SAGA Metals Corp. (“
TSXV: SAGA”)
(“
FSE: 20H”) (“
SAGA” or the
“
Company”), a North American exploration company
focused on discovering critical minerals, is pleased to announce
its plans for a maiden drill program at the Double Mer Uranium
project.
Key Highlights for the maiden drill
program at the Double Mer Uranium Project:
- Maiden
Drill Program: SAGA's first drilling initiative at Double
Mer will focus on the Luivik zone, the westernmost area of an 18 km
uranium trend identified through surface sampling and radiometric
surveys. This program will assess the zone’s uranium potential,
laying the groundwork for further exploration.
-
Potential Uranium-Rich Targets: Three primary
targets have been identified along the 18 km trend, with Luivik as
the first focus. This zone shows promising signs of uranium-bearing
pegmatites enriched with smoky quartz and iron carbonate,
suggesting secondary fluid enrichment that can be conducive to
uranium mineralization.
- Drilling
Planned for Winter 2025: Drilling is scheduled to begin in
early 2025, with an initial minimum of 1,500 meters of drilling
planned. The program will systematically grid and evaluate the
anomalies of the Luivik zone, providing comprehensive data on its
uranium potential.
The Double Mer Uranium Project
is SAGA Metals' flagship project, covering 1,024 claims across
25,600 hectares in eastern-central Labrador, approximately 90 km
northeast of Happy Valley-Goose Bay. Leveraging significant
historical exploration data, SAGA entered its 2024 field program
with a solid foundation, enabling a focused approach to expand
known uranium mineralization along an 18 km trend.
Throughout the 2024 field season, SAGA’s team
compiled and validated key data, which has strengthened confidence
in the project’s potential. This work has refined the understanding
of the target zones, specifically supporting the decision to
initiate drilling within the promising Luivik zone.
Regional map of the Double Mer Uranium Project in
Labrador, Canada
SAGA sees the Double Mer Uranium Project as a
promising addition to the significant uranium projects already
established in Labrador’s Central Mineral Belt
(CMB), including Paladin Energy’s Michelin and Atha
Energy’s CMB discovery. With encouraging surface samples and
geophysical data, SAGA believes Double Mer could offer comparable
large-tonnage potential.
To advance from discovery toward resource
definition, SAGA is launching a focused 1,500 to
2,500-meter drill program in the Luivik zone, aiming to
confirm uranium concentrations and take initial steps in
delineating the zone’s uranium resources. This strategic drilling
marks a critical step in positioning Double Mer as a significant
project in the Labrador uranium landscape.
“We are incredibly excited to be starting the
preparations for our maiden drill program, a key milestone for the
company. The Luivik zone target is incredibly compelling and is
born from our efforts over this past field season,” stated
Michael Garagan, CGO & Director of SAGA Metals
Corp. “We submitted our drilling permits early autumn in
anticipation and now, with the recent closing of the second tranche
from our IPO prospectus, SAGA can start to put plans in motion. The
Luivik zone looks to contain a late-stage fluid enrichment to the
already emplaced uraniferous pegmatites and conveniently is located
proximal to our camp making for a logistically practical initial
drill program in the winter months. This pragmatic approach gives
our team high confidence in the Luivik zone, while our strategy
will continue to develop additional tier one targets throughout the
Nanuk and Katjuk zones heading into the spring. Our goal at Double
Mer has always been to confirm the continuation of large tonnage
reserves already proven to exist in Labrador.”
The Double Mer Uranium property and its three
zones as defined by the 2024 field season.
The Luivik zone has been
prioritized for drilling due to its anomalous uranium (U3O8%)
geochemistry, along with clear signs of alteration and fluid
enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper
Gold) fluid characteristics, such as high concentrations of smoky
quartz and iron carbonate staining, which are indicators of late
fluid flow. This characteristic will be carefully monitored as it
can have the potential to enrich uraniferous units and mark the
highest-grade intercepts. Consistent CPS (counts per second)
readings further highlight the Luivik zone's significant uranium
potential, making it a top target for exploration.
The zone’s favorable mineralogy is complemented
by logistical advantages. Located just one kilometer from Double
Mer’s main camp, the Luivik zone offers easy access for drilling
teams, with snowmobile trails in place to support active drilling
operations, ensuring both practical and cost-effective program
execution.
The Luivik zone in the west of the Double Mer
Uranium Property. Mapped pegmatites with amphibolite mafic rocks
which sit in place with much of the mineralized trends.
The Luivik zone boasts a width of 300 meters
between samples with a cut-off of 150 ppm U3O8 and anomalous grades
over 1,100 ppm U308 to a high of 3,692 ppm U3O8 in a single sample.
The Uranium count radiometrics suggest that the anomalous
pegmatites which predominantly hosts the Luivik zone may extend
upwards of one km or greater.
Discovered later in the 2024 field season due to
well-covered outcrops, the Luivik zone required extensive manual
work to expose the bedrock beneath overburden. Unlike the Nanuk and
Katjuk zones, which run along ridge lines with exposed outcrop,
Luivik’s more concealed setting initially limited visibility.
However, scintillometer readings pinpointed highly anomalous areas
throughout the zone, confirming its strong exploration potential.
This discovery underscores Luivik as a promising target for SAGA’s
upcoming maiden drill program.
Luivik zone with detailed drone imagery inset of
channel sample cross section perpendicular over zone expressing
both rock and channel sample locations with CPS readings from R-125
Scintillometer
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 U3O8 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
RelationsTel: +1 (778) 930-1321Email:
info@sagametals.comwww.sagametals.com
Qualified Persons
Peter Webster, P. Geo., of Mercator Geological
Services Limited is a “qualified person” as defined under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”) and has reviewed and approved the
scientific and technical content of this news release regarding the
Double Mer Property.
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.
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 plans with respect to drilling at its mineral
exploration properties. 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, failure to satisfy closing
conditions in respect of the Offering, risks and uncertainties
involved in the mineral exploration and development industry, and
the risks detailed in the Prospectus and available under the
Company’s 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.
Figures accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/64070cd4-dce2-419a-9ace-6b07f02dd90f
https://www.globenewswire.com/NewsRoom/AttachmentNg/56ed0904-8931-4ea8-9d49-4785dc1978a3
https://www.globenewswire.com/NewsRoom/AttachmentNg/e5fbb1d2-5ac9-4ead-a896-2ff8d6c68348
https://www.globenewswire.com/NewsRoom/AttachmentNg/51c4e638-216b-480e-9e31-0bebf6d28705
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