Saga Metals Corp. (the “Company” or “Saga”), a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that Rio Tinto Exploration Canada (“RTEC”) has commenced its initial exploration program on the Legacy Lithium project. Saga and RTEC executed an option to joint venture agreement on June 28, 2024 (the “Option Agreement”) on the Legacy Lithium Project in the renowned James Bay Lithium District.
RTEC is a Canadian subsidiary of the Rio Tinto Group (LSE: RIO, ASX: RIO, NYSE: RIO).
The Legacy Lithium Project is located in Quebec's Eeyou Istchee James Bay region (See “Lithium Neighborhood” Map below).
Figure 1: A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
The Legacy Lithium project is a lithium-cesium-tantalum (LCT) pegmatite exploration project consisting of an aggregate of 663 claims covering an area of 34,243.76 hectares. These claims (highlighted in red in Figure 1) are subject to the Rio Tinto Option to Joint Venture Agreement. Learn more about the Rio Tinto partnership by selecting here: SAGA Metals and Rio Tinto Sign Option to Joint Venture Agreement for Lithium Asset in Eastern James Bay, Quebec.
As previously noted, RTEC will act as project operator under the Option Agreement during the First Option period and the Second Option period. Saga and RTEC have formed a technical committee to review and prepare exploration programs such as the one outlined herein.
The inaugural program operated by RTEC has commenced, with plans to have boots on the ground for 2 weeks. This first phase will focus on scouting pegmatites using the helicopter as well as sighting landing pads for reconnaissance mapping and prospecting. This phase will also draw the first observations of outcrop abundance and regional to property scale geology; special focus is to be paid to shear zones that are known to host pegmatites in the area.
Airborne magnetics and radiometrics surveying are scheduled to commence on August 11th. Results from this survey as well as early geochemical data will be reviewed prior to the next phase of fieldwork.
RTEC will head back into the field focusing on Area 1 (Figure 2) with a planned start date of September 9. This is an area that has not yet had significant work and is in proximity to known spodumene-pegmatite showings. Exploration activities will focus within the magnetic low domains that coincide with the metasedimentary belt that is contiguous with the Trieste Greenstone Belt.
Figure 2: Saga ground over Quebec Govt Magnetics and Lithology. On the right, in blue, are metasedimentary rocks that are contiguous with the Trieste Greenstone Belt.
There will be special attention towards previous workings from Saga that took place on the property during last summer’s field programs (Figure 2 Area 2). Initial results from last year indicated that the sampled pegmatites have LCT signatures, with the most highly fractionated samples located at the edge of the mapped areas.
Per news released on July 17, 2024, Saga has filed and obtained a receipt for its final long form prospectus dated July 11, 2024, 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 on or about August 19, 2024, 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.
To learn more about the Company’s projects select here.
About Saga Metals Corp.
Saga Metals Corp. is a North American minerals exploration company focused on the exploration and discovery of Critical Minerals to support the global green energy transition. The Company has an interest in four properties located in the Fraser Institute’s top mining jurisdictions of Quebec and Labrador, Canada focused on the exploration and discovery of Uranium, Lithium, Titanium, Vanadium, and Iron ore. For more information visit www.sagametals.com.
For further information, please contact: Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
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
The map in Figure 1 and related narrative regarding proximal projects is provided for contextual and illustrative purposes only, and should not be construed a representation as to the similarities between the Legacy Lithium Project and the neighboring projects shown and discussed herein, each of which are at a more advanced stage of development. Development at such proximal projects may not be replicated similarly, or at all, at the Legacy Lithium Project.
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 proposed exploration of the Legacy Lithium 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 Preliminary 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.
A diversified critical minerals exploration company backed by a significant partnership with Rio Tinto (NYSE:RIO) paving the way for strategic exploration of both uranium and lithium, Saga Metals offers a compelling investment opportunity in the global green energy transition.
Saga Metals (TSXV:SAGA, OTCQB:SAGMF, FSE:20H) is a mineral exploration company focused on the acquisition and exploration of mineral assets in Canada. It explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. The company completed its initial public offering on September 23, 2024 with a subsequent listing on the TSX Venture Exchange.
Saga Metals has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
Uranium ore from the Double Mer uranium project
The Legacy lithium project in James Bay, Quebec, is the subject of a CAD $44M joint venture option agreement with Rio Tinto Exploration Canada, signed in June 2024. Under the agreement, Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy over a period of four years.
This JV allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador.
The Double Mer uranium project is a 1,024 claim spanning 25,600 hectares in eastern central Labrador, 90 km north east of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea. The project has seen millions of dollars worth of exploration from 1970 to 2008, and features a 10-person winterized camp. A detailed geophysical and radiometric survey, which was supported by field work, demonstrates the Double Mer property extends beyond 14 km of strike, with elevated uranium samples and CPS readings. Longer term plans include developing the project for the potential takeover by a major, similar to the recent acquisition of Fission Uranium by Paladin Energy for $1.2 billion.
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The property is subject to the Rio Tinto partnership and the Amirault lithium property acquisition. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province. James Bay is within Quebec’s Plan Du Nord, which earmarks millions of dollars for development of Quebec’s northern infrastructure.
Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option period. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Saga Metals CEO Mike Stier cited the agreement as a “significant milestone in the company’s development,” providing the necessary capital for the exploration of the Legacy lithium project.
Saga Metals owns 100 percent of this 17,250 hectare land package with road access, only 10 km away from the coastal city of Cartwright, Labrador. The Radar project is prospective for titanium and vanadium, both critical minerals. Saga Metals is planning a $172,500 work program this field season to increase confidence in the identified mineralized zone as well as explore new prospective areas of the property.
Located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough, the North Wind iron project consists of 255 claim blocks under a single license. The mineral license comprises 6,375 hectares and contains eight historical drill holes which formed part of New Millennium Iron’s resource estimate 43-101 in 2013. The average grade of the drill holes, which now sit within the North Wind Iron property, was 21 percent iron over the complete eight drill holes that totaled 590 meters. Saga Metals is conducting a small boots-on-the-ground program, which it plans to progress into a drill program after confirmation of structural measurements of a prospective deposit.
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of Rektron Group Inc, LaFleur Minerals Inc, GoldHaven Resources Corp.
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Legacy Lithium Project
The Legacy Lithium Project spans 34,243 hectares located in Quebec's renowned Eeyou Istchee James Bay region and is subject to the Option to Joint Venture Agreement with RTEC. See announcement of the agreement here .
Figure 1.0 A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
Option to Joint Venture Agreement with RTEC
Rio Tinto Partnership: Under the Option Agreement, RTEC has the option to acquire a 51% interest in SAGA’s Legacy Lithium Project over four years if it meets the following conditions:
If RTEC earns the initial 51% interest, it will then have the option to increase its stake to 75% over five more years by spending an additional C$34.18 million on exploration. RTEC will oversee the project as operator during both the first and second option periods, and a joint technical committee will plan the exploration programs.
The Legacy Lithium project covers 100km of striking paragneiss situated in a region known for lithium discoveries, including Winsome Resources Adina Project, Loyal Lithium’s Trieste Project, Rio Tinto and Midland Exploration’s Galinee Project, and Azimut Exploration and Soquem’s Galinee Project as shown in the map above.
2024 Field Program Conducted by RTEC
Commencing exploration activities in 2024, RTEC conducted geological mapping campaigns, a satellite imagery survey, and an airborne magnetics survey on the optioned Legacy Lithium project. On the property, a total of 173 pegmatite and country rock grab samples were collected and submitted for geochemical analysis. The airborne magnetic survey of the northwestern portion of the property was completed. A digital terrain model of the property was generated from Skywatch Pleiades Tri-Stereo satellite imagery which covers all but some of the far northern-western claims.
The work completed in 2024 was focused on prospecting for lithium mineralization hosted in pegmatites, assessing the potential for the discovery of new mineralized occurrences within the proliferous James Bay Pegmatite District.
Exploration: Prospecting Geological Data Collection, and Geochemistry
The results of the 2024 reconnaissance campaign, based on observation points and geochemical analysis, indicate that numerous pegmatites are widely distributed across the property, displaying variability in grain size, mineralogy, and texture. They are localized and primarily hosted within biotite-rich paragneiss. Although pegmatites are also present within orthogneiss, they tend to be less common, smaller in size, and undifferentiated. The pegmatites in zones of dilation and strain have a more evolved mineralogy, with garnets, apatite and tourmaline. Pegmatite emplacement appears structurally controlled by a WNW-ESE shear zone with occurrences preferentially along dilatational zones in this trend.
The highest Li₂O value found in pegmatite was 85 ppm in a boulder located on the western side and the highest value in an outcrop sample was 83 ppm. Notably, higher Li₂O concentrations were found in paragneiss, with a maximum Li₂O value of 201 ppm. Assay results from a pegmatite sample in the central-northeastern sector reveal an anomalous tantalum value (53ppm). This sample also yielded the highest beryllium value (83.4 ppm) and exhibited slightly elevated Rb/K ratios, a characteristic shared with nearby samples.
Strongly peraluminous compositions were identified throughout the property, particularly within the tantalum-enriched sample zone. These findings suggest the presence of localized areas with enhanced peraluminous character. Peraluminous compositions are strongly associated with S-type granites, which are known precursors of LCT pegmatites. Although the average Alumina Saturation Index across the property is generally low, a trend of increasing peraluminous character is observed in the southern region. A higher volume of sampling in this area would be necessary to confirm this trend.
Figure 2.0 Location of 2024 Field Samples. RTEC Spatial Distribution of Alumina Saturation Index Grab Samples 2024. Elevated alumina saturation can suggest a favorable melt source for Lithium mineralization and is used in combination with other analytical methodologies.
Figure 3.0 Samples (173) and tracks. Background: regional Quebec Government lithology map. Red and dark pink, granitoids. Shades of blue, paragneiss. Light pink, orthogneiss.
Geophysics & Remote Sensing
Skywatch was contracted to provide 50 cm high-resolution satellite imagery and tri-stereo digital terrain models (DTM) for the Legacy property. All but the northwesternmost claims on Legacy were covered during this survey.
A helicopter-borne magnetic survey was conducted over the Legacy property completing a total of 3,096 line-km of data during the survey. Due to weather and technical issues, only 40% of the planned survey area was completed before the survey was terminated. As a result, coverage was limited to the highest-priority northwesternmost section of the Legacy property. The remaining survey area is under consideration for completion in 2025.
Pegmatites were mapped on surface and noted to correlate with zones of magnetic lows. Skywatch was also used as an exploration tool where RTEC was able to survey the project with 50cm Ortho Imagery across the entirety of the property. Both tools coupled with geochemistry will allow for a more focussed exploration effort in 2025.
Figure 4.0 Detailed geophysics over the western border on the Legacy property. On strike with Adina’s Tilley project. Pegmatites are commonly identified within extreme magnetic lows and marked by rock samples taken in areas with exposed pegmatite outcrops. (RTEC 2024)
2025 Exploration Initiatives
In 2025, RTEC plans to continue its mapping, sampling, and prospecting survey based on past results and the airborne magnetics.
New zones in the far west of the property on strike with Winsome Resources’ Tilley project as well to the south of the Legacy property on strike with SAGA’s contiguous Amirault property yielded interesting observational points noted for further follow up by RTEC during the 2025 field season.
Quality Control
RTEC sampling protocols include the insertion of OREAS standards at regular intervals within each batch of sample submitted to the laboratory. CRM materials used included OREAS 520, OREAS 750, OREAS 751 and OREAS 753.
All samples were prepared by ALS Laboratories in Thunder Bay using a preparation package whereby the entire sample is crushed to 70% less than 2mm mesh size using a Boyd crusher and splitter combination. A 1kg split of crushed material is pulverized to better than 85% passing 75 microns mesh size. ALS internally sends all pulps to ALS Geochemistry in Vancouver for analysis.
Pegmatite materials were analyzed by a multi-method analytical package: Super Trace ME-MS61L (Multi-Element Suite with added Au, Pt, and Pd from the ICP-MS analysis. Au >35ppb overlimit via Au-ICP21, Ag, As, Co, Cu, Mo, Ni, Pb, S, Zn overlimits via OG62, all others via X-ICPDIL), ME-ICP06 (lithium borate whole rock analytes, LOI and Total Calculation), and ME-MS81 (full suite including REE's). Country rock samples were analyzed by: Super trace ME-MS61L and pXRF-30RT (RTX custom pXRF suite for resistate analytes (Cr, Nb, Si, Ta, Ti, Y, Zr). Add-on to multi-element methods).
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 18km east-west trend, with a confirmed 14km section producing samples as high as 0.4281% U 3 O 8 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
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI 43-101 and has reviewed and approved the scientific and technical content of this news release regarding the Legacy Lithium 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 exploration of the Legacy Lithium 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 final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ 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.
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the official commencement of the maiden drill program at the Company's Radar Titanium-Vanadium (Ti-V) Project.
Drilling Commenced at Radar Titanium-Vanadium (Ti-V) Project in Labrador, Canada:
The Radar drill program is advancing at a strong pace as the team is currently drilling the 5 th of 7 planned drill holes in the Hawkeye zone. To date, the team has drilled over 1,000 meters of rock through the magnetic anomaly as identified the geophysical survey completed in Q4 2024 (see Figure 5 below).
Gladiator Drilling has been moving efficiently and effectively, not only through the rock with several 100+m of core drilled in a single shift, but also with well executed and clean drill moves.
"The rock has been great to drill through. The shear amount of magnetite in the rock has made for soft yet highly competent rock, with very high core recovery," stated Josh Blundell, Owner & Operator of Gladiator Drilling.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: " The magnetic inversions have been amazingly accurate. Our first hole was plotted to start right in the center of the magnetic anomaly, and I've been able to predict our intercepts with 10-20m accuracy based upon the inversion and surface structural measurements. The only surprise the team has had is with just how much magnetite is present in the system, both as groundmass and layering. I was expecting more silica rich/magnetite depleted zones between each geophysical high but what we have found is that the whole thing is full of magnetite. Its pretty remarkable. Additionally, our biggest intercept of magnetite layering was 150m long, with the most impressive being a 25m section containing at least 62 individual magnetite bands varying from 3 to 10 inches in width. It's easy to get excited when you see something like that, especially when you have both the geochemical and petrographic evidence that both the titanium and vanadium are hosted in the magnetite."
Figure 1: Magnet pen standing straight up on core from SAGA's Radar Titanium-Vanadium project demonstrating its highly magnetic composition
Figure 2: Newfoundland Helicopters slings in the floor of Gladiator's diamond drill
Figure 3: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Figure 4: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Key Maiden Drill Program Highlights:
Radar Ti-V Project – Labrador, Canada
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. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 5: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
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 U 3 O 8 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
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.
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.
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 Company's plans and objectives in respect of the planned drill program. 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 final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ 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.
News Provided by GlobeNewswire via QuoteMedia
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the final in-province preparations for the Company's maiden drill programs at the Double Mer Uranium and Radar Ti-V projects in Labrador, Canada.
Final Preparations at Double Mer Uranium Project in Labrador, Canada:
On January 19, SAGA's exploration team including Michael Garagan, CGO & Director of SAGA, landed in Labrador. After retrieving equipment from SAGA's storage facility, the team was able to complete orientations and briefed Air Tunilik, Newfoundland Helicopters and other supportive members on the project plans and objectives.
On January 22, the first winter flight into the Double Mer camp was completed to confirm thickness of the lake ice to ensure Air Tunilik can land its twin otter float plane retrofitted with skis. After confirming the average thickness is 22", well above the required 19", the team cleared and organized the camp, preparing for the arrival of equipment and supplies.
The approved landing then allowed SAGA's crew and Air Tunilik to complete the first Twin Otter flight into the Double Mer camp, offloading supplies and grooming the lake via snowmobile and groomer for future supply runs.
In the early part of the week ahead, SAGA will fly in the remaining camp materials including lumber, piping, generators, stoves, and other required gear. Geominex has been engaged to complete the remainder of the camp refurbishment in preparations for the maiden uranium drill program.
Final Preparations at Radar Titanium-Vanadium Project in Labrador, Canada:
In Cartwright, experienced local heavy equipment operators cleared and prepared the drillers lay down near the targeted Hawkeye zone. As fuel arrived in Goose Bay, a portion was offloaded and stored for transport into the Double Mer camp and the rest was shipped into Cartwright and stored in the Company's permitted fuel cache.
Heading into Friday, January 24 and over the weekend, SAGA's team commenced clearing and preparing the drill pads, conducting trail maintenance and reconnaissance over the Hawkeye zone as well as setting up the core shack.
In addition, Gladiator Drilling is due to arrive in Cartwright and will begin the maiden drill program at the Radar Ti-V project.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "As the final touches are added to the Double Mer camp and Radar's drill site, it's clear the only thing more exciting than the maiden drill programs is the team's sprit. We are fortunate to have an exceptional team and supportive service providers with SAGA this winter. The journey of hard work has led us to this moment—our maiden drill programs! We are all looking forward to getting our hands on the core and seeing the potential of what lies beneath the surface."
Figure 1: Simeon Alexander and Air Tunilik make first landing on the lake at Double Mer Camp in Labrador
Key Maiden Drill Program Highlights:
Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador. Leveraging significant historical exploration, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. More recently, SAGA confirmed the presence of uraninite and the genetic leakage between pegmatites along the 18km trend . The Double Mer project boasts surface samples showing uranium oxide (U3O8) concentrations as high as 0.428% U 3 O 8 and scintillometer readings up to 27,000 cps .
Figure 2: Map of the Double Mer Uranium Project highlight the 18km trend verified through surface sample and uranium count radiometrics
Radar Ti-V Project – Labrador, Canada
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. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 3: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
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 U 3 O 8 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
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.
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 Double Mer Uranium and Radar Ti-V Projects disclosed in this news 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 Company's plans and objectives in respect of the planned drill program. 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 final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ 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
https://www.globenewswire.com/NewsRoom/AttachmentNg/af4fff7c-fbd2-428d-8626-93864446dd75
https://www.globenewswire.com/NewsRoom/AttachmentNg/df705bd2-130f-4f0c-baaa-f859e4a86a80
https://www.globenewswire.com/NewsRoom/AttachmentNg/d97a4016-039f-4abc-bd82-8b09bba05234
News Provided by GlobeNewswire via QuoteMedia
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis, confirming the presence of uraninite, a key uranium mineral, hosted within the pegmatites identified along the 18km trend; verified through uranium count radiometrics and surface sampling at the Double Mer Uranium project in Labrador, Canada.
Saga Metals flagship Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' 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, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. This work has refined the understanding of the uranium targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program at the Luivik zone .
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 uranium potential.
Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada
Drilling set for Double Mer Uranium Project's Luivik zone:
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U 3 O 8 %) 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. These characteristics 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 uranium potential, making it a top target for exploration.
The Luivik zone boasts a width of 300 meters between samples with a cut-off of 0.015% U 3 O 8 and anomalous grades over 0.11% U 3 O 8 to a high of 0.3692% U 3 O 8 in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of 1km or greater.
The zone's favorable mineralogy is complemented by logistical advantages. Located just 1km 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.
Figure 2: 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.
Petrographic and Petrologic Conclusions at the Double Mer Uranium Project:
Selected samples from the Double Mer Uranium project were collected by SAGA's exploration team during 2024's surface program for the purposes of petrography, mineralogical and petrochemical interpretations. These results help understand the genesis of the uriniferous pegmatites, guiding 2025's drill programs, and further surface exploration work across the 25,600-hectare property.
The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The radioelement-bearing pegmatite is characterized by aggregates of black biotite interstitial to feldspars and quartz. The biotite aggregates are the loci for very fine-grained euhedral uraninite crystals. The second pegmatite subgroup contains more sparsely distributed plates and discontinuous stringers of black biotite interstitial to feldspars and quartz. Euhedral allanite crystals are sparsely distributed interstitial to feldspars and quartz. This Allanite is a light rare element-bearing (lanthanum and cerium) with very fine-grained disseminated thorite through the allanite.
Both pegmatite subgroups occur in close spatial association at the outcrop-scale. Analyzing and interpreting the 53-element geochemical database derived from 289 samples collected during the 2024 exploration program has shown unequivocally that both pegmatite subgroups are genetically related and belong to the same magmatic event. Further studies will be conducted in the future to determine the evolutionary timing of each subtype.
Since the Double Mer Uranium property covers an 18km long radiometrically anomalous pegmatite domain, the exploration significance of these petrographic-petrochemical findings with interpretations are: pegmatites with aggregated biotite represent a first-order lithology to sample for uranium mineralization and a thorium + rare earth-enriched pegmatite may indicate the presence of additional nearby uranium-bearing pegmatite.
Petrographic work and analysis completed by Dr. Al Miller:
With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "We are very encouraged by these petrographic results. Not only does this confirm the presence of uraninite in the pegmatites but the fact they are genetically related along an 18km trend is very encouraging. The team has since arrived in Labrador preparing for the drill program at the Radar Ti-V project while coordinating the final setup at the Double Mer camp. This is a busy and exciting time for SAGA and sets the tone for lots of catalysts in 2025."
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 U 3 O 8 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
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.
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 Double Mer Uranium Project disclosed in this news 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 petrographic and petrological analysis as well as the Company's plans and objectives in respect of the planned drill program. 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 final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ 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
https://www.globenewswire.com/NewsRoom/AttachmentNg/04469a4a-1f1b-4a10-befb-4180cfc12c1a
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2c5545c-c02d-41c1-a593-1ba097d9acc3
News Provided by GlobeNewswire via QuoteMedia
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to provide a complete overview of the Radar Titanium-Vanadium (Ti-V) Project as equipment, fuel, diamond drill and personnel begin to arrive in Labrador for the maiden drill program set to commence in a weeks time.
Radar Titanium-Vanadium (Ti-V) Project – Labrador, Canada
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.
Radar's Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
SAGA aims to complete a 1,500m drill program at the Hawkeye zone over the area encompassing the anomalous TiO2 and V2O5 surface samples.
Radar Project Surface Assay Highlights Include:
Radar Project Target Zones:
Radar Project and corresponding geophysics highlight multiple anomalies across the property
Assay results have confirmed the magnetic anomalies within both the Hawkeye and Trapper zones are mineralized, establishing a combined strike of just over 8km in length between the two zones. Preliminary indications suggest a possible connection between the trends through a transitional zone, which increases the mineralized strike to ~ 9.5km through verified samples.
Maiden Drill Program Q1 2025: Drilling is scheduled to commence this month with a minimum 1,500m program at the Radar Ti-V Projects. The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets. Assays have returned consistent values between 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 , confirming the presence of high-grade titanium & vanadium across a potential 1km wide and 4km long trend further confirmed with geophysics.
Recent Geophysics of the Hawkeye Zone Highlights:
Saga Metals 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 1km 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
Magnetic Inversion Interpretation:
SAGA continued to update its geophysics with the magnetic inversions of the Hawkeye zone. Completed by Chris and David Mark of Geotronics, the magnetic inversions can project, with a high degree of certainty up to 400 meters in depth, what the mineralized magnetic body looks like beneath the surface.
Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.
Same magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
Petrographic Analysis at the Radar Ti-V Project:
Recent petrographic work completed by Dr. Al Miller on rock samples from the Hawkeye zone have increased the understanding of the mineralogical host of titanium and vanadium mineralization at the Radar project. This sets the foundation for the metallurgical work the team hopes to be able to build on during the 2025 drill programs.
First look at the petrography of the Hawkeye zone reveals more than one composition of magnetite; evidence which contributes to the hypothesis of multiphase mineralization events. Additionally, petrographic evidence reveals that much of the titanium and vanadium mineralization occurs within magnetite with a lack of ilmenite in many of the layers. This is key to understanding how these elements are locked up together and ultimately how they'll separate during extraction. These layers have assayed high TiO2% and V2O5% leading to the use of Vanadium Titanomagnetite (VTM) classification of several mineralized layers of the Hawkeye zone. Ilmenite with exsolution lamellae of the magnetite was observed but only in a few cases. This has contributed to what can be called differential compositional layering and multiple mineralization magmatic layering events.
VTM's are a mineralization style that has not received much attention in North America but is a pivotal piece of China's iron, titanium and vanadium mining and production industry.
Trapper Zone Shows Promising Titanium and Vanadium Anomalies Despite Limited Exposure:
The Trapper Zone spans a strike length of ~ 4.3km , slightly longer than the Hawkeye Zone, though it has significantly less surface exposure. The lack of outcrop and subcrop initially posed challenges for the exploration team; however, the implementation of an extensive soil grid successfully yielded the first geochemical confirmation of the Trapper Zone's correlation with previously identified geophysical anomalies.
Key findings from the Trapper Zone include:
Although only 30 rock samples were collected due to limited exposure and ground cover, the consistent anomalies found in both soil and rock samples provide compelling evidence to justify targeted exploration in this zone.
Further work, including additional surface sampling, trenching, and geophysical surveys, is planned to unlock the full potential of the Trapper Zone in 2025.
Transition Zone Presents Key Opportunity for Further Understanding of Radar Ti-V System:
A possible third, transitional zone, located between the Hawkeye and Trapper zones, presents a significant opportunity for further exploration. While its relationship to either zone remains unclear, this transitional area could help determine whether the Hawkeye and Trapper zones are folded limbs of the same system or represent different phases of a multi-phase, complex layered mafic intrusion.
Comparable Projects in the Grenville Geological Province:
A Map of the Grenville Geological Province
The Grenville Geological Province is known for its significant deposits of iron, titanium, vanadium (Fe-Ti-V), and Platinum Group Metals (PGM). A key comparison point is North America's largest titanium-vanadium project, located at Lac Tio in Quebec, just southwest of SAGA's Radar Project. Notably, both projects share the same rich geological setting.
Strategic Resources is a Montreal-based development company focused on vanadium, high-purity iron ore and titanium with their BlackRock project located in Quebec west of Lac Tio right on the Grenville Front (as seen in the map above).
Like, the Radar Ti-V project, these projects all have basement rock dated over 1 billion years old, and all share components of the deep-rooted mafic rock of the Grenville Province.
Strategic Resources completed an amended feasibility study 1 on March 26, 2024, on the Southwest deposit hosted within the BlackRock project confirming a proven and probably reserve of 127.8Mt with 0.46% V2O5, 40.2% Fe2O3 and 7.8% TiO2. The Southwest deposit spans 2.5km in length and averaging 110m in mineralized thickness with a projected mine life of 39 years. The projected financial outcome of the mine estimates after-tax cashflows of C$12.055 billion with a 5.4-year payback period including an after-tax net-present-value (8%) of C$1.932 billion and an 18.2% after-tax internal rate of return.
Michael Garagan, CGO & Director of Saga Metals Corp. commented: "All the final preparations are underway in Labrador. Equipment and fuel have been shipped and will arrive any day. Core logging and on-site lay down areas are being prepared. Our team, including myself, and the drilling contractors are all set to arrive early next week with our first diamond drill turning shortly thereafter. This project is a testament to our corporate mandate of completing the necessary due diligence and robust investigation to find exploration worthy grass roots projects. Radar has the potential of unlocking value with our first zone; one of potentially multiple zones on our property confirming high-grade mineralization at surface in a 1km by 4km area and potentially over 600m at depth. Needless to say, we are very excited to commence drilling on two projects in Q1."
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 0.4281% U 3 O 8 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 Company's petrographic and geophysics results as well as plans and objectives in respect of the planned drill programs. 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 final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ 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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6efecc4b-7fc0-41f4-b486-83682baeaab3
https://www.globenewswire.com/NewsRoom/AttachmentNg/af8d640a-297d-4eb5-bcd6-2383c75eac39
https://www.globenewswire.com/NewsRoom/AttachmentNg/8d6edbbb-25d7-4ffd-b52f-476de67ad3e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/2e65cc83-ef10-4566-9020-52a3f66e2ef7
https://www.globenewswire.com/NewsRoom/AttachmentNg/770f1a02-2050-4284-807c-38b4d46b072c
News Provided by GlobeNewswire via QuoteMedia
Highlights:
AR3 Managing Director and CEO, Travis Beinke, said:
“The intersection of a shallow uranium occurrence in OV047 is a significant step forward in our exploration program at Overland. The identification of shallow mineralisation, coupled with the confirmation of the palaeovalley's southern extension, underscores and reinforces the - potential of this project.
Our systematic approach to exploration and targeted drilling, continues to deliver results. We are excited to accelerate our follow up drilling to further delineate the extent of this new uranium occurrence and test the numerous high-priority targets we have identified. We look forward to reporting further results as we continue our drilling program through to the end of April."
Figure 1: Strip log displaying drillhole OV047 lithology, natural gamma responses (cps) and pXRF uranium responses (ppm U). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
The 2025 program, which began 30 January 2025, has focused on mapping the newly defined palaeovalley (refer ASX release 21 January 2025) further south within EL7001 and onto the Sheer Gold Farm-In tenure, EL66783. A total of 22 drillholes has been completed, totaling 3,010 meters, illustrated in Figure 2.
Target 1 of EL6678, drillhole OV047 has intersected a 6 meter interval containing anomalous gamma and pXRF Uranium (U) responses. Gamma responses peaked at 741 counts per second (cps), with maximum pXRF uranium response of 105ppm U. This surficial uranium occurrence is similar to uranium mineralisation found in Namibia’s surficial uranium deposits, like Paladin Energy’s Langer Heinrich Mine. Similar calcrete-hosted deposits are also found in Western Australia4 at Cameco Corporation’s Yeelirrie deposit and Toro Energy’s Wiluna project.
The identification of another potential uranium occurrence model at Overland highlights the region’s fertility, where uranium in solution enters the basin and is captured at various geochemical interfaces within the sedimentary sequences. Drillhole OV047 shows anomalous uranium responses over a 6 meter interval from 27 meters and displayed the highest gamma response yet seen at the base of oxidation interface with reduced sediments. These findings suggest potential for both deeper palaeochannel hosted, in-situ recoverable (ISR) deposits and shallow surficial deposits in this setting.
Click here for the full ASX Release
This article includes content from Australian Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to provide an update of its operational strategy and ongoing developments at the Mustang Mineral Processing Site and Maverick Minerals Processing Site, positioning the Company as a key player in the regional uranium and vanadium processing sector.
In October 2024, Western successfully acquired the Mustang Mineral Processing Site (formerly the Pinon Ridge Mill Site), a move that significantly enhances the Company's capabilities and processing infrastructure. The acquisition includes all historical data and equipment utilized for the site's previous successful licensing application. The Colorado Department of Public Health and Environment (CDPHE) has issued a license for this facility twice, underscoring the site's compliance with stringent regulatory requirements. This site is located approximately 25 miles from Western's Sunday Mine Complex mining operations in Colorado.
The Mustang Mineral Processing Site boasts significant infrastructure already in place to support long-term operations. Key features include:
In addition to developing the Mustang Mineral Processing Site ("Mustang"), Western is advancing its Maverick Minerals Processing Site ("Maverick") as a key kinetic separation hub. This strategic initiative will enable the processing of regional ore, upgrading lower-grade materials to economic levels for transport from Maverick to the Mustang facility. By optimizing ore grades before transportation, Western enhances the viability of multiple regional mines, further strengthening the uranium and vanadium supply chain. Maverick is located approximately 4 miles from Western's San Rafael Project in Utah.
Western's CEO, George Glasier stated "The acquisition and development of the Mustang Mineral Processing Site is a transformative step for Western, reinforcing our commitment to strengthen the uranium and vanadium industry in the region to meet the growing demand for these critical minerals."
Western Uranium & Vanadium remains focused on executing its strategic initiatives, ensuring sustainable and efficient mineral processing, and advancing projects that enhance shareholder value and domestic industry production.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com , for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
Grant Glasier
Vice President Marketing and Project Development
303-808-3306
grantg@western-uranium.com
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
News Provided by GlobeNewswire via QuoteMedia
In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation.
Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable. With 439 reactors operating globally, about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed, the IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour recently completed a winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone.Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. Skyharbour will continue to advance Moore through a 2,500 metre summer drill program, which has recently been completed, with assays pending.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,314 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour has completed its earn-in requirements for an option agreement with Rio Tinto and has now acquired 57.7 percent ownership interest in the Russell Lake project.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. The second phase of drilling was recently completed which totalled approximately 4,500 metres, with assays pending.
Skyharbour has recently commenced its 2025 drilling program at the Russell Lake project with a first phase consisting of approximately 5,000 metres to follow up on notable recent exploration success and to test new targets developed by the geological team. The focus for this phase of drilling will be on the Fork and Sphinx targets within the broader Grayling target area, as well as the M-Zone Extension target and the Fox Lake Trail target. This initial winter program will consist of 10 to 12 drill holes, with most of the targets being road accessible and near the exploration camp, bringing the drill costs down.
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
North Shore has collected multiple samples from two of the first three uranium prospects drilled at its 55,699-hectare Falcon property in 2024. The samples returned anomalous uranium values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8. An exploration permit has been secured for the project, which will allow North Shore to conduct exploration activities at the property, including prospecting and ground geophysics, trail and drill site clearing, line cutting, drilling of up to 75 exploration drill holes and storage of drill core.
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Terra Clean Energy (previously Tisdale). Terra will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent.
Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. The company also completed the winter 2024 diamond drill program of 1,086 meters of drilling in four diamond drill holes and results indicated the following:
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split between Skyharbour and Dixie Gold, with Skyharbour retaining 25.6 percent.
Orano Canada has completed a geophysical programat the 49,635-hectare Preston uranium project which included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for exploration program which will consist of a planned 6,000 to 7,000 metre, helicopter-supported diamond drill program in approximately 26 holes at an average depth of 250 metres during the summer of 2025. Primary drill target areas include the previously untested Johnson Lake grid as well as the Canoe Lake grid; with the possibility of testing the recently surveyed FSAN-North and the West Preston Grids.
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
The South Dufferin Project totals 13,205 hectares covering 10 claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73 percent U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit approximately 25 kilometres to the north (includes drill intersections up to 8.78 percent U3O8 over 33.9 metres).
The Bolt Project consists of two contiguous claims 100 percent owned by Skyharbour Resources Ltd. totalling 4,726 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32 percent U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
A definitive agreement was recently signed in October of 2024 with UraEx Resources to earn an initial 51 percent and up to 100 percent of both the South Dufferin and Bolt Projects, collectively. For an initial 51 percent, UraEx will issue common shares having an aggregate value of C$1.15 million, make total cash payments of $450,000, and incur $3 million in exploration expenditures on both the South Dufferin and Bolt properties over a 3 year period. UraEx has an option to acquire the remaining 100 percent by issuing common shares having an aggregate value of C$2.5 million, making cash payments of $1.2 million and incurring $1.5 million in exploration expenditures over an additional two-year period.
In addition to the projects being advanced by Skyharbour and its partners, the company has 21 additional 100 percent owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Donmez has an engineering degree in geology and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan. During his 17-year tenure at Denison Mines, Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the feasibility study in 2023. As resource geology manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.