VANCOUVER, British Columbia, Dec. 11, 2024 (GLOBE NEWSWIRE) -- SAGA Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral discovery in North America, is pleased to announce the completion of a targeted geophysics program over the Hawkeye Zone at the Radar Titanium-Vanadium (Ti-V) project.
Key Geophysics Highlights
- Expanded Zone Width: Geophysical surveys suggest the Hawkeye Zone’s potential width has increased from 500 meters to 1 kilometer.
- Significant Strike Length: Surface sampling and geophysical results infer a 4-kilometer mineralized strike length.
- High-Grade Mineralization: The Hawkeye Zone includes high-grade mineralization, with samples returning 2.5% – 11.1% TiO₂ and 0.2% – 0.66% V₂O₅.
- Mineralized System Defined: Advanced geophysics clearly outlines the phases of a layered mafic intrusion, creating drill-ready targets.
The geophysics results validate the exploration potential of the Radar Ti-V Project, located 10 kilometers south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.
Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
High-Resolution Strategic Magnetic and Electromagnetic (EM) Survey Pinpoints Priority Drill Targets at Radar’s Hawkeye Zone
SAGA Metals has successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.
The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.
Spanning nearly 1 kilometer in width with a near-vertical orientation the Hawkeye zone is the most prospective target on the property with geophysics now defining the phases of a layered mafic intrusion sampled in the 2023-2024 field programs. The results of this survey provide exceptional clarity, combining high-definition imagery with sample assays and field observations to identify distinct geological phases within the Hawkeye Zone. The eastern portion of the zone is characterized by alternating silica-rich (magnetite-depleted) bands and high-grade magnetite layers, with titanium and vanadium grades ranging from 5 to 11% TiO₂ and 0.3 to 0.66% V₂O₅. Moving westward, the system transitions into gabbro norite rocks containing disseminated magnetite. These rocks exhibit consistent but lower grades, averaging 3 to 5% TiO₂ and 0.1 to 0.2% V₂O₅.
Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
Hawkeye Zone Yields Strong Titanium and Vanadium Anomalies in Soil and Rock Samples:
On October 22, 2024, the Company released assay results from its 2024 summer field program (see the full release here).
Rock samples collected from the Hawkeye Zone consistently returned values between 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5, confirming the presence of high-grade titanium and vanadium. These results, combined with the geophysics, underscore the potential of the Hawkeye Zone and moves it into drill-ready status.
Ti% in soil samples combined with TiO2% taken in rock samples over the main exposure of the Hawkeye Zone
V ppm in soil samples combined with V2O5% taken in rock samples over the main exposure of the Hawkeye Zone
Michael Garagan, CGO & Director of SAGA Metals Corp. commented: “The radar project is coming together, revealing itself as a textbook example of a Ti-V enriched layered mafic intrusion. The Hawkeye Zone at the Radar Project is now drill ready! Our confidence in the zone comes from our field mapping, sample cover, assay consistency and the amazing detail in the geophysics. They all support each other in geological data and observations. SAGA has spent 2 years compiling this data and building confidence in the Radar Project. The next step is to drill!”
Market Marker Engagement:
Additionally, SAGA announces that, subject to regulatory approval, it has engaged the services of Independent Trading Group ("ITG") to provide market-making services in accordance with TSX Venture Exchange TSXV, CSE, Cboe Canada policies. ITG will trade shares of the Company on the CSE/ Cboe Canada/ TSXV and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.
Under the agreement, ITG will receive compensation of CAD$6,000 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days' notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.
About Independent Trading Group
Independent Trading Group (ITG) Inc. is a Toronto based CIRO dealer-member that specializes in market making, liquidity provision, agency execution, ultra-low latency connectivity, and bespoke algorithmic trading solutions. Established in 1992, with a focus on market structure, execution and trading, ITG has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
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 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 Project 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 Titanium-Vanadium Project and future exploration programs and services and payment to be provided under the Market Maker engagement. 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 accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/0e15d6bd-0a57-4aea-9b91-d55a5fb558ec
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a487a0e-28c1-45c2-8f63-ee993d874821
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