VANCOUVER, British Columbia, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Saga Metals Corp. (the “Company” or “Saga”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to provide a corporate update on its three projects; the Double Mer Uranium Project, Legacy Lithium Project and Radar Titanium-Vanadium Project as it prepares for its initial public offering.
Saga 100% owns three projects in Quebec and Labrador, Canada: two of the top tier mining jurisdictions as highlighted by the Fraser Institute both in North America and around the globe. Critical minerals provide the building blocks for the modern world and are essential to national security and economic prosperity. Saga is focused on a diversified portfolio of metals to support the global green energy transition. Canada has a list of 31 minerals it considers to be “critical” and Saga currently focuses on 4 of them including uranium, lithium, titanium and vanadium.
Saga Metals projects in Quebec and Labrador
Double Mer Uranium Project, Labrador – A 14km uranium trend ready to be drilled.
Saga’s Double Mer Uranium Project includes 1,024 claims spanning 25,600 hectares located in the eastern central region of Labrador, Canada approximately 90km northeast of Happy Valley, Goose Bay. With millions of dollars in historical work spent on Double Mer, the Company has confirmed a 14km trend of highly prospective uranium oxide (U3O8) including anomalous rock samples with results up to 4,280ppm of U3O8 and upwards of 20,000cps (counts per second) from the scintillometer. The uranium count radiometrics highlight an 18km east-west linear trend averaging approximately 500 meters in width. The property sits within the northeastern part of the Grenville Geological Province and contains similar Labradorian geology to the parts of Central Mineral Belt located just north of the property boundary and host to other notable uranium projects including Atha Energy and Paladin Energy.
Double Mer Uranium Project Location in Labrador, Canada
The Double Mer project saw significant exploration from 1970 to 2008 with millions of dollars spent on the ground at the property. A ten-person winterized camp with a helicopter pad and float plane loading dock was established on a small lake in the center of the property in 2008. Historical work on the property includes the following Uranium results:
- 79 of 182 historic rock samples returned with over 500ppm U3O8. 43 over 1,000ppm U3O8, and 14 over 2,000ppm U3O8 with the highest sample taken from a pegmatite with a U3O8 value of 4,281ppm. (U308 is Triuranium Octoxide, a compound of uranium that is one of the more popular forms of yellowcake.)
- 93 of the 182 historic samples taken returned a CPS reading over 5,000 cps. 39 of those samples returned with a CPS reading over 9,900 cps. (CPS represents the measurement of ionizing radiation. Most CPS readers max out at 10,000 CPS.)
Radiometric survey highlighting Uranium trend, supported by rock samples in the above image confirming 14+km strike
The property, now secured by Saga, was drill ready in 2008. The Company will be looking to start a short field season at the Double Mer project this Spring concentrating on historical results verification as well as in-fill rock samples to vector in on the highest priority zones for drilling. With the level of historical data at hand, Saga intends to move forward with a significant maiden drill program as soon as the initial field program assays return.
“For me, this project brings my career back to where it started 15 years ago, looking for uranium in the Grenville Province,” stated Michael Garagan, Chief Geological Officer of Saga Metals. He continued, “We ran extensive desktop due diligence and identified a very clear setting for uranium prospectivity. This was quickly validated by the millions of dollars of historical project advancements made, saving not only shareholder capital but the time required to get to this stage of exploration. It’s very rare to be drill ready in such a short period of time after acquiring a project directly from the provincial government. This speaks to the efficient ministry in this top mining jurisdiction and to the diligence of the Saga Metals team.”
Learn more about the Double Mer Uranium Project: Select Here
Legacy Lithium Project, Quebec – The Legacy property hosts 100km of striking paragneiss, all of which can be considered prospective for pegmatites following the discovery trend of Winsome Resources, Azimut Exploration, Rio Tinto/Midland, and Loyal Lithium
Saga’s inaugural project is the Legacy Lithium Project, located in the Eeyou Istchee James Bay region of Quebec, Canada. Dedicated to expanding North America’s newest hard rock lithium district, the Company owns 34,243 hectares of land in the eastern region of the La Grande sub-province. The Legacy Lithium Project is located along strike from notable lithium discoveries in the area including Winsome Resources, Rio Tinto, Loyal Lithium and Azimut Exploration. To-date, Saga has confirmed a combined 7km strike of lithium, cesium & tantalum (LCT) bearing pegmatites at the Legacy Lithium Project with over 80% of the project still to be explored.
The Legacy Lithium Project has continued validation by major companies announcing results from their winter drill programs including:
- Winsome Resources Adina Lithium project announced its maiden resource of 59Mt at 1.12% Li2O. Read More.
- Loyal Lithium commenced a drill program on the 6 pegmatite dykes, south of the Trieste Greenstone Belt, situated in a metasediment host. 3 of these dykes have returned strong average lithium grades including 4.82% and 5.44% Li2O with Dyke #01 highlighting a continuous intercept of 87.5m of 1.3% Li2O. Read More.
- Azimut Exploration and Soquem commenced a 5,000m drill program at their Galinee project this winter. Results to date include 2.48% Li2O over 72.7m and 3.38% Li2O over 18m. Read More.
- Midland Exploration in Partnership with Rio Tinto confirms High-Grade Lithium up to 7.2% Li20 and Identifies Additional Spodumene-Bearing Pegmatites on Galinee Project. Read More.
A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
Ahead of the 2024 summer field season, Saga plans to employ Drone-MAG, LiDAR, Ground Penetrating Radar, Hyperspectral Imaging and Integrated GIS and High-Resolution Satellite Imagery Analysis. After identifying the priority targets, the field team will strip and wash the surface of the pegmatites, exposing the bedrock for further examination. This will allow the team to collect samples in a grid like fashion for analysis and interpretation to define priority drilling targets setting the foundation of a maiden drill program.
Learn more about the Legacy Lithium Project: Select Here.
Radar Project, Labrador – A titanium and vanadium layered mafic intrusive ore body with road access boasting 6.63% Titanium and nearly 4,000ppm vanadium.
The Company’s Radar Titanium-Vanadium Project encompasses 17,250 hectares and is located with road access due south of Cartwright in Labrador, Canada. After only two weeks on the property last summer, Saga discovered a 3.5km by 500m zone of enrichment containing over 6% titanium and up to 3,670ppm vanadium known as the Hawkeye zone. This zone has not yet been explored in detail, boasting the potential for zone extensions all within access of a maintained road. This discovery compares to the Mont Sorcier and BlackRock iron, titanium and vanadium projects located in neighboring Quebec’s Grenville Geological Province and owned by Cerrado Gold and Strategic Resources respectively.
The Hawkeye zone and the additional property acquisition boundaries of the Radar Project
The 2024 field program will also focus on infill sampling to define and expand the current Hawkeye zone. Much like Double Mer, Saga believes the Radar Project can commence its maiden drill program after a short early field season to prioritize drill targets. Additional mapping and sampling will be conducted in the prospective zones highlighted in the geophysics map seen below.
Hawkeye Zone and the Corresponding Geophysics
Learn more about the Radar Titanium and Vanadium Project: Select Here.
Saga Metals IPO – Initial Public Offering to commence in late Q1 / early Q2 2024
The Company has been working diligently since inception to build towards an initial public offering. The fiscal year end audit is complete, and all ancillary procedures are currently underway including in-depth discussions with top independent brokerage firms in Canada.
“Saga holds tremendous potential and value for its current and future shareholders,” said Mike Stier, CEO & Director of Saga Metals. He continued, “I commend the team’s ability to source these projects of merit at a reasonable cost of acquisition while maintaining a strong and tight share capitalization. With three projects gearing up for drills this fall, we see tremendous upside for the future of Saga Metals Corp. We anticipate filing a robust prospectus here in Q1 with the goal of completing an IPO in Q2 2024.”
To access the company’s corporate presentation select here.
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 green energy transition. Saga’s listing asset is the Double Mer Uranium project spanning 25,600 hectares and located between the towns of Goose Bay and Rigolet in eastern Labrador, Canada. The Uranium radiometrics highlight an 18km east-west linear trend averaging ~500m in width with 14km confirmed to contain highlight samples up to 4,281ppm U3O8 and 21,000cps on a spectrometer. The Company’s second asset is the Legacy Lithium Project, located in the Eeyou Istchee James Bay region of Quebec, Canada. The Company owns 34,243 hectares of land in the eastern region of the La Grande sub-province aiming to discover hard rock lithium minerals. The property is located along strike from notable successes in the eastern region and with over 100+ pegmatites, Saga has confirmed four zones of LCT-bearing pegmatites over a combined 7km strike. The Company’s third asset is a Titanium and Vanadium project covering 17,250 hectares located 10km south of Cartwright in Labrador. Here the Company has discovered a 3.5km by 500m zone of enrichment containing over 6% Titanium and up to 3,670ppm Vanadium.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
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