Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the final in-province preparations for the Company’s maiden drill programs at the Double Mer Uranium and Radar Ti-V projects in Labrador, Canada.
Final Preparations at Double Mer Uranium Project in Labrador, Canada:
On January 19, SAGA’s exploration team including Michael Garagan, CGO & Director of SAGA, landed in Labrador. After retrieving equipment from SAGA’s storage facility, the team was able to complete orientations and briefed Air Tunilik, Newfoundland Helicopters and other supportive members on the project plans and objectives.
On January 22, the first winter flight into the Double Mer camp was completed to confirm thickness of the lake ice to ensure Air Tunilik can land its twin otter float plane retrofitted with skis. After confirming the average thickness is 22′, well above the required 19′, the team cleared and organized the camp, preparing for the arrival of equipment and supplies.
The approved landing then allowed SAGA’s crew and Air Tunilik to complete the first Twin Otter flight into the Double Mer camp, offloading supplies and grooming the lake via snowmobile and groomer for future supply runs.
In the early part of the week ahead, SAGA will fly in the remaining camp materials including lumber, piping, generators, stoves, and other required gear. Geominex has been engaged to complete the remainder of the camp refurbishment in preparations for the maiden uranium drill program.
Final Preparations at Radar Titanium-Vanadium Project in Labrador, Canada:
In Cartwright, experienced local heavy equipment operators cleared and prepared the drillers lay down near the targeted Hawkeye zone. As fuel arrived in Goose Bay, a portion was offloaded and stored for transport into the Double Mer camp and the rest was shipped into Cartwright and stored in the Company’s permitted fuel cache.
Heading into Friday, January 24 and over the weekend, SAGA’s team commenced clearing and preparing the drill pads, conducting trail maintenance and reconnaissance over the Hawkeye zone as well as setting up the core shack.
In addition, Gladiator Drilling is due to arrive in Cartwright and will begin the maiden drill program at the Radar Ti-V project.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: ‘As the final touches are added to the Double Mer camp and Radar’s drill site, it’s clear the only thing more exciting than the maiden drill programs is the team’s sprit. We are fortunate to have an exceptional team and supportive service providers with SAGA this winter. The journey of hard work has led us to this moment—our maiden drill programs! We are all looking forward to getting our hands on the core and seeing the potential of what lies beneath the surface.’
Figure 1: Simeon Alexander and Air Tunilik make first landing on the lake at Double Mer Camp in Labrador
Key Maiden Drill Program Highlights:
Maiden Drill Program: Drilling will commence in Q1 2025 on both projects in Labrador with the Radar Ti-V program starting this week. Both projects are set to drill a minimum 1,500m in their respective zones.
Double Mer Uranium Drilling Location: This drill program will systematically grid and evaluate the anomalies of the Luivik zone, providing comprehensive data on its uranium potential.
Double Mer’s Luivik Zone Potential: The westernmost area of the 18km radiometric trend showcases potential for secondary fluid enrichment that can be conducive to uranium mineralization with 300m width and potentially a 1km strike containing samples up to 0.3692% U3O8 .
Double Mer’s petrographic and petrologic analysis: Indications from the recent study suggest pegmatites in the Luivik zone are genetically related to the pegmatites through the entire 18km trend.
Radar Ti-V Drilling Location: The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets .
Radar’s Hawkeye Zone Potential: Assays have returned consistent values between 2.5 – 11.1% TiO2 and 0.2 – 0.66% V2O5 , confirming the presence of high-grade titanium and vanadium across a potential 1km wide and 4km long trend.
Mineralized System Defined: Advanced geophysics and magnetic inversion interpretation clearly outlines the phases of a layered mafic intrusion and mineralization potential over 600m at depth , creating drill-ready targets.
Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals’ flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador. Leveraging significant historical exploration, SAGA’s exploration team validated key data and built upon the Company’s understanding of the project’s uranium potential. More recently, SAGA confirmed the presence of uraninite and the genetic leakage between pegmatites along the 18km trend . The Double Mer project boasts surface samples showing uranium oxide (U3O8) concentrations as high as 0.428% U 3 O 8 and scintillometer readings up to 27,000 cps .
Figure 2: Map of the Double Mer Uranium Project highlight the 18km trend verified through surface sample and uranium count radiometrics
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar’s Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 – 11.1% TiO2 and 0.2 – 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 3: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company’s flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium and Radar Ti-V Projects disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/af4fff7c-fbd2-428d-8626-93864446dd75
https://www.globenewswire.com/NewsRoom/AttachmentNg/df705bd2-130f-4f0c-baaa-f859e4a86a80
https://www.globenewswire.com/NewsRoom/AttachmentNg/d97a4016-039f-4abc-bd82-8b09bba05234
News Provided by GlobeNewswire via QuoteMedia