Saga Metals (TSXV:SAGA) is a mineral exploration company focused on acquiring and exploring mineral assets in Canada. The company explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. 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).
The Legacy lithium project in James Bay, Quebec, is the subject of a C$44 million joint venture option agreement with Rio Tinto Exploration Canada (NYSE:RIO), signed in June 2024. 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 joint venture 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.
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.
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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).
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.
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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 and geophysical analysis, improving the geological understanding of the drill ready Radar Titanium-Vanadium (Ti-V) project in Labrador, Canada.
Michael Garagan, CGO & Director of Saga Metals Corp. comments: "This data couldn't have come at a better time as we head into the mobilization of our maiden drill program at the Radar project. These magnetic inverse sections are going to help enormously in our drill targeting throughout the 2025 program. As you can see in Figure 3 below, the main anomalous zone is between 200-400 meters depth, but we can still see the high- grade potential in this model at 600+ meters below the surface. Ultimately the model is most accurate in the first 200 meters where the magnetics are still strong enough to give a robust signature. We know this system is vertical, so I would like to see the system remaining robust as we increase in depth. The projection of the model below 200-400 meters is encouraging because it's based off the presence of magnetite, which we have picked up in our surveys. This interpretation suggests impressive width throughout the structure and our drill program will start to better define the nature of this zone. We now have a much better understanding of this Vanadium titanomagnetite structure and we are excited to build upon this knowledge as we continue our metallurgical analysis throughout drilling, keeping the economic viability of our projects at the forefront to ensure value creation for our shareholders."
Radar Titanium & Vanadium 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.
Figure 1: Regional map of the Radar Ti-V project highlighting the Hawkeye, Trapper and third transitional zone and the projects proximity to the town of Cartwright, Labrador
The 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 and 4km long. The geophysics completed show very detailed correlation to the rock samples and observed phase changes with the potential for multiple parallel systems.
Geophysics Completed with Inverse Interpretation:
Saga Metals has successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.
The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.
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.
Figure 2: Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.
Figure 3: 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 our 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.
Michael Garagan, CGO & Director of Saga Metals Corp. stated: "The results of the work completed to date suggests that there were several pulses of magma and multiple phases of deposition. Magnetite was the dominant mineral in the identified layers but differs slightly, representing a different genesis. The observed differences show multiple phases of titanium and vanadium locked up in the magnetite. One phase shows magnetite with minor amounts of ilmenite, which likely formed at its own chemical expense and likely taking Ti and V to form that mineral. The second phase has no ilmenite present and can be called Titanomagnetite. These different magnetite phases can be found in very different layers from each other. This suggests a mineralizing system that was active for a long period of time and the possibility of more mineralization over a broader area."
Figure 4 : Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with a Hornblende (Hb), Diopside/ Orthopyroxene (Di) and Plagioclase groundmass.
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.
"Vanadium titanomagnetite (VTM), which contains valuable elements such as iron, vanadium, and titanium, has an extremely high potential value. VTM resources in the PanXi regions of China are estimated at up to 10 Gt (billion tons), and account for 93% and 63% of the country's titanium and vanadium resources respectively. The exploitation of VTMs has thus received much attention.
Traditionally VTM have been considered difficult to treat and separate metallurgically but due to their importance within countries like China, new research and separation methods are proving that this is no longer the case. Recent efforts of VTM recovery methods succeeded in achieving: Recoveries of up to 80.08% for titanium, 95.07% for iron, and 71.60% for vanadium were achieved." (Barksdale, 1966; Chen et al., 2011)
Michael Garagan, CGO & Director of Saga Metals Corp. comments : "These results are very promising for the future of the Radar project. To expedite the economic viability of multiple projects within our portfolio we felt it necessary to begin this mineralogical and early metallurgical work. Encouragingly, these results are exactly what we hoped to see from the rock as they highlight a favourable mineralogical genesis for a competitive Vanadium Titanomagnetite deposit."
Figure 5: Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with weathered Pyrrhotite (Po) crystals
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.
Market opportunity for Titanium and Vanadium:
"As of June 2023, the market value of titanium was projected to grow to nearly 31 billion U.S. dollars. The titanium market size is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030." ( M. Jaganmohan , 2025).
"The global vanadium market size was valued at USD 4.28 billion in 2023 and is projected to grow from USD 3.46 billion in 2024 to USD 4.89 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia Pacific dominated the vanadium market with a market share of 72.9% in 2023." ( Fortune Business , 2024)
Drilling Upcoming at the Radar Titanium & Vanadium Project:
The Company has received drill permits from the Newfoundland & Labrador government to commence drilling at Radar Titanium-Vanadium (Ti-V) project.
Highlights heading into the drilling programs include:
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.
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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 start of mobilization efforts for the Company's maiden drill programs at both of the 100% owned Double Mer Uranium and Radar Titanium-Vanadium (Ti-V) projects.
Michael Garagan, CGO & Director of Saga Metals Corp. comments: "The decision to run back-to-back drill programs and include the Radar Ti-V project is strategic and efficient as we are always looking to maximize our cost-effectiveness and shareholder value. We've engaged Gladiator Drilling out of Newfoundland; mobilization to the Double Mer Uranium project brings the contractors through southeastern Labrador and past the Radar project off route 516. Both the drilling and geological teams will be able to drive right into Radar's Hawkeye zone for an estimated 3-week drill program prior to initiating the Double Mer Uranium drill program. SAGA will be able to enter Q2 with drill results from two projects, setting the stage for a very active 2025 field season."
Gladiator Drilling Ltd will utilize one heli-portable diamond drill rig with the necessary NQ coring and survey tools to complete SAGA's maiden drill programs. Drill teams will execute back-to-back day and night shifts with only a short drive from the town of Cartwright, Labrador to the drilling site.
Mobilization efforts have already commenced with the procurement of equipment, fuel, and finalization of personnel. Workers will begin the construction of drill pads and other necessary preparations prior to the full drill crew's arrival on site.
Drill Permits Received for Double Mer Uranium and Radar Titanium & Vanadium Projects:
The Company has received drill permits from the Newfoundland & Labrador government to commence drilling at the Double Mer Uranium project and Radar Titanium-Vanadium (Ti-V) project. Highlights heading into the drilling programs include:
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 90 km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, 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
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.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "Drilling the Luivik zone which contains some of the most encouraging results, combined with less complicated logistics is the best starting point for SAGA at the Double Mer Uranium Project. We will be immediately looking to build off this winter program by getting permits ready to continue to test zones further east such as the Nanuk and Katjuk zones in Q2 and Q3 of 2025. We are aiming to confirm uranium concentrations and take initial steps in delineating this zone's potential as a critical step in positioning Double Mer as a quality project in Labrador's large-tonnage uranium landscape."
Radar Titanium & Vanadium 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.
Figure 3: Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Increased immiscibility in the east creates pronounced silica rich (magnetite depleted) banding mixed interstitially with high grade massive magnetite layers above 5 – 11.1% TiO2 & 0.3 – 0.66% V205. This first phase can be identified by the contact of low magnetics bands (blue) and highly magnetic bands (red, pink) ( see Figure 4 below ). After the high-grade banding the rocks transition into a gabbro norite rock moving westwards which contains a disseminated magnetite groundmass. These rocks are lower grade averaging (3-5% TiO2) & (0.1-0.2% V2O5) but are consistent and extensive in width. The entirety of these cross-system phases is almost 1km wide with a near vertical dip of each layer.
SAGA aims to complete a 1,500m drill program at the Hawkeye zone over the area encompassing the anomalous TiO2 and V2O5 surface samples and targeted geophysics segment as shown in Figure 4 below.
Figure 4: Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
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
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 and 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 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.
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in North America, is pleased to provide a corporate update and review of key activities and achievements from 2024.
Key Corporate Highlights from 2024
SAGA's Project Overview: Four 100% owned Projects in Top Mining Jurisdictions
1. 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 data, SAGA's exploration team validated and built upon the Company's understanding of the project's potential. 2024 work has refined the understanding of the targets within key zones, specifically supporting the decision to initiate a minimum 1500m drill program the Luivik zone in Q1 2025 .
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.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Diverse Mineralization Styles Offer Exploration Upside
The 2024 Double Mer field program identified three styles of uranium mineralization across the 18km trend on the property:
Highly strained granitic pegmatite showing an East-West foliation and significant uranophane mineralization located in the Katjuk (Arrow) Zone. Photo showing biotite fabric in the pegmatite with localised stringers of garnet beads.
Michael Garagan, CGO & Director of Saga Metals Corp., commented: "What should be noted as the most significant concept of the 2024 field program results is that we have economic U 3 O 8 % in the channels from 0.015-0.062 U 3 O 8 % in pegmatites which strike 18km. We have higher grade rock samples mapped in the areas among these channel samples showing the opportunity for more anomalous intercepts. The field mapping combined with uranium count radiometrics demonstrates that these pegmatites can be up to 500m wide in places and often averaging 200-300 m in width. This is the recipe we need to identify significant tonnage and that's where a systematic method to drilling can pay off. What's exciting about the Double Mer project is that we don't need to overspend on a drilling strategy that focuses on chasing high grades. We just need to methodically test these zones across strike, step by step and with that will come the more exciting intercepts which can bolster composites and potentially the necessary data to support large tonnage."
2024 channel and rock sample locations across the 18km strike at Double Mer
2. Legacy Lithium Project – Quebec, Canada
The Legacy Lithium Project spans 34,243 hectares located in Quebec's renowned Eeyou Istchee James Bay region as is subject to the Option to Joint Venture Agreement with Rio Tinto's subsidiary, Rio Tinto Exploration Canada (RTEC).
A map of the "Lithium Neighborhood" at the Legacy Lithium Project in Quebec
Once RTEC earns the initial 51% interest, it has 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 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, and Rio Tinto's Galinee Project as shown in the map above.
Rio Tinto recently became one of the largest producers of lithium in the world with the approved takeover of Arcadium Lithium. On December 23, 2024, Arcadium Lithium announced its shareholders had approved the proposed Rio Tinto Transaction of an all cash deal for $5.85 per share. The Transaction represents a premium of 90% to Arcadium's closing price of $3.08 per share on 4 October 2024, a premium of 39% to Arcadium's volume-weighted average price (VWAP) since Arcadium was created on 4 January 2024, and values Arcadium's diluted share capital at approximately $6.7 billion.
In Q1 2025, SAGA anticipates providing an update on RTEC's exploration activities in 2024 and an outline of their plans for further exploration in 2025.
Amirault Lithium Project – Quebec, Canada
In Q2 2024, the Company announced an asset purchase agreement to acquire a 100% interest in 606 mining claims covering an area of 31,347.76 hectares in the Eeyou Istchee James Bay region of Québec known as the Amirault Lithium Project.
The Project is contiguous to SAGA's Legacy Lithium project expanding the total contiguous land holdings to 1,274 claims spanning 65,849.20 hectares (658 square kilometers). The acquisition increases the Company's foothold on the striking paragneiss, all of which can be considered prospective for pegmatites following the discovery trend of Winsome Resources, Azimut Exploration, Rio Tinto, and Loyal Lithium (See map of the "Lithium Neighborhood" above).
The Company recently completed a flow-through offering securing C$300,000 for an exploration program at the Amirault Lithium Project between Q2-Q3 2025 focused on mapping, sampling and prospecting across the 31,347.76 hectares.
3. 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.
Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
The 2024 Radar Ti-V exploration program focused on expanding prospecting, geological mapping, and soil sampling in areas near previously identified geophysical anomalies. These efforts have produced encouraging results that reinforce Radar's potential for hosting significant titanium and vanadium mineralization.
Key Total Database Assay Highlights Include:
2024 fieldwork focused on identifying new zones across the property and confirmed the potential for three parallel zones hosting significant electromagnetic anomalies, now named:
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
4. North Wind Iron Ore Project – Labrador, Canada
The North Wind Iron Ore property located 16 kilometers southwest of Schefferville, Quebec, within the prolific Labrador Trough, represents a secondary but high-potential asset within Saga Metals' portfolio. The Labrador Trough, an extensive 1,100-kilometer suite of Proterozoic rocks, is renowned for hosting world-class iron ore deposits and is a major hub for iron ore exploration.
Regional map of the North Wind Iron Ore Project in Labrador, Canada
The North Wind property spans 6,375 hectares across 255 claim blocks under a single license. Its geological framework holds significant potential, reinforced by a portion of a historical resource estimate (NI 43-101 compliant) completed in 2013 by New Millennium Iron.
Historical exploration at North Wind includes data from eight drill holes, which averaged 20.74% Total Fe (iron) content over 590 meters drilled. Notably, the Lower Red Green Chert (LRGC), a key stratigraphic unit within the property, returned an average grade of 24.76% Fe across 277 meters drilled and was intercepted in all eight holes. This LRGC unit forms part of the Sokoman Formation's "Lower Iron Formation," a high-priority target confirmed by both New Millennium Iron and SAGA's exploration team.
As part of routine claims maintenance, SAGA conducted a comprehensive field program at the North Wind Iron Ore property in the summer of 2024. A total of 24 rock samples were collected, accompanied by key geological observations. The Sokoman Formation formed the core focus of exploration. This formation is subdivided into three stratigraphic members based on the following assay iron content (Fe₂O₃):
The 2024 field program confirmed a 4km NW-SE mineralization trend with combined surface thickness of the mineralized zones ranging from 600–700 meters , underlining the project's scale and high-grade potential.
Mike Stier, CEO & Director of Saga Metals Corp., commented: "As 2024 saw the completion of ground truthing across multiple projects, 2025 will be concentrated on drilling! We are proud of the hard work accomplished this past year and look forward to taking this data into 2025 and accelerating our understanding of our portfolio of projects. Completing our IPO was pivotal for the Company and sets the stage for increased funding sources as we aim to garner drill results during Q1/Q2 2025."
Digital Marketing Services Agreement with Machai Capital Inc.
The Company further reports that it entered into a digital marketing services agreement dated January 2, 2025 (the " Marketing Agreement ") with Machai Capital Inc. (" Machai "). Pursuant to the Marketing Agreement, Machai will, among other things, provide the Company with certain marketing services to expand investor awareness of the Company's business and to communicate with the investment community (the " Services ").
The Services will include, among other things, (i) branding, content and data optimization to assist the Company to create in-depth marketing campaigns, (ii) tracking, organizing and executing the Services through search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing. In consideration of the Services, and pursuant to the terms and conditions of the Marketing Agreement, the Company has agreed to pay Machai a fee of €140,000 (plus applicable taxes) over a 31-day term.
The Services will be rendered primarily online through a variety of news and investment community communications channels. Suneal Sandhu, the President of Machai – located at 101 – 17565 – 58 Avenue, Surrey, BC, V3S 4E3 and contacted at 1 (604) 375-0084 and suneal@machaicapital.com – will be involved in conducting the promotional activity. Machai and Mr. Sandhu do not currently own any common shares or common share derivatives in the capital of the Company.
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
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, Radar Ti-V Project and North Wind Iron Ore Project disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the prospective nature of the Company's projects and future exploration programs and services provided under the promotional agreement with Machai. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's Prospectus filed under its profile at www.sedarplus.ca and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Saga Metals Corp. (the "Company" or "SAGA") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce it has closed its previously announced non-brokered private placement (the " Private Placement ") of standard flow-through units (the " Standard FT Units ") and Québec flow-through units of the Company (the " QFT Units " and, together with the Standard FT Units, the " FT Units "). The Company issued 975,610 Standard flow-through units at a price of $0.41 per Standard FT Unit for gross proceeds of $400,000.10 and 697,675 QFT Units at a price of $0.43 per QFT Unit for gross proceeds of $300,000.25, for aggregate gross proceeds of $700,000.35.
Financing Overview:
Each FT Unit consist of one flow-through common share (a " FT Share ") as defined in subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act "), and one-half of one transferable common share purchase warrant (each whole such warrant, a " Warrant "). Each Warrant will entitle its holder to purchase one common share in the capital of the Company (a " Warrant Share ") at a price of $0.50 until December 23, 2026. The Warrants and the Warrant Shares underlying the Warrants will not qualify as "flow-through shares" under the Tax Act.
In connection with the closing of the Private Placement, the Company paid cash finder's fee in the amount of $49,000 and issued 117,129 non-transferable compensation warrants, with each compensation warrant exercisable to acquire one common share in the capital of the Company at a price of $0.41 until December 23, 2026.
All securities issued in connection with the Private Placement are subject to a hold period of four months and one day pursuant to applicable securities laws. The FT Shares, Warrants, Warrant Shares, compensation warrants and any shares issued on exercise thereof are subject to a hold period and may not be traded until April 24, 2025 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.
The gross proceeds from the FT Shares, sold as part of the sale of the FT Units, will be used by the Company for "Canadian exploration expenses" that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Tax Act) on the Company's flagship asset, the Double Mer Uranium project on the east coast of Labrador, Canada, and exploration on its other primary asset, the Amirault Lithium Property located in Québec's Eeyou Istchee James Bay region.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold, within the United States, unless exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws are available.
No securities regulatory authority has reviewed or approved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of SAGA in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Receipt of Drill Permits for Double Mer Uranium and Radar Ti-V Projects:
In addition, the Company reports receipt of drill permits from the Newfoundland & Labrador government to commence drilling at the Double Mer Uranium Project and Radar Titanium-Vanadium (Ti-V) project. The Standard FT Unit component of the financing enables to Company to approach Q1 2025 with two strategic drill programs setting the stage for results from two projects within SAGA's portfolio.
Key Highlights:
Double Mer Uranium Project:
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90 km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, SAGA's exploration team validated key data and built upon the Company's understanding of the project's potential. This work has refined the understanding of the targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program 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 potential.
Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U3O8%) 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 150 ppm U3O8 and anomalous grades over 1,100 ppm U308 to a high of 3,692 ppm U3O8 in a single sample. The Uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of one km or greater.
The zone's favorable mineralogy is complemented by logistical advantages. Located just one kilometer 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.
Michael Garagan, CGO & Director of Saga Metals Corp. commented: "Drilling the Luivik zone which contains some of the most encouraging results, combined with less logistical challenges is the best starting spot for SAGA. We will be immediately looking to build off this winter program by getting permits ready to continue to test zones further east such as the Nanuk and Katjuk zones in Q2 and Q3 of 2025. We are aiming to confirm uranium concentrations and take initial steps in delineating this zone's potential as a critical step in positioning Double Mer as a quality project in Labrador's large-tonnage uranium landscape."
Radar Ti-V Project:
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.
Figure 3: Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4 km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Increased immiscibility in the east creates pronounced silica rich (magnetite depleted) banding mixed interstitially with high grade massive magnetite layers above ( 5-11.1 % TiO2 & 0.3-0.66 % V205% ). This first phase can be identified by the contact of low magnetics bands (blue) and highly magnetic bands (red, pink) (see Figure 4 below). After the high-grade banding the rocks transition into a gabbro norite rock moving westwards which contains a disseminated magnetite groundmass. These rocks are lower grade averaging (3-5% TiO2) & (0.1-0.2% V2O5) but are consistent and extensive in width. The entirety of these cross-system phases is almost 1km wide with a near vertical dip of each layer.
SAGA aims to complete a 1,500m drill program at the Hawkeye zone over the area encompassing the anomalous TiO2 and V2O5 surface samples and targeted geophysics segment as shown in Figure 4 below.
Figure 4: Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
Michael Garagan, CGO & Director of Saga Metals Corp. further commented: "The decision to run back-to-back drill programs and include the Radar project is strategic and efficient as we are always looking to maximize our cost-effectiveness and shareholder value. We've engaged Gladiator Drilling out of south-eastern Labrador. Both the drilling and geological teams will be able to drive right into the Hawkeye zone for a 3-week program prior to the Double Mer Uranium drill program. SAGA will be able to enter Q2 with drill results from two projects, setting the stage for a very active 2025 field season."
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
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 and 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 plans and objectives in respect of the gross proceeds from the Private Placement as well as the prospective nature of the Double Mer Uranium and Radar Titanium-Vanadium Projects and future exploration 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.
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Cameco( TSX: CCO; NYSE: CCJ) is pleased to announce and support the resolution reached by Westinghouse Electric Company (Westinghouse) in its intellectual property dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd., (collectively KEPCO and KHNP).
"This is a positive outcome for both parties, which we believe facilitates bringing world-leading reactor technology and related competencies in engineering, construction services, maintenance, fuel supply, and training to the global market," said Tim Gitzel, Cameco's President and Chief Executive Officer. "With more than 30 countries and over 100 companies pledging to triple nuclear capacity by 2050, the demand for nuclear power is undeniable. This agreement strengthens the industry's ability to provide carbon-free, reliable, dispatchable baseload electricity to help achieve climate, energy and national security objectives."
Implementation of the settlement agreement that resolves the dispute establishes a framework for additional deployments to the mutual benefit of Westinghouse, KEPCO and KHNP.
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our belief that the resolution of the dispute will facilitate bringing technology and related competencies to the global market; our views regarding the demand for nuclear power; our view that the agreement will strengthen the industry's ability to achieve certain objectives; and our expectation that implementation of the agreement establishes a framework for mutually beneficial additional deployments. Material risks that could lead to different results include the risk that the agreement will not have the expected implications for the global market or strengthen the industry's ability to achieve its objectives, and the risk that additional mutually beneficial deployments may not occur. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about the implications of the agreement for the global market and the industry's ability to achieve its objectives, and the potential for mutually beneficial additional deployments. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250116040462/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
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Highlights:
Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to report more assay results from the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ).
Further results for 7 holes of 17 holes from infill drilling at Huarabagoo and for 4 holes of 27 holes drilled in the zone between the Huarabagoo and Junnagunna ("Link Zone") deposits have been received. All of the holes returned significant uranium mineralization with further gold mineralization evident at the Huarabagoo deposit. The results from the Link Zone demonstrate that uranium mineralisation is continuous along strike and potentially joins the two deposits. (Figure 1)
Commenting on the results, Laramide's Vice-President of Exploration Rhys Davies said:
"The latest results from Huarabagoo and the Link Zone continue to show the high quality of the project and will contribute to an updated Westmoreland Mineral Resource Estimate ("MRE"). The updated MRE which will include a Maiden Resource Estimate for Long Pocket, remains on track for delivery later in Q1 2025. The results to date have supported the objectives of the 2024 drill program, including testing new areas for expansion which have led us to appreciate the size and scope of the deposit.
"Additionally, this data will underpin the next phase of work at Westmoreland in 2025, which is expected to include further drilling along with renewed development studies, including geotechnical, advanced metallurgical, mining optimisation and scheduling.
"The final exploration results from the 2024 campaign are expected in the coming weeks from Junnagunna North and Amphitheatre in Queensland , and from Mageera in the Northern Territory."
The 2024 drilling campaign across the broader Westmoreland Project was completed on the 4th of November and comprised 106 holes (includes 60 RC and 46 DD) for 11,263 meters, across multiple targets.
Huarabagoo
The Huarabagoo deposit, located in the structural corridor between Redtree and Junnagunna, is included in the restated 2016 Westmoreland Mineral Resource Estimate 1 .
The 2024 drilling at Huarabagoo was designed to infill data gaps within the deposit, and to also test continuity of gold mineralisation within the system.
The reported results continue to support the model and confirm lateral continuity but also vertical continuity, for example HB24RC014 presents multiple mineralised intercepts downhole within a 31m zone ( 30m to 61m ) plus a higher-grade zone from 72m :
___________________________ |
1 https://laramide.com/projects/westmoreland-uranium-project/ |
Huarabagoo-Junnagunna Link Zone
Drilling in the Huarabagoo-Junnagunna structural corridor is designed to test the mineralisation continuity between the two deposits with the intent to further increase the overall size of the resource. Results are encouraging and support the rationale for further testing of this zone.
Corporate Update
Further to Laramide's release of December 6, 2024 , regarding the Kazakhstan exploration opportunity, Aral Resources (which Laramide has an option to acquire) has now been granted 21 exploration licenses that were applied for, with one license pending grant. Planning is well advanced for the initial phase of exploration in the country which includes historical data compilation, as well as a large-scale airborne survey expected to commence in Q2 2025. The expected budget for Kazakhstan exploration in 2025 is approximately USD$2.5M , which aligns with the requisite statutory work commitments attached to the licenses. Most of this budget is back-end loaded, beginning in Q3, and will be focused on initial drilling of the most promising roll front targets identified across the very large land package.
Following the extension of Laramide's USD$3.5M convertible note held by Extract Capital in Q4 2024 (see news release of October 18, 2024 ), the Company ended the year in a comfortable financial position with cash and marketable securities exceeding CDN$5 million . This was facilitated by sales of a portion of the shares held in Sol Strategies, a CSE listed public company (symbol: HODL) which traded at 22 cents per share on September 30, 2024 , but ended the year at $3.02 per share.
Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
To learn more about Laramide, please visit the Company's website at www.laramide.com .
Follow us on Twitter @LaramideRes
About Laramide Resources Ltd.
Laramide is focused on exploring and developing high-quality uranium assets in Tier-1 uranium jurisdictions. The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large development projects are considered to be late-stage, low-technical risk projects. As well, Laramide has expanded its pipeline with strategic exploration in Kazakhstan where the company is exploring over 5,500 km 2 of the prolific Chu-Sarysu Basin for world class roll-front deposits which are amenable to in-situ recovery.
Forward-looking Statements and Cautionary Language
This release includes certain statements that may be deemed to be "forward-looking statements." All statements in this release, other than statements of historical facts, that address events or developments that the management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Laramide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for uranium; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for uranium; uranium price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Table 1: Drill Collar Details | ||||||||||
Prospect | Hole ID | GDA_Easting | GDA_Northing | RL (m) | Depth (m) | Grid Azi | Dip | Hole type | Drilling | Drilling completed |
HUARABAGOO | HB24DD001 | 194116 | 8062630 | 86 | 110.8 | 133 | -60 | DD | 08/08/2024 | 13/08/2024 |
HUARABAGOO | HB24DD002 | 194186 | 8062731 | 85 | 37.8 | 134 | -50 | DD | 13/08/2024 | 14/08/2024 |
HUARABAGOO | HB24DD003 | 194185 | 8062731 | 85 | 117.9 | 134 | -50 | DD | 20/08/2024 | 23/08/2024 |
HUARABAGOO | HB24DD004 | 194110 | 8062675 | 90 | 116.1 | 134 | -50 | DD | 23/08/2024 | 27/08/2024 |
HUARABAGOO | HB24DD005 | 194211 | 8062632 | 86 | 137.8 | 314 | -50 | DD | 27/08/2024 | 30/08/2024 |
HUARABAGOO | HB24DD006 | 194234 | 8062667 | 85 | 122.8 | 314 | -50 | DD | 30/08/2024 | 01/09/2024 |
HUARABAGOO | HB24DD007 | 193970 | 8062353 | 95 | 88.3 | 314 | -50 | DD | 01/09/2024 | 03/09/2024 |
HUARABAGOO | HB24DD008 | 193974 | 8062381 | 94 | 117.3 | 314 | -60 | DD | 03/09/2024 | 06/09/2024 |
HUARABAGOO | HB24DD009 | 194171 | 8062573 | 88 | 119.6 | 314 | -50 | DD | 06/09/2024 | 07/09/2024 |
HUARABAGOO | HB24DD010 | 194283 | 8062835 | 84 | 95.1 | 134 | -50 | DD | 07/09/2024 | 09/09/2024 |
HUARABAGOO | HB24DD011 | 194303 | 8062858 | 84 | 90.1 | 134 | -60 | DD | 09/09/2024 | 10/09/2024 |
HUARABAGOO | HB24DD012 | 194573 | 8063195 | 84 | 102.2 | 134 | -70 | DD | 16/09/2024 | 18/09/2024 |
HUARABAGOO | HB24DD013 | 194573 | 8063195 | 84 | 81.5 | 134 | -50 | DD | 18/09/2024 | 19/09/2024 |
HUARABAGOO | HB24DD014 | 194567 | 8063202 | 82 | 101.3 | 315 | -55 | DD | 19/09/2024 | 24/09/2024 |
HUARABAGOO | HB24DD015 | 194660 | 8063383 | 81 | 107.0 | 314 | -60 | DD | 24/09/2024 | 25/09/2024 |
HUARABAGOO | HB24DD016 | 194764 | 8063486 | 81 | 141.1 | 134 | -60 | DD | 26/09/2024 | 27/09/2024 |
HUARABAGOO | HB24DD017 | 194724 | 8063527 | 80 | 140.7 | 134 | -60 | DD | 28/09/2024 | 29/09/2024 |
HJ Link Zone | HJ24RC001 | 195002 | 8063617 | 81 | 150.0 | 315 | -60 | RC | 17/08/2024 | 18/08/2024 |
HJ Link Zone | HJ24RC002 | 195064 | 8063844 | 79 | 150.0 | 135 | -60 | RC | 19/08/2024 | 19/08/2024 |
HJ Link Zone | HJ24RC003 | 195275 | 8063908 | 79 | 150.0 | 315 | -60 | RC | 20/08/2024 | 21/08/2024 |
HJ Link Zone | HJ24RC004 | 195141 | 8064040 | 79 | 150.0 | 135 | -60 | RC | 21/08/2024 | 22/08/2024 |
HJ Link Zone | HJ24RC005 | 195346 | 8064256 | 78 | 168.0 | 135 | -60 | RC | 22/08/2024 | 24/08/2024 |
HJ Link Zone | HJ24RC006 | 195559 | 8064345 | 77 | 90.0 | 315 | -60 | RC | 24/08/2024 | 25/08/2024 |
HJ Link Zone | HJ24RC007 | 195448 | 8064447 | 77 | 150.0 | 135 | -60 | RC | 25/08/2024 | 26/08/2024 |
HJ Link Zone | HJ24RC008 | 195634 | 8064542 | 78 | 150.0 | 135 | -60 | RC | 27/08/2024 | 28/08/2024 |
HJ Link Zone | HJ24RC009 | 195838 | 8064619 | 78 | 150.0 | 315 | -60 | RC | 28/08/2024 | 29/08/2024 |
HJ Link Zone | HJ24RC010 | 195932 | 8064814 | 77 | 150.0 | 135 | -60 | RC | 29/08/2024 | 30/08/2024 |
HJ Link Zone | HJ24RC011 | 196114 | 8064909 | 77 | 150.0 | 315 | -60 | RC | 30/08/2024 | 31/08/2024 |
HJ Link Zone | HJ24RC012 | 196208 | 8065094 | 77 | 150.0 | 135 | -60 | RC | 01/09/2024 | 02/09/2024 |
HJ Link Zone | HJ24RC013 | 195362 | 8064519 | 77 | 150.0 | 315 | -55 | RC | 02/09/2024 | 03/09/2024 |
HJ Link Zone | HJ24RC014 | 194937 | 8063686 | 79 | 150.0 | 135 | -60 | RC | 25/09/2024 | 26/09/2024 |
HJ Link Zone | HJ24RC015 | 194872 | 8063736 | 80 | 150.0 | 135 | -60 | RC | 26/09/2024 | 27/09/2024 |
HJ Link Zone | HJ24RC016 | 195131 | 8063771 | 80 | 162.0 | 315 | -55 | RC | 27/09/2024 | 27/09/2024 |
HJ Link Zone | HJ24RC017 | 195006 | 8063894 | 78 | 150.0 | 135 | -60 | RC | 28/09/2024 | 29/09/2024 |
HJ Link Zone | HJ24RC018 | 196158 | 8065142 | 79 | 150.0 | 135 | -60 | RC | 02/10/2024 | 03/10/2024 |
HJ Link Zone | HJ24RC019 | 195999 | 8065017 | 77 | 126.0 | 135 | -60 | RC | 03/10/2024 | 05/10/2024 |
HJ Link Zone | HJ24RC020 | 195731 | 8064722 | 77 | 150.0 | 135 | -60 | RC | 05/10/2024 | 06/10/2024 |
HJ Link Zone | HJ24RC021 | 195372 | 8064237 | 79 | 150.0 | 246 | -55 | RC | 06/10/2024 | 07/10/2024 |
HJ Link Zone | HJ24DD014 | 195202 | 8063980 | 78 | 150.3 | 315 | -60 | DD | 04/09/2024 | 06/09/2024 |
HJ Link Zone | HJ24DD015 | 195400 | 8064216 | 79 | 150.3 | 135 | -50 | DD | 06/09/2024 | 08/09/2024 |
HJ Link Zone | HJ24DD016 | 195533 | 8064369 | 77 | 132.5 | 315 | -70 | DD | 08/09/2024 | 10/09/2024 |
HJ Link Zone | HJ24DD017 | 195789 | 8064673 | 78 | 132.3 | 135 | -60 | DD | 11/09/2024 | 12/09/2024 |
HJ Link Zone | HJ24DD018 | 195591 | 8064583 | 77 | 138.3 | 135 | -60 | DD | 13/09/2024 | 14/09/2024 |
HJ Link Zone | HJ24DD019 | 196051 | 8064970 | 77 | 135.3 | 135 | -60 | DD | 15/09/2024 | 16/09/2024 |
HJ Link Zone | HJ24DD020 | 196267 | 8065043 | 77 | 135.0 | 315 | -50 | DD | 16/09/2024 | 19/09/2024 |
HJ Link Zone | HJ24DD021 | 195533 | 8064369 | 77 | 150.2 | 315 | -55 | DD | 20/09/2024 | 24/09/2024 |
Table 2: Significant intercepts >100ppm U 3 O 8 | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
HB24DD011 | 14.3 | 16 | 1.7 | 150.28 | 0.05 |
HB24DD011 | 34 | 39.7 | 5.7 | 2053.35 | 0.58 |
including | 34.5 | 38.2 | 3.7 | 2751.20 | 0.81 |
HB24DD011 | 70.85 | 82 | 11.2 | 325.27 | 0.01 |
HB24DD011 | 85 | 86 | 1 | 129.12 | 0.01 |
HB24DD012 | 59 | 60 | 1 | 249.99 | 0.01 |
HB24DD012 | 86 | 89 | 3 | 177.43 | 0.01 |
HB24DD013 | 52 | 63 | 11 | 499.23 | 0.01 |
including | 59 | 60 | 1 | 2582.45 | 0.01 |
HB24DD013 | 68 | 80 | 12 | 1694.37 | 0.01 |
including | 69 | 74 | 5 | 3235.49 | 0.01 |
HB24DD013 | 77 | 78 | 1 | 1042.41 | 0.01 |
HB24DD014 | 20 | 25 | 5 | 360.95 | 0.01 |
including | 23 | 24 | 1 | 1113.16 | 0.01 |
HB24DD014 | 30 | 38 | 8 | 408.89 | 0.01 |
HB24DD014 | 44 | 61 | 17 | 764.24 | 0.03 |
including | 52 | 61 | 9 | 1247.99 | 0.04 |
and | 72 | 75 | 3 | 5286.75 | 0.62 |
HB24DD014 | 98 | 101.25 | 3.25 | 938.60 | 0.01 |
including | 98 | 100 | 2 | 1423.88 | 0.02 |
HB24DD015 | 27 | 49 | 22 | 871.01 | 0.02 |
including | 29 | 30 | 1 | 1550.65 | 0.01 |
and | 38 | 43 | 5 | 2503.44 | 0.01 |
HB24DD015 | 83 | 102 | 19 | 964.90 | 0.02 |
including | 94 | 100 | 6 | 2622.74 | 0.01 |
HB24DD016 | 17 | 22 | 5 | 111.76 | 0.01 |
HB24DD016 | 26 | 28 | 2 | 160.08 | 0.01 |
HB24DD016 | 36 | 37 | 1 | 117.92 | 0.01 |
HB24DD017 | 7 | 13 | 6 | 157.09 | 0.01 |
HB24DD017 | 75 | 89 | 14 | 423.32 | 0.05 |
including | 81 | 82 | 1 | 1863.14 | 0.21 |
HJ24RC014 | 74 | 75 | 1 | 113.91 | 0.01 |
HJ24RC014 | 79 | 94 | 15 | 267.18 | 0.01 |
including | 80 | 81 | 1 | 1068.36 | 0.03 |
HJ24RC015 | 108 | 115 | 7 | 309.42 | 0.01 |
HJ24RC020 | 18 | 39 | 21 | 181.91 | 0.01 |
HJ24RC020 | 95 | 99 | 4 | 156.57 | 0.04 |
HJ24RC021 | 25 | 29 | 4 | 200.17 | 0.01 |
HJ24RC021 | 32 | 33 | 1 | 126.17 | 0.01 |
HJ24RC021 | 123 | 125 | 2 | 397.57 | 0.01 |
HJ24RC021 | 137 | 139 | 2 | 267.97 | 0.01 |
HJ24DD021 | 46 | 49.1 | 3.1 | 377.91 | 0.01 |
HJ24DD021 | 51.6 | 53 | 1.4 | 119.69 | 0.01 |
HJ24DD021 | 57 | 58 | 1 | 104.71 | 0.01 |
* Included intercepts are above >1000 ppm U 3 O 8 # intercept is above >1% U 3 O 8 | |||||
Table 3: Significant intercepts >0.1 g/t Au | |||||
Hole | From | To | Length (m) | U 3 0 8 ppm | Au g/t |
HB24DD011 | 34.5 | 39 | 4.5 | 2433.58 | 0.72 |
including | 36 | 38.2 | 2.2 | 3135.60 | 1.23 |
with | 36 | 37 | 1 | 4563.50 | 2.04 |
HB24DD011 | 43 | 46 | 3 | 8.96 | 0.12 |
HB24DD011 | 84 | 85 | 1 | 52.47 | 0.15 |
HB24DD014 | 60 | 61 | 1 | 1123.78 | 0.34 |
HB24DD014 | 72 | 75 | 3 | 5286.75 | 0.62 |
with | 74 | 75 | 1 | 3419.68 | 1.47 |
HB24DD014 | 96 | 97 | 1 | 16.63 | 0.14 |
HB24DD015 | 46 | 47 | 1 | 261.78 | 0.24 |
HB24DD015 | 84 | 85 | 1 | 151.53 | 0.23 |
HB24DD017 | 80 | 82 | 2 | 1352.54 | 0.16 |
HB24DD017 | 86 | 87 | 1 | 627.33 | 0.18 |
HJ24RC020 | 43 | 44 | 1 | 30.66 | 0.11 |
HJ24RC020 | 76 | 77 | 1 | 3.18 | 0.22 |
HJ24RC020 | 96 | 97 | 1 | 231.71 | 0.10 |
HJ24RC021 | 102 | 105 | 3 | 31.68 | 0.57 |
including | 103 | 104 | 1 | 50.00 | 1.29 |
* Included intercepts are above >0.5g/t Au; with intercepts above >1g/t Au # I ntercepts exceed 20g/t Au | |||||
SOURCE Laramide Resources Ltd.
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GTI Energy presents an intriguing opportunity for investors seeking exposure to the uranium sector, given its focus on ISR projects in the US aligning well with macro trends in the nuclear energy industry and geopolitical shifts favouring domestic uranium production.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is an Australia-based uranium exploration and development company focused on uranium projects in Wyoming, USA, that are amenable for in-situ recovery (ISR). In uranium mining, ISR is the lowest cost and least environmentally damaging form of uranium recovery, especially when an alkaline leach and ion exchange processes are utilised.
The company's flagship Lo Herma project in the Powder River Basin is a sandstone-hosted roll front uranium deposit, which contains a recently updated mineral resource of 8.57 million pounds (Mlbs) of U3O8 at average grade of 630 parts per million (JORC code compliant) with a substantial additional exploration target in the range 6 to 11 Mlbs. GTI also holds projects in the Great Divide Basin (inferred resources of 1.66 Mlbs) and Green Mountain areas of Wyoming, as well as earlier-stage conventional uranium/vanadium assets in Utah. To date, GTI has delineated total combined uranium resources of 10.32 Mlbs (indicated and inferred) and substantial combined exploration targets in the range 12 to 20 Mlbs across its Wyoming projects.
Wyoming’s ISR uranium processing assets and GTI project locations
GTI is positioning itself to take advantage of the worsening uranium supply deficit and rapidly growing demand for uranium, particularly from the United States. The US is currently the world's largest consumer of uranium but currently imports more than 95 percent of its supply. The company's strategy centres on developing low-cost ISR uranium projects in Wyoming, a historically significant uranium producing region with existing infrastructure and a supportive regulatory environment.
The uranium market is experiencing a serious supply deficit and a simultaneous significant demand resurgence driven by several factors:
In the United States specifically, there is strong bipartisan support for revitalizing the domestic uranium industry. Recent initiatives include the creation of a strategic uranium reserve, US$6 billion in grants for existing nuclear plants, and tax credits for new nuclear facilities under the Inflation Reduction Act. The Department of Energy has also advocated for tripling US nuclear capacity to 300 gigawatts by 2050, which would significantly increase uranium demand. Support for nuclear energy is now underpinned by COP28/29 DOE pledges, demand from data centre companies and 14 of the world’s largest banks.
In the longer term, GTI recognizes the potential benefits of consolidation within the fragmented US uranium sector. The company remains open to strategic partnerships, joint ventures, or even merger and acquisition opportunities that could create a more substantial production base. Such moves could potentially accelerate GTI's path to production, create operational synergies, or provide access to additional high-quality assets, enhancing the company's overall value proposition to investors.
GTI's focus on Wyoming ISR projects positions it well to capitalize on trends in the uranium sector. ISR mining is generally faster to build, lower cost and more environmentally friendly than conventional mining methods. Wyoming has a long history of uranium production and hosts current producers and several more additional permitted processing facilities, potentially allowing for rapid development of new projects.
The potential quantity and grade of Exploration Targets is conceptual in nature and there has been insufficient exploration to estimate a JORC-compliant MRE. It is uncertain if further exploration will result in the estimation of a MRE in the defined exploration target areas. In addition to drilling conducted in 2024, Exploration Targets have been estimated based on historical drill maps, drill hole data, aerial geophysics (as reported during 2023) and drilling by GTI conducted during 2023 to verify the historical drilling information. There are now 954 drill holes in the Lo Herma project area with the drill programs conducted by GTI during 2023 and 2024 designed, in part, to test the Lo Herma Exploration Target.
The Wyoming projects – comprising the Lo Herma, Great Divide Basin and Green Mountain projects – are located in the Powder River and Great Divide Basins.
The company’s exploration work is currently prioritizing resource development at Lo Herma, where recent drilling has successfully verified the historical Lo Herma drill hole database.
The Lo Herma project, located just 10 miles from Cameco's Smith Ranch-Highland facility (the largest ISR uranium plant in the US), appears particularly promising. Recent drilling results have confirmed and expanded known mineralization, with the potential to significantly increase the resource base.
The company is undertaking an accelerated program at Lo Herma with the primary objective of expanding its resource base. This ongoing initiative aims to grow the known mineralization both along trend and at depth. GTI is exploring in both the Wasatch formation and the deeper Fort Union formation, which both hold the potential to add significant additional mineralization to the project's resource inventory.
Concurrent with resource expansion, GTI is taking crucial steps to de-risk the Lo Herma project. The company is in the process of completing hydrogeologic and water monitoring wells, which are essential for understanding the project's hydrogeology and planning future production scenarios. Furthermore, GTI has collected core samples for metallurgical testing, a critical step in optimizing the ISR process and demonstrating the project's economic viability.
Looking ahead, GTI has set ambitious targets for advancing Lo Herma through key development milestones, including a potential scoping study in 2025. Positive results from these studies could serve as significant catalysts for the company, potentially leading to a material re-rating of the stock as the project's economic potential becomes clearer.
The company continues to advance its other Wyoming projects, including those in the Great Divide Basin and Green Mountain areas. Exploration at Green Mountain can commence in 2025 now that the necessary permits are in place, providing potential for additional resource growth and diversification of the company's asset base. Permits are also in place for future drilling at the company’s Great Divide Basin and Utah projects.
The Great Divide Basin project consists of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000-hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s landholding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirm the presence of major uranium mineralisation at the projects.
Green Mountain lies immediately adjacent to the Great Divide Basin project and adjacent to Energy Fuel’s 30 Mlb Sheep Mountain, Ur-Energy’s Lost Soldier, Rio Tinto’s Jackpot & UEC’s Antelope deposits. Green Mountain contains a number of uranium mineralised roll fronts hosted in the fertile Battle Springs formation.
Exploration at Henry Mountains has focused on approximately 5 kms of mineralised trend that extends between the Rat Nest & Jeffrey claim groups and includes the Section 36 state lease block. Uranium and vanadium mineralisation in this location is generally shallow at 20 to 30 meters average depth. The region forms part of the prolific Colorado Plateau uranium province which historically provided the most important uranium resources in the USA. Sandstone-hosted ores have been mined in the region since 1904 and the mining region has historically produced in excess of 17.5 Mt @ 2,400 ppm U3O8 (92 Mlbs U3O8) and 12,500 ppm V2O5 (482 Mlbs V2O5).
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 20 years, most notably with ASX listed companies Atom Energy, Stonehenge Metals and Fenix Resources (FEX).
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia.
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.