovered a large ilmenite-rich boulder alongside elevated iron and vanadium content. While the source of the boulder has not been identified, Rio Tinto’s internal work recommended drilling to determine whether it reflects a larger body at depth.

“The acquisition of the Garneau Project from Rio Tinto marks a significant strategic advancement for SAGA Metals,” said Chief Geologist and Director Michael Garagan in the company’s press release.

Unlike many early-stage projects, Garneau benefits from existing infrastructure. It lies about 120 kilometers from the deep-water port of Havre-Saint-Pierre and within reach of rail networks linked to current mining operations.

A Hydro-Québec access road runs within 4.5 kilometres of the property, with the nearby Romaine hydroelectric complex providing grid power capacity.

The deal involves no upfront cash, with Rio Tinto transferring the asset in exchange for being released from exploration spending commitments tied to Saga’s Legacy lithium project.

The agreement also ends the prior option arrangement between the two companies.

The deal comes as Rio Tinto steps back from smaller or earlier-stage assets.

The group has recently exited its diamond business following the closure of its Diavik mine and is concentrating capital on bulk commodities and energy transition materials including iron ore, copper, aluminum, and lithium.

Rio Tinto’s exit continues its ongoing portfolio overhaul after its diamond unit, anchored by Diavik and Argyle, posted a US$79 million loss in 2025.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Saga Metals is a client of the Investing News Network. This article is not paid-for content.