VANCOUVER, British Columbia, Aug. 06, 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 announce that Saga’s exploration team has completed a two-week field program at the Radar Titanium-Vanadium (Ti-V) project just south of the town of Cartwright on the coast of Labrador. This program was designed to bring the exploration team together in Labrador to advance the understanding of the Radar Ti-V project through the necessary claim’s maintenance spend required on an annual basis. Meanwhile also coordinating and organizing the logistics, including the helicopter, fuel cache and fuel supply needed for mobilization to the Double Mer Uranium project in a week’s time.
The Company’s Radar Ti-V Project encompasses 17,250 hectares and is located with road access due south of Cartwright in Labrador, Canada. The project currently boasts a 3.5km by 500m zone of mineral enrichment from which the Company has collected grab samples containing over 6% titanium and up to 3,670ppm vanadium known as the Hawkeye zone1.
Hawkeye Zone and Corresponding Geophysics prior to the 2024 Field Program
The 2024 field program on the Radar Ti-V project concentrated on surface geochemistry over the geophysical anomalies which were uncovered this past winter through historical geophysics done by local prospector, Cameron Martin. Magnetic and conductive targets were combined with regional geophysical data to create analytical anomalies revealing two pronounced NW striking trends. The first of these zones; The Hawkeye zone was previously sampled and tested in July of 2023 yielding the Radar projects first promising glimpse of prospective Ti-V targets.
The second target unknown to the team in 2023 has been named the Trapper zone in honour of the Cartwright locals who, in the spring of this year, cut over 16 km of cutlines and access trails over these anomalies. These anomalies, in the snow-covered months, were so strongly magnetized that the Company’s field crew’s compasses were unable to function. Guided by analytical geophysics, the team was able to target more effectively on the property. Despite the geophysics being incomplete it was proven to correlate very accurately with what was observed on the ground. Both the Hawkeye zone and the Trapper zone run NW, parallel with each other. Additionally, the zones reflect regional evidence of NW dextral movement. It is still unknown what the link is between these zones; however, it is likely that these zones have a shared genetic lineage. Future work will look to verify the geochemical link between these zones in both locality and geochemical genesis.
Hawkeye and Trapper Zone with Corresponding Geophysics post 2024 Field Program
The Hawkeye zone yielded several surface outcrops including an impressive 4-meter outcrop containing 16 individual magnetite layers of varying size from centimeter scale to 0.3 meters width within a Gabbro-Norite/ Leuco-Gabbronorite host. Several outcrops in the Hawkeye zone were discovered for the first time with massive magnetite layers and richly disseminated magnetite groundmass within the host Gabbronorite units.
Outcrop within the Hawkeye Zone
The two-week field program yielded 211 rock samples with 557 soil samples across the property. Soil grids were laid over top both the northern half of the Hawkeye zone and the entirety of the Trapper Zone. Rock samples were taken from the two identified zones as well as additional targeted areas throughout the property to the north and northeast.
From the 211 rock samples taken, the team was able to sample all of the property’s targets (both the strong and weak magnetic anomalies), successfully discovering magnetite bearing samples over all of the anomalies with some of the samples reaching as high as 80% visually estimated magnetite in the Hawkeye zone. Future exploration at the Radar Ti-V project will likely include follow up prospecting, mapping, backpack drilling and channel saw sampling on identified outcrops uncovered during the 2024 field program in order to begin calculating surface width of the magnetite zones.
Saga’s Exploration Team Completing the Radar Program and Mobilizing to the Double Mer Uranium Project
With the completion of the Radar field program, rock and soil samples will be delivered to Activation Laboratories while the field team makes the final preparations to mobilize to the Double Mer Uranium project.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Saga’s Double Mer Uranium Project is a core focus of the Company, including 1,024 claims spanning 25,600 hectares located in the eastern central region of Labrador, Canada approximately 90 km northeast of Happy Valley, Goose Bay. With considerable capital deployed in historical work on the Double Mer property, the Company has evaluated reports identifying a 14 km trend of highly prospective uranium oxide (U3O8) including anomalous rock samples with results up to 4,280 ppm of U3O8 and upwards of 21,000 cps (counts per second) from the scintillometer.
With a 30–45-day program planned, a portion of the exploration team’s focus will be on filling in the radiometric signature with higher density samples and counts per second (cps) readings along the linear trend. Other members of the team, including Saga’s Senior Geologist Len Gal, will be focused on mapping and understanding the properties structural complexity to prepare for the maiden drill program this fall and winter.
“We put together an exceptional, young, and enthusiastic field team this year with half the team from Cartwright itself. I’m looking forward to what we’ll be able to accomplish this summer,” stated Michael Garagan, Chief Geological Officer and Director of Saga. “We are very fortunate here in Cartwright with infrastructure that leads right into our highest mineralized zone at the Radar Ti-V project as well as a very supportive and welcoming community. The claims maintenance expenditure is necessary to maintain ownership; however, our dollar goes much further having road access and therefore able to garner a higher degree of information at a lower cost. I’m looking forward to mobilizing to the Double Mer Uranium project and to finalize the remaining preparations for our maiden drill program.”
Per news released on July 17, 2024, Saga has filed and obtained a receipt for its final long form prospectus dated July 11, 2024 (the “Prospectus”), in respect of its initial public offering (“IPO”) from the securities regulatory authorities in British Columbia, Alberta and Ontario. See full details of the news release here.
The Offering is being made on a best-efforts basis led by Research Capital Corporation, as sole agent and bookrunner. Interested parties who wish to participate in the Offering should ask their investment advisor to contact the Agent below for more information about the Offering and selling group participation at:
| Jovan Stupar email: jstupar@researchcapital.com; phone: 604-662-1808 Savio Chiu email: schiu@researchcapital.com; phone: 778-373-4088 | ||
In connection with the Offering, SAGA has received conditional approval from the TSX Venture Exchange (the “TSXV”) for listing of the Company’s common shares subject, to the fulfillment of the TSXV’s final listing requirements. Once final approval is received, the Common Shares will commence trading under the symbol “SAGA”.
The Company anticipates closing of the Offering to occur in the month of August, subject to satisfaction of certain closing conditions, including, but not limited to satisfaction of the approval conditions of the TSXV for the listing of the common shares, among other things.
A Media Snippet accompanying this announcement is available by clicking on this link
To learn more about the Company’s projects visit the projects page here and corporate video here.
To access the company’s corporate presentation, select here.
1. Source: These results were obtained in the summer of 2023 by Saga’s exploration team. To view a summary of the results please visit the Company’s corporate presentation.
About Saga Metals Corp.
SAGA Metals Corp. is a North American mining company specializing in the exploration and discovery of critical minerals to advance the global green energy transition. The company's flagship asset is the Double Mer Uranium project, covering 25,600 hectares on the east coast of Labrador, Canada. Uranium radiometrics reveal an 18 km east-west linear trend averaging approximately 500 meters in width, with a confirmed 14 km section containing samples up to 4,281 ppm U3O8 and readings of 21,000 cps on a spectrometer.
SAGA Metals' primary additional asset is the Legacy Lithium Property located in Quebec's Eeyou Istchee James Bay region. This property is part of a partnership with Rio Tinto and includes the acquisition of the Amirault Lithium project. Together, these projects cover 65,849.20 hectares and share geological continuity with Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province.
The company also holds two secondary assets focused on titanium, vanadium, and iron ore discovery in Newfoundland and Labrador, Canada.
For further information, please contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
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 Radar Ti-V and Double Mer Uranium Projects disclosed in this news release.
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 the prospective nature of the Radar Ti-V project and proposed exploration of the Double Mer Uranium Project. 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 Prospectus filed under its 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 and infographics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dea62a93-33b7-4a8d-b9b5-d1099075c80f
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