{"id":13617,"date":"2025-01-03T16:53:03","date_gmt":"2025-01-03T16:53:03","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/01\/03\/saga-metals-provides-corporate-update-and-2024-year-in-review\/"},"modified":"2025-01-03T16:53:03","modified_gmt":"2025-01-03T16:53:03","slug":"saga-metals-provides-corporate-update-and-2024-year-in-review","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/01\/03\/saga-metals-provides-corporate-update-and-2024-year-in-review\/","title":{"rendered":"SAGA Metals Provides Corporate Update and 2024 Year in Review"},"content":{"rendered":"<\/p>\n
\n

Saga Metals Corp. (\u2018SAGA\u2019 or the \u2018Company\u2019) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in North America, is pleased to provide a corporate update and review of key activities and achievements from 2024.<\/p>\n

Key Corporate Highlights from 2024 <\/strong><\/p>\n

Preparations made for maiden drill program at Double Mer Uranium Project: <\/strong> SAGA\u2019s exploration team pinpointed 3 key zones along an 18-kilometer uranium-rich trend. Within each zone the team identified high-potential uranium with U 3 O 8 mineralization occurring in pegmatites and structurally enriched formations. Counts per Second (CPS) readings reached all time highs of 22,000 CPS <\/strong> in an outcrop and 27,000 CPS <\/strong> in a sub-rounded boulder. The consistent U 3 O 8 grades confirmed in 2024\u2019s program found throughout pegmatite intrusions along the 18km trend are particularly encouraging for large tonnage resource potential <\/strong> . Drilling is scheduled to begin in early 2025, with an initial minimum of 1,500m program over the Luivik zone in the west. <\/strong>
\n Drill-ready targets at Radar Ti-V Project Confirmed: <\/strong> After completing only the second program at the titanium-vanadium (Ti-V) property, SAGA has been able to bring this project to drill-ready status. The Hawkeye zone has revealed itself as a textbook Ti-V enriched layered mafic intrusion and the project has the potential for multiple parallel structures. The Hawkeye Zone confirmed high-grade mineralization, with samples returning 2.5% \u2013 11.1% TiO\u2082 <\/strong> and 0.2% \u2013 0.66% V\u2082O\u2085. <\/strong> Geophysical surveys suggest the Hawkeye Zone\u2019s potential width has increased from 500 meters <\/strong> to 1 kilometer <\/strong> and combined with the surface sampling has an inferred 4km <\/strong> mineralized strike.
\n High-grade iron ore potential at North Wind: <\/strong> Iron content (Fe\u2082O\u2083) in samples from the Sokoman Formation ranges from 4.88% to 84.57% <\/strong> , with the highest grades concentrated in the middle and lower iron formation members, spanning an impressive 600\u2013700 meters <\/strong> in combined width and trends 4km NW-SE.
\n Exploration budget secured for Amirault Lithium Project: <\/strong> The Company recently completed a flow-through offering securing C$300,000 for an exploration program at the Amirault Lithium Project between Q2-Q3 2025 focused on mapping, sampling and prospecting across the 31,347.76 hectares. This project is contiguous to SAGA\u2019S Legacy Lithium Project that is subject to the Option to Joint Venture with Rio Tinto. <\/p>\n

SAGA\u2019s Project Overview: Four 100% owned Projects in Top Mining Jurisdictions <\/strong><\/p>\n

1. Double Mer Uranium Project \u2013 Labrador, Canada <\/strong><\/p>\n

The Double Mer Uranium Project is Saga Metals\u2019 flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, SAGA\u2019s exploration team validated and built upon the Company\u2019s understanding of the project\u2019s potential. 2024 work has refined the understanding of the targets within key zones, specifically supporting the decision to initiate a minimum 1500m drill program the Luivik zone in Q1 2025 <\/em> . <\/p>\n

SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador\u2019s Central Mineral Belt (CMB) <\/strong> , including Paladin Energy\u2019s Michelin and Atha Energy\u2019s CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage Uranium potential. <\/p>\n<\/p>\n

Regional map of the Double Mer Uranium Project in Labrador, Canada <\/em><\/p>\n

Diverse Mineralization Styles Offer Exploration Upside <\/strong><\/p>\n

The 2024 Double Mer field program identified three styles of uranium mineralization across the 18km trend on the property: <\/p>\n

Mineralized granitic pegmatites <\/strong> , rich in uranophane and containing petrographic evidence of uraninite associated with biotite rich zones.
\n Sheared pegmatites and gneissic rocks <\/strong> , showing high CPS readings and uranophane staining in biotite-rich areas.
\n IOCG-style mineralization <\/strong> , characterized by iron carbonate staining and sheeted smokey quartz veins parallel to foliation. <\/p>\n


<\/em><\/p>\n

Highly strained granitic pegmatite showing an East-West foliation and significant uranophane mineralization located in the Katjuk (Arrow) Zone. Photo showing biotite fabric in the pegmatite with localised stringers of garnet beads. <\/em><\/p>\n

Michael Garagan, CGO & Director of Saga Metals Corp., commented: <\/strong> \u2018What should be noted as the most significant concept of the 2024 field program results is that we have economic U <\/em> 3 <\/em> O <\/em> 8 <\/em> % in the channels from 0.015-0.062 U <\/em> 3 <\/em> O <\/em> 8 <\/em> % in pegmatites which strike 18km. We have higher grade rock samples mapped in the areas among these channel samples showing the opportunity for more anomalous intercepts. The field mapping combined with uranium count radiometrics demonstrates that these pegmatites can be up to 500m wide in places and often averaging 200-300 m in width. This is the recipe we need to identify significant tonnage and that\u2019s where a systematic method to drilling can pay off. What\u2019s exciting about the Double Mer project is that we don\u2019t need to overspend on a drilling strategy that focuses on chasing high grades. We just need to methodically test these zones across strike, step by step and with that will come the more exciting intercepts which can bolster composites and potentially the necessary data to support large tonnage.\u2019 <\/em><\/p>\n<\/p>\n

2024 channel and rock sample locations across the 18km strike at Double Mer <\/em><\/p>\n

2. Legacy Lithium Project \u2013 Quebec, Canada <\/strong><\/p>\n

The Legacy Lithium Project spans 34,243 hectares located in Quebec\u2019s renowned Eeyou Istchee James Bay region as is subject to the Option to Joint Venture Agreement with Rio Tinto\u2019s subsidiary, Rio Tinto Exploration Canada (RTEC). <\/p>\n<\/p>\n

A <\/em>\u00a0 map <\/em>\u00a0 of <\/em>\u00a0 the <\/em>\u00a0 \u2018Lithium <\/em>\u00a0 Neighborhood\u2019 <\/em>\u00a0 at <\/em>\u00a0 the <\/em>\u00a0 Legacy <\/em>\u00a0 Lithium <\/em>\u00a0 Project <\/em>\u00a0 in <\/em>\u00a0 Quebec <\/em><\/p>\n

Rio Tinto Partnership: <\/em> Under the Option Agreement, Rio Tinto Exploration Canada (RTEC) <\/strong> has the option to acquire a 51% interest <\/strong> in SAGA\u2019s Legacy Lithium Project <\/strong> over four years if it meets the following conditions:<\/p>\n

C$410,190 <\/strong> cash payment to SAGA (received by SAGA in August 2024).
\n C$9.57 million <\/strong> in exploration spending, with at least C$1.71 million <\/strong> committed within the first 20 months.
\n Annual cash payments of C$68,365 <\/strong> (totaling C$273,460 <\/strong> ) and additional payments of C$225,000 <\/strong> for claim acquisitions owed by SAGA to the original property vendors. <\/p>\n

Once RTEC earns the initial 51% interest, it has the option to increase its stake to 75% <\/strong> over five more years by spending an additional C$34.18 million <\/strong> on exploration. RTEC will oversee the project during both the first and second option periods, and a joint technical committee will plan the exploration programs. <\/p>\n

The Legacy Lithium project covers 100km of striking paragneiss situated in a region known for lithium discoveries, including Winsome Resources Adina Project, Loyal Lithium\u2019s Trieste Project, and Rio Tinto\u2019s Galinee Project as shown in the map above. <\/p>\n

Rio Tinto recently became one of the largest producers of lithium in the world with the approved takeover of Arcadium Lithium. On December 23, 2024, Arcadium Lithium announced its shareholders had approved the proposed Rio Tinto Transaction of an all cash deal for $5.85 per share. The Transaction represents a premium of 90% to Arcadium\u2019s closing price of $3.08 per share on 4 October 2024, a premium of 39% to Arcadium\u2019s volume-weighted average price (VWAP) since Arcadium was created on 4 January 2024, and values Arcadium\u2019s diluted share capital at approximately $6.7 billion. <\/p>\n

In Q1 2025, SAGA anticipates providing an update on RTEC\u2019s exploration activities in 2024 and an outline of their plans for further exploration in 2025. <\/p>\n

Amirault Lithium Project \u2013 Quebec, Canada <\/strong><\/p>\n

In Q2 2024, the Company announced an asset purchase agreement to acquire a 100% interest in 606 mining claims covering an area of 31,347.76 hectares in the Eeyou Istchee James Bay region of Qu\u00e9bec known as the Amirault Lithium Project. <\/p>\n

The Project is contiguous to SAGA\u2019s Legacy Lithium project expanding the total contiguous land holdings to 1,274 claims spanning 65,849.20 hectares (658 square kilometers). The acquisition increases the Company\u2019s foothold on the striking paragneiss, all of which can be considered prospective for pegmatites following the discovery trend of Winsome Resources, Azimut Exploration, Rio Tinto, and Loyal Lithium (See map of the \u2018Lithium Neighborhood\u2019 above). <\/p>\n

The Company recently completed a flow-through offering securing C$300,000 for an exploration program at the Amirault Lithium Project between Q2-Q3 2025 focused on mapping, sampling and prospecting across the 31,347.76 hectares. <\/p>\n

3. Radar Ti-V Project \u2013 Labrador, Canada <\/strong><\/p>\n

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. <\/p>\n<\/p>\n

Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador <\/em><\/p>\n

The 2024 Radar Ti-V exploration program focused on expanding prospecting, geological mapping, and soil sampling in areas near previously identified geophysical anomalies. These efforts have produced encouraging results that reinforce Radar\u2019s potential for hosting significant titanium and vanadium mineralization. <\/p>\n

Key Total Database Assay Highlights Include: <\/strong><\/p>\n

Titanium Dioxide (TiO2): <\/strong> 49 samples returned assay values exceeding 4.0%, with a peak value of 11.1%.
\n Vanadium Pentoxide (V2O5): <\/strong> 36 samples exceeded 0.2%, with a high of 0.66%.
\n Iron (Fe): <\/strong> 34 samples returned values over 20%, reaching a high of 46.7%. <\/p>\n

2024 fieldwork focused on identifying new zones across the property and confirmed the potential for three parallel zones hosting significant electromagnetic anomalies, now named: <\/p>\n

Hawkeye Zone <\/strong>
\n Trapper Zone <\/strong>
\n Unnamed Transitional Zone <\/strong> (between Hawkeye and Trapper) <\/p>\n

The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system. <\/p>\n<\/p>\n

Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike <\/em><\/p>\n

4. North Wind Iron Ore Project \u2013 Labrador, Canada <\/strong><\/p>\n

The North Wind Iron Ore property located 16 kilometers southwest of Schefferville, Quebec, within the prolific Labrador Trough, represents a secondary but high-potential asset within Saga Metals\u2019 portfolio. The Labrador Trough, an extensive 1,100-kilometer suite of Proterozoic rocks, is renowned for hosting world-class iron ore deposits and is a major hub for iron ore exploration. <\/p>\n<\/p>\n

Regional map of the North Wind Iron Ore Project in Labrador, Canada <\/em><\/p>\n

The North Wind property spans 6,375 hectares across 255 claim blocks under a single license. Its geological framework holds significant potential, reinforced by a portion of a historical resource estimate (NI 43-101 compliant) completed in 2013 by New Millennium Iron. <\/p>\n

Historical exploration at North Wind includes data from eight drill holes, which averaged 20.74% Total Fe (iron) <\/strong> content over 590 meters drilled. Notably, the Lower Red Green Chert (LRGC), a key stratigraphic unit within the property, returned an average grade of 24.76% Fe <\/strong> across 277 meters drilled and was intercepted in all eight holes. This LRGC unit forms part of the Sokoman Formation\u2019s \u2018Lower Iron Formation,\u2019 a high-priority target confirmed by both New Millennium Iron and SAGA\u2019s exploration team. <\/p>\n

As part of routine claims maintenance, SAGA conducted a comprehensive field program at the North Wind Iron Ore property in the summer of 2024. A total of 24 rock samples were collected, accompanied by key geological observations. The Sokoman Formation formed the core focus of exploration. This formation is subdivided into three stratigraphic members based on the following assay iron content (Fe\u2082O\u2083): <\/p>\n

Upper Iron Member: <\/strong> 4.88%\u201333.43% Fe\u2082O\u2083
\n Middle Iron Member: <\/strong> 47.44%\u201360.43% Fe\u2082O\u2083
\n Lower Iron Member: <\/strong> 13.31%\u201375.06% Fe\u2082O\u2083 <\/p>\n

The 2024 field program confirmed a 4km NW-SE mineralization trend <\/strong> with combined surface thickness of the mineralized zones ranging from 600\u2013700 meters <\/strong> , underlining the project\u2019s scale and high-grade potential. <\/p>\n

Mike Stier, CEO & Director of Saga Metals Corp., commented: <\/strong> \u2018As 2024 saw the completion of ground truthing across multiple projects, 2025 will be concentrated on drilling! We are proud of the hard work accomplished this past year and look forward to taking this data into 2025 and accelerating our understanding of our portfolio of projects. Completing our IPO was pivotal for the Company and sets the stage for increased funding sources as we aim to garner drill results during Q1\/Q2 2025.\u2019 <\/em><\/p>\n

Digital Marketing Services Agreement with Machai Capital Inc. <\/strong><\/p>\n

The Company further reports that it entered into a digital marketing services agreement dated January 2, 2025 (the \u2018 Marketing Agreement <\/strong> \u2018) with Machai Capital Inc. (\u2018 Machai <\/strong> \u2018). Pursuant to the Marketing Agreement, Machai will, among other things, provide the Company with certain marketing services to expand investor awareness of the Company\u2019s business and to communicate with the investment community (the \u2018 Services <\/strong> \u2018). <\/p>\n

The Services will include, among other things, (i) branding, content and data optimization to assist the Company to create in-depth marketing campaigns, (ii) tracking, organizing and executing the Services through search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing. In consideration of the Services, and pursuant to the terms and conditions of the Marketing Agreement, the Company has agreed to pay Machai a fee of \u20ac140,000 (plus applicable taxes) over a 31-day term. <\/p>\n

The Services will be rendered primarily online through a variety of news and investment community communications channels. Suneal Sandhu, the President of Machai \u2013 located at 101 \u2013 17565 \u2013 58 Avenue, Surrey, BC, V3S 4E3 and contacted at 1 (604) 375-0084 and suneal@machaicapital.com \u2013 will be involved in conducting the promotional activity. Machai and Mr. Sandhu do not currently own any common shares or common share derivatives in the capital of the Company. <\/p>\n

About Saga Metals Corp. <\/strong><\/p>\n

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\u2019s 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. <\/p>\n

In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec\u2019s 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. <\/p>\n

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. <\/p>\n

For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com <\/p>\n

Qualified Person <\/strong><\/p>\n

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 Project, Radar Ti-V Project and North Wind Iron Ore Project disclosed in this news release. <\/p>\n

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. <\/em><\/p>\n

Cautionary Disclaimer <\/strong><\/p>\n

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 \u2018will\u2019, \u2018may\u2019, \u2018should\u2019, \u2018anticipates\u2019, \u2018expects\u2019, \u2018believes\u2019, 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 Company\u2019s projects and future exploration programs and services provided under the promotional agreement with Machai. 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\u2019s 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\u2019s 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. <\/p>\n

Photos accompanying this announcement are available at <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/08d54e09-1f12-4946-b0e7-a09dcfa7210d <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/d65e6681-3c17-4231-afdd-11e5ce22b66b <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/5216c9c9-4d1f-469e-b0ad-aa67b59c1e55 <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/43996bf4-6cc2-4079-a0a7-075b1380adc5 <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/3cdce137-588a-4189-985a-bf908ea70a6b <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/590b56b8-515a-4789-b7e9-cd39f9c627cb <\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/5f996549-d5dd-4f98-9d75-5b03b694b445 <\/p>\n<\/p>\n<\/p>\n<\/div>\n

News Provided by GlobeNewswire via QuoteMedia<\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Saga Metals Corp. (\u2018SAGA\u2019 or the \u2018Company\u2019) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in North America, is pleased to provide a corporate update and review of key activities and achievements from 2024. Key Corporate Highlights from 2024 Preparations made for maiden drill program at Double […]<\/p>\n","protected":false},"author":0,"featured_media":13618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=13617"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/13618"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=13617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=13617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=13617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}