VANCOUVER, British Columbia, Feb. 25, 2025 (GLOBE NEWSWIRE) -- SAGA Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) , a North American exploration company focused on critical mineral discovery, is pleased to provide an update on the 2024 field program at the Legacy Lithium Project in James Bay, Quebec, operated by Rio Tinto Exploration Canada Inc. (RTEC).
RTEC is a Canadian subsidiary of the Rio Tinto Group ( LSE: RIO, ASX: RIO, NYSE: RIO ).
Legacy Lithium Project
The Legacy Lithium Project spans 34,243 hectares located in Quebec's renowned Eeyou Istchee James Bay region and is subject to the Option to Joint Venture Agreement with RTEC. See announcement of the agreement here .
Figure 1.0 A map of the “Lithium Neighborhood” at the Legacy Lithium Project in Quebec
Option to Joint Venture Agreement with RTEC
Rio Tinto Partnership: Under the Option Agreement, RTEC has the option to acquire a 51% interest in SAGA’s Legacy Lithium Project over four years if it meets the following conditions:
If RTEC earns the initial 51% interest, it will then have the option to increase its stake to 75% over five more years by spending an additional C$34.18 million on exploration. RTEC will oversee the project as operator during both the first and second option periods, and a joint technical committee will plan the exploration programs.
The Legacy Lithium project covers 100km of striking paragneiss situated in a region known for lithium discoveries, including Winsome Resources Adina Project, Loyal Lithium’s Trieste Project, Rio Tinto and Midland Exploration’s Galinee Project, and Azimut Exploration and Soquem’s Galinee Project as shown in the map above.
2024 Field Program Conducted by RTEC
Commencing exploration activities in 2024, RTEC conducted geological mapping campaigns, a satellite imagery survey, and an airborne magnetics survey on the optioned Legacy Lithium project. On the property, a total of 173 pegmatite and country rock grab samples were collected and submitted for geochemical analysis. The airborne magnetic survey of the northwestern portion of the property was completed. A digital terrain model of the property was generated from Skywatch Pleiades Tri-Stereo satellite imagery which covers all but some of the far northern-western claims.
The work completed in 2024 was focused on prospecting for lithium mineralization hosted in pegmatites, assessing the potential for the discovery of new mineralized occurrences within the proliferous James Bay Pegmatite District.
Exploration: Prospecting Geological Data Collection, and Geochemistry
The results of the 2024 reconnaissance campaign, based on observation points and geochemical analysis, indicate that numerous pegmatites are widely distributed across the property, displaying variability in grain size, mineralogy, and texture. They are localized and primarily hosted within biotite-rich paragneiss. Although pegmatites are also present within orthogneiss, they tend to be less common, smaller in size, and undifferentiated. The pegmatites in zones of dilation and strain have a more evolved mineralogy, with garnets, apatite and tourmaline. Pegmatite emplacement appears structurally controlled by a WNW-ESE shear zone with occurrences preferentially along dilatational zones in this trend.
The highest Li₂O value found in pegmatite was 85 ppm in a boulder located on the western side and the highest value in an outcrop sample was 83 ppm. Notably, higher Li₂O concentrations were found in paragneiss, with a maximum Li₂O value of 201 ppm. Assay results from a pegmatite sample in the central-northeastern sector reveal an anomalous tantalum value (53ppm). This sample also yielded the highest beryllium value (83.4 ppm) and exhibited slightly elevated Rb/K ratios, a characteristic shared with nearby samples.
Strongly peraluminous compositions were identified throughout the property, particularly within the tantalum-enriched sample zone. These findings suggest the presence of localized areas with enhanced peraluminous character. Peraluminous compositions are strongly associated with S-type granites, which are known precursors of LCT pegmatites. Although the average Alumina Saturation Index across the property is generally low, a trend of increasing peraluminous character is observed in the southern region. A higher volume of sampling in this area would be necessary to confirm this trend.
Figure 2.0 Location of 2024 Field Samples. RTEC Spatial Distribution of Alumina Saturation Index Grab Samples 2024. Elevated alumina saturation can suggest a favorable melt source for Lithium mineralization and is used in combination with other analytical methodologies.
Figure 3.0 Samples (173) and tracks. Background: regional Quebec Government lithology map. Red and dark pink, granitoids. Shades of blue, paragneiss. Light pink, orthogneiss.
Geophysics & Remote Sensing
Skywatch was contracted to provide 50 cm high-resolution satellite imagery and tri-stereo digital terrain models (DTM) for the Legacy property. All but the northwesternmost claims on Legacy were covered during this survey.
A helicopter-borne magnetic survey was conducted over the Legacy property completing a total of 3,096 line-km of data during the survey. Due to weather and technical issues, only 40% of the planned survey area was completed before the survey was terminated. As a result, coverage was limited to the highest-priority northwesternmost section of the Legacy property. The remaining survey area is under consideration for completion in 2025.
Pegmatites were mapped on surface and noted to correlate with zones of magnetic lows. Skywatch was also used as an exploration tool where RTEC was able to survey the project with 50cm Ortho Imagery across the entirety of the property. Both tools coupled with geochemistry will allow for a more focussed exploration effort in 2025.
Figure 4.0 Detailed geophysics over the western border on the Legacy property. On strike with Adina’s Tilley project. Pegmatites are commonly identified within extreme magnetic lows and marked by rock samples taken in areas with exposed pegmatite outcrops. (RTEC 2024)
2025 Exploration Initiatives
In 2025, RTEC plans to continue its mapping, sampling, and prospecting survey based on past results and the airborne magnetics.
New zones in the far west of the property on strike with Winsome Resources’ Tilley project as well to the south of the Legacy property on strike with SAGA’s contiguous Amirault property yielded interesting observational points noted for further follow up by RTEC during the 2025 field season.
Quality Control
RTEC sampling protocols include the insertion of OREAS standards at regular intervals within each batch of sample submitted to the laboratory. CRM materials used included OREAS 520, OREAS 750, OREAS 751 and OREAS 753.
All samples were prepared by ALS Laboratories in Thunder Bay using a preparation package whereby the entire sample is crushed to 70% less than 2mm mesh size using a Boyd crusher and splitter combination. A 1kg split of crushed material is pulverized to better than 85% passing 75 microns mesh size. ALS internally sends all pulps to ALS Geochemistry in Vancouver for analysis.
Pegmatite materials were analyzed by a multi-method analytical package: Super Trace ME-MS61L (Multi-Element Suite with added Au, Pt, and Pd from the ICP-MS analysis. Au >35ppb overlimit via Au-ICP21, Ag, As, Co, Cu, Mo, Ni, Pb, S, Zn overlimits via OG62, all others via X-ICPDIL), ME-ICP06 (lithium borate whole rock analytes, LOI and Total Calculation), and ME-MS81 (full suite including REE's). Country rock samples were analyzed by: Super trace ME-MS61L and pXRF-30RT (RTX custom pXRF suite for resistate analytes (Cr, Nb, Si, Ta, Ti, Y, Zr). Add-on to multi-element methods).
About SAGA Metals Corp.
SAGA Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.4281% U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
SAGA Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Kamil Khobzi, P. Eng., MBA, of Kamil Khobzi & Associates Inc. is a “qualified person” as defined under NI 43-101 and has reviewed and approved the scientific and technical content of this news release regarding the Legacy Lithium Property
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to exploration of the Legacy Lithium project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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 announce the official commencement of the maiden drill program at the Company's Radar Titanium-Vanadium (Ti-V) Project.
Drilling Commenced at Radar Titanium-Vanadium (Ti-V) Project in Labrador, Canada:
The Radar drill program is advancing at a strong pace as the team is currently drilling the 5 th of 7 planned drill holes in the Hawkeye zone. To date, the team has drilled over 1,000 meters of rock through the magnetic anomaly as identified the geophysical survey completed in Q4 2024 (see Figure 5 below).
Gladiator Drilling has been moving efficiently and effectively, not only through the rock with several 100+m of core drilled in a single shift, but also with well executed and clean drill moves.
"The rock has been great to drill through. The shear amount of magnetite in the rock has made for soft yet highly competent rock, with very high core recovery," stated Josh Blundell, Owner & Operator of Gladiator Drilling.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: " The magnetic inversions have been amazingly accurate. Our first hole was plotted to start right in the center of the magnetic anomaly, and I've been able to predict our intercepts with 10-20m accuracy based upon the inversion and surface structural measurements. The only surprise the team has had is with just how much magnetite is present in the system, both as groundmass and layering. I was expecting more silica rich/magnetite depleted zones between each geophysical high but what we have found is that the whole thing is full of magnetite. Its pretty remarkable. Additionally, our biggest intercept of magnetite layering was 150m long, with the most impressive being a 25m section containing at least 62 individual magnetite bands varying from 3 to 10 inches in width. It's easy to get excited when you see something like that, especially when you have both the geochemical and petrographic evidence that both the titanium and vanadium are hosted in the magnetite."
Figure 1: Magnet pen standing straight up on core from SAGA's Radar Titanium-Vanadium project demonstrating its highly magnetic composition
Figure 2: Newfoundland Helicopters slings in the floor of Gladiator's diamond drill
Figure 3: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Figure 4: Gladiator Drilling and SAGA finalize drill setup in the Hawkeye zone at Radar and commence drilling
Key Maiden Drill Program Highlights:
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 5: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the final in-province preparations for the Company's maiden drill programs at the Double Mer Uranium and Radar Ti-V projects in Labrador, Canada.
Final Preparations at Double Mer Uranium Project in Labrador, Canada:
On January 19, SAGA's exploration team including Michael Garagan, CGO & Director of SAGA, landed in Labrador. After retrieving equipment from SAGA's storage facility, the team was able to complete orientations and briefed Air Tunilik, Newfoundland Helicopters and other supportive members on the project plans and objectives.
On January 22, the first winter flight into the Double Mer camp was completed to confirm thickness of the lake ice to ensure Air Tunilik can land its twin otter float plane retrofitted with skis. After confirming the average thickness is 22", well above the required 19", the team cleared and organized the camp, preparing for the arrival of equipment and supplies.
The approved landing then allowed SAGA's crew and Air Tunilik to complete the first Twin Otter flight into the Double Mer camp, offloading supplies and grooming the lake via snowmobile and groomer for future supply runs.
In the early part of the week ahead, SAGA will fly in the remaining camp materials including lumber, piping, generators, stoves, and other required gear. Geominex has been engaged to complete the remainder of the camp refurbishment in preparations for the maiden uranium drill program.
Final Preparations at Radar Titanium-Vanadium Project in Labrador, Canada:
In Cartwright, experienced local heavy equipment operators cleared and prepared the drillers lay down near the targeted Hawkeye zone. As fuel arrived in Goose Bay, a portion was offloaded and stored for transport into the Double Mer camp and the rest was shipped into Cartwright and stored in the Company's permitted fuel cache.
Heading into Friday, January 24 and over the weekend, SAGA's team commenced clearing and preparing the drill pads, conducting trail maintenance and reconnaissance over the Hawkeye zone as well as setting up the core shack.
In addition, Gladiator Drilling is due to arrive in Cartwright and will begin the maiden drill program at the Radar Ti-V project.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "As the final touches are added to the Double Mer camp and Radar's drill site, it's clear the only thing more exciting than the maiden drill programs is the team's sprit. We are fortunate to have an exceptional team and supportive service providers with SAGA this winter. The journey of hard work has led us to this moment—our maiden drill programs! We are all looking forward to getting our hands on the core and seeing the potential of what lies beneath the surface."
Figure 1: Simeon Alexander and Air Tunilik make first landing on the lake at Double Mer Camp in Labrador
Key Maiden Drill Program Highlights:
Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador. Leveraging significant historical exploration, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. More recently, SAGA confirmed the presence of uraninite and the genetic leakage between pegmatites along the 18km trend . The Double Mer project boasts surface samples showing uranium oxide (U3O8) concentrations as high as 0.428% U 3 O 8 and scintillometer readings up to 27,000 cps .
Figure 2: Map of the Double Mer Uranium Project highlight the 18km trend verified through surface sample and uranium count radiometrics
Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development. Radar's Hawkeye zone is the most prospective target on the property with detailed geophysics and surface samples completed to date. Results include 2.5 - 11.1% TiO2 and 0.2 - 0.66% V2O5 and are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide, 4km long and potentially over 600m deep . Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Figure 3: Magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium and Radar Ti-V Projects disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
Photos accompanying this announcement are available at
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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, confirming the presence of uraninite, a key uranium mineral, hosted within the pegmatites identified along the 18km trend; verified through uranium count radiometrics and surface sampling at the Double Mer Uranium project in Labrador, Canada.
Saga Metals flagship Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration, SAGA's exploration team validated key data and built upon the Company's understanding of the project's uranium potential. This work has refined the understanding of the uranium targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program at the Luivik zone .
SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador's Central Mineral Belt (CMB) , including Paladin Energy's Michelin and Atha Energy's CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage uranium potential.
Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada
Drilling set for Double Mer Uranium Project's Luivik zone:
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U 3 O 8 %) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone's uranium potential, making it a top target for exploration.
The Luivik zone boasts a width of 300 meters between samples with a cut-off of 0.015% U 3 O 8 and anomalous grades over 0.11% U 3 O 8 to a high of 0.3692% U 3 O 8 in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of 1km or greater.
The zone's favorable mineralogy is complemented by logistical advantages. Located just 1km from Double Mer's main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.
Figure 2: The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.
Petrographic and Petrologic Conclusions at the Double Mer Uranium Project:
Selected samples from the Double Mer Uranium project were collected by SAGA's exploration team during 2024's surface program for the purposes of petrography, mineralogical and petrochemical interpretations. These results help understand the genesis of the uriniferous pegmatites, guiding 2025's drill programs, and further surface exploration work across the 25,600-hectare property.
The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The radioelement-bearing pegmatite is characterized by aggregates of black biotite interstitial to feldspars and quartz. The biotite aggregates are the loci for very fine-grained euhedral uraninite crystals. The second pegmatite subgroup contains more sparsely distributed plates and discontinuous stringers of black biotite interstitial to feldspars and quartz. Euhedral allanite crystals are sparsely distributed interstitial to feldspars and quartz. This Allanite is a light rare element-bearing (lanthanum and cerium) with very fine-grained disseminated thorite through the allanite.
Both pegmatite subgroups occur in close spatial association at the outcrop-scale. Analyzing and interpreting the 53-element geochemical database derived from 289 samples collected during the 2024 exploration program has shown unequivocally that both pegmatite subgroups are genetically related and belong to the same magmatic event. Further studies will be conducted in the future to determine the evolutionary timing of each subtype.
Since the Double Mer Uranium property covers an 18km long radiometrically anomalous pegmatite domain, the exploration significance of these petrographic-petrochemical findings with interpretations are: pegmatites with aggregated biotite represent a first-order lithology to sample for uranium mineralization and a thorium + rare earth-enriched pegmatite may indicate the presence of additional nearby uranium-bearing pegmatite.
Petrographic work and analysis completed by Dr. Al Miller:
With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.
Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: "We are very encouraged by these petrographic results. Not only does this confirm the presence of uraninite in the pegmatites but the fact they are genetically related along an 18km trend is very encouraging. The team has since arrived in Labrador preparing for the drill program at the Radar Ti-V project while coordinating the final setup at the Double Mer camp. This is a busy and exciting time for SAGA and sets the tone for lots of catalysts in 2025."
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project disclosed in this news release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the petrographic and petrological analysis as well as the Company's plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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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 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/54dc438a-fb0e-4339-94fc-d248afe5cabe
https://www.globenewswire.com/NewsRoom/AttachmentNg/6bdf78ca-308d-4d20-9949-5e047fec4841
https://www.globenewswire.com/NewsRoom/AttachmentNg/dee57c5f-17ee-48b2-96ab-5d837357136b
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c0e668f-799f-4064-a785-ce3a7c0ddf92
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca80ceff-4c17-494c-b86d-f30ec8fb0fab
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The presentation will focus on the Graal Project’s near-term plans including areas to be drilled and its longer-term potential as a possible nickel-copper mine with cobalt, platinum, and palladium byproducts. The Company has engaged the services of Laurentia Exploration to design and manage ongoing exploration activities at the Graal property, strategically located near an ocean port at Saguenay-Lac St. Jean, Quebec. (See Feb. 3, 2025 news release .)
Mr. Basa stated, "The prospect of expanding upon known zones and finding new zones containing nickel, copper, cobalt and PGM at Graal is encouraging from the results of the completed drill programs. Numerous drill hole intercepts confirm the potential of Graal property for hosting significant and thick massive sulfides mineralization. We will continue to add to these results within known mineralized zones to increase our understanding while stepping out to expand those zones along the defined trends while exploring for new zones.” (See maps below for NiEq and CuEq calculations and planned areas for drilling, and the Feb. 3, 2025 news release for details and supporting data.)
Currently, the interpreted geological models indicate a potential for a low-grade, large-volume orebody with local and smaller but richer and thicker lenses along a lengthy mineralized trend. This scenario suggests the possibility of having a large, low-grade starter pit that can evolve to underground mining of the rich higher-grade pockets .
Graal Map with nickel equivalent (NiEq) calculations shown
Click Image To View Full Size
Alternative Graal Map with copper equivalent (CuE) calculations shown
Click Image To View Full Size
* For equivalents the prices were taken 2025-01-24 in USD: Cu $9,445.192/tonne, Ni $15,660.10/ tonne, Co $24,299.35/ tonne, Pt $950.00/oz, Pd $1,002.00/oz. Note that the equivilant calculation are for total metal content without consideration for recovery and/or metallurgical losses .
Q ualified Person
This news release has been reviewed and approved by Frank Basa, P.Eng. Ontario, CEO of Coniagas Battery Metals Inc., a qualified person in accordance with National Instrument 43- 101 standards.
The technical information reported in this news release and in the Feb. 3, 2025 news release was reviewed and approved by Maxime Bouchard, Geo, M.Sc. (OGQ #1752), an independent Qualified Person as defined by Canadian NI 43-101 standards. The Qualified Person has not completed sufficient work to verify the historical information on the Property, particularly regarding historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper and cobalt and platinum group metals in Québec. Coniagas’ strategy is to create value for shareholders through the development of its mineral properties, with the intention to develop Coniagas into a critical metals supplier to the electric vehicle (EV) market.
At its 100% owned Graal project near Saguenay, Quebec, Coniagas has conducted successful exploration involving geophysics as well as shallow drilling that hit mineralization in almost every hole. It has confirmed an open-pit deposit model at Graal along a 6 km strike length of high-grade nickel and copper with cobalt, platinum and palladium byproducts. The Company plans in the near-term to conduct additional drilling leading to the production of a Ni 43-101 resource report, metallurgical testing and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the “NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” dated January 17, 2024. The report is available along with other information at the Company’s website https://coniagas.com/
Frank J. Basa, P. Eng. Member of Professional Engineers Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: waynecheveldayoff@gmail.com
You can follow Coniagas on Social Media:
LinkedIn:
X (Twitte r ):
Facebook:
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.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Coniagas trading on the TSX Venture Exchange, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
Copyright (c) 2025 TheNewswire - All rights reserved.News Provided by TheNewsWire via QuoteMedia
Jindalee will be attending the PDAC Convention in Toronto, Canada over 2-5 March 2025
Jindalee will present to a North American investor audience at Redcloud's 13th annual Pre-PDAC Mining Showcase in Toronto over 27-28 February 2025
Redcloud is a Canadian-based investor relations group specialising in the junior resources sector
Jindalee Lithium Limited (ASX: JLL) (OTCQX: JNDAF) (Jindalee, the Company) is pleased to announce that the Company will participate in both the Prospectors and Developers Association of Canada (PDAC) Convention and the Pre-PDAC Mining Showcase, hosted by Redcloud Financial Services Inc. (Redcloud), a globally oriented resource focused financial services platform.
Jindalee can be found at booth 2606 in the Investors Exchange Exhibition Room at the PDAC Convention which will be attended by Jindalee's Chief Executive Officer, Ian Rodger. PDAC, regarded as one of the world's premier resources conferences, will run from Sunday, 2 March 2025 until Wednesday, 5 March 2025 at the Metro Toronto Convention Centre in Ontario, Canada.
Jindalee is also participating in Redcloud's Pre-PDAC Mining Showcase at the Omni King Edward Hotel in Toronto over Thursday 27 and Friday, 28 February 2025. Ian will be presenting at the Pre-PDAC Mining Showcase at 4.00pm local time on Friday, 28 February 2025. Jindalee will also be available to engage with investors in one-on-one meetings at the Pre-PDAC Mining Showcase and encourages interested investors to register for the event.
Jindalee looks forward to updating the North American mining and investment communities on progress at its 100% owned McDermitt Lithium Project which hosts one of the largest lithium resources in the U.S. The Pre-Feasibility Study at McDermitt, released in November 2024, outlines a highly robust multi-generational battery chemicals project1.
To register for the PDAC Convention visit here: https://pdac.ca/convention-2025/attending-2025/registration-2025
For more information and to register for the Pre-PDAC Conference please visit: https://redcloudfs.com/prepdac2025/
Authorised for release by the Jindalee Board of Directors. For further information please contact:
| LINDSAY DUDFIELD | IAN RODGER |
| Executive Director | Chief Executive Officer |
| T: + 61 8 9321 7550 | T: + 61 8 9321 7550 |
| E: enquiry@jindaleelithium.com | E: enquiry@jindaleelithium.com |
About Jindalee
Jindalee Lithium is an Australian company focused on developing the McDermitt Lithium Project, one of the largest lithium resources in the U.S. With 100% ownership and unencumbered offtake rights, Jindalee is strategically positioned to support America's energy security and domestic supply of critical minerals. The Company recently completed a Pre-Feasibility Study (PFS) confirming McDermitt's scale, long-life, and low-cost production potential, with strong engagement from U.S. government agencies, including the Department of Energy and Department of Defense. As a deeply undervalued lithium developer, Jindalee presents a compelling investment opportunity ahead of the next lithium market upcycle.
Competent Persons Statement
The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcements by Jindalee Lithium Limited referenced in this report and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
Forward-Looking Statements
This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Jindalee Lithium Limited's (Jindalee's) current expectations, estimates and projections about the industry in which Jindalee operates, and beliefs and assumptions regarding Jindalee's future performance. When used in this document, the words such as "anticipate", "could", "plan", "estimate", "expects", "seeks", "intends", "may", "potential", "should", and similar expressions are forward-looking statements. Although Jindalee believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forward-looking statements.
________________________
1Jindalee Lithium ASX announcement 19/11/2024: "McDermitt Lithium Project Pre-Feasibility Study"
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241723
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VANCOUVER, BC TheNewswire - FEBRUARY 20 th 2025 American Salars Lithium INC. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces its attendance at the upcoming Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025. The Company encourages attendees to meet the American Salars team at Booth #3210 in the Investor's Exchange.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies, and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 26,000 attendees in person in 2024, participants could also attend programming, courses and networking events. The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry. For more information and/or to register for the conference please visit: https://www.pdac.ca/convention .
American Salars CEO & Director R. Nick Horsley states, "We are looking forward to showcasing our portfolio of Lithium assets and connecting with the investment community."
Stock Options
The Company announces that it has granted a total of 1,670,000 stock options ("Options") to purchase common shares of the Company to certain consultants pursuant to the Company's Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0.14 per common share for a period of twelve months from the date of grant.
Shares For Debt
The Company announces it has settled with certain creditors of the Company (the " Creditors ") to settle a debt of $410,622.58 owing to the Creditors through the issuance to the Creditors of an aggregate of 2,933,018 common shares (each, a " Share ") at a price of $0.14 per Share (the " Shares for Debt Transaction "). One Creditor included in the debt transaction to settle an aggregate of $23,625 of debt owing to a corporation owned by Daryn Gordon, the Company's Chief Financial Officer is considered a "related party transaction" . The shares for debt transaction represents a complete settlement of the debt owing in respect to the CFO services provided to the Company by Mr. Gordon.
MI 61-101 Disclosure – Shares for Debt
The proposed issuance of shares referenced herein will be considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The issuance of shares will be completed in reliance on exemptions available under MI 61-101 from the formal valuation and minority approval requirements of MI 61-101. Specifically, the Shares for Debt Transaction will be exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(b) of MI 61-101 as the Company, is not listed on a specified market within the meaning of MI 61-101. Additionally, the issuance is exempt from the minority approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(1)(a) of MI 61-101 insofar as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the shares exceeds 25% of the Company's market capitalization.
The debt settlement will not create a new control person in the settlement. The Company wishes to complete the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. The debt settlement transaction is subject to the approval of the Canadian Securities Exchange (the " CSE ") and pursuant to the policies of the CSE, the Shares are subject to a hold period of four months from the date of issuance.
Additionally, the Company has terminated its Isla property option.
ABOUT AMERICAN SALARS
American Salars Lithium is an exploration company focused on acquiring and developing high-value battery metals projects to meet the growing global demand for a green energy transition. The Company has a diversified portfolio of Lithium Brine and Hardrock Lithium Projects throughout North and South America.
All Stakeholders are encouraged to follow the Company on its social media profiles on , , TikTok , and Instagram .
On Behalf of the Board of Directors,
" R. Nick Horsley "
R. Nick Horsley, CEO
For further information, please contact:
American Salars Lithium Inc.
Phone: 604.740.7492
E-Mail: info@americansalars.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding American Salar's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits American Salars will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including American Salars results of exploration or review of properties that American Salars does acquire. These forward-looking statements are made as of the date of this news release and American Salars assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to announce its plans for the 2025 summer exploration program in Greenland as well as a mineral license expansion of the Paamiut project.
Mr. Killian Charles, President and CEO of BRW, commented: "Following strong metallurgical results and the start of drilling at the Mirage Project in Quebec, we are delighted to announce assay results from the Ivisaartoq discovery near Nuuk, the capital of Greenland. The assays confirm the presence of spodumene throughout the discovery dyke and demonstrates that it is part of an evolved trend which will require significant additional work to fully realize its potential. This highly prospective trend remains underexplored with dozens of pegmatites yet to be visited.
We are also very pleased and thankful for the Greenlandic Government's efforts in locating the original document that identifies the location of an unconfirmed historical spodumene showing, first identified in 1972 and wholly located within our Paamiut Project. In light of this new showing, we have significantly increased our licenses in the Paamiut region.
Brunswick Exploration is now one of the largest mineral license holders in Greenland and is the only company exploring for lithium, leveraging its first mover advantage in the country. With a strong mining regime alongside prospective geology and excellent outcrop exposure, we believe 2025 will be a key year for lithium in Greenland as we launch one of the largest regional exploration initiatives in the country."
2025 Greenland Summer Program
BRW will launch an aggressive regional-scale prospecting and mapping initiative on its extensive Greenland portfolio beginning in mid-June, using 4 crews and 2 helicopters for six weeks. In June, one team will focus on detailed mapping and sampling around the Ivisaartoq discovery and surrounding areas while the other will focus on the expanded Nuuk and Paamiut licenses. Starting in July, one team will focus on follow-up prosecting at the Nuuk and Paamiut projects based on results from June while the other team will focus on the recently acquired Disko Bay and Uummannaq projects (see news release of November 7, 2024). Results from the first six weeks will be used to plan advanced exploration programs in August and September 2025, across the entire portfolio.
Ivisaartoq Discovery Results
The company has received grab sample assays from its discovery dyke producing up to 2.40 % Li 2 O (Figure 1). The lithium-bearing dyke is within an evolved trend measuring roughly 3 kilometers by 1.5 kilometers and remains open in all directions with low Mg/Li and K/Rb ratios. To reiterate, the 2024 first pass prospecting focused on rapidly producing portable XRF K/Rb analysis on potassium feldspar crystals while the 2025 second pass will focus on detailed mapping and further sampling in the anomalous area. As these pegmatites are kilometric in scale, they will require systematic sampling and detailed mapping.
For whole rock analysis, the Mg/Li ratio is much more indicative of a favorable Li bearing outcrop or trend than field-generated feldspar K/Rb ratios. Mg/Li ratios in whole rock samples of
Figure 1: Ivissartoq Discovery Area - Lab Results
Historical Paamiut Lithium Reference Uncovered
As referenced in the press release dated October 30 th , 2024, a 10-kilometer greenstone belt hosted an unconfirmed and geographically uncertain historical database spodumene showing with a reported assay of 1.23% Li 2 O from the early 1970s. After numerous discussions with the Geological Survey of Denmark and Greenland (GEUS), an accurate location for the showing was ascertained to be roughly 4 kilometers from the previous incorrect location in the database. The area contains several dozen pegmatites which have been never been prospected. During the 2024 first pass, the Company sampled an evolved pegmatite (based on K/Rb) roughly 1 kilometer from the revised location of the historical lithium assay (Figure 2). The company is eager to visit this area in 2025 and has expanded its Paamiut land holdings accordingly.
Figure 2: Paamiut pXRF Data and Historical Lithium Showing
Paamiut Staking
The new licenses are located roughly 90 to 130 km from the coastal town of Paamiut, which is approximately 260 km south of the capital Nuuk (Figure 3). Paamiut is home to roughly 1,300 people. The new license area lies within the North Atlantic Craton specifically within the Bjornesund tectonic block. This block is composed of tonalitic and granodioritic orthogneiss as well as favourable Mesoarchean metavolcanic amphibolite belts. The North Atlantic Craton extends westwards into northern Labrador, Canada and eastwards into eastern Greenland.
Multiple metavolcanic amphibolite belts were acquired that are up to roughly 1.5 kilometers in width and 15 kilometers in strike length. The new claims have numerous mapped and interpreted pegmatite targets including nine that are between 500 and 900 meters in strike length for a total new license area of 20,785 hectares. Licences applications have been submitted and are awaiting government final approval.
Figure 3: 2025 Paamiut License Area
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager, Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Newfoundland and Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland including the Mirage Project.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@BRWexplo.com )
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d03331a-41f6-4519-b51f-e296544fddc8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e0dadac-f236-423c-bfc4-30200301dfa8
https://www.globenewswire.com/NewsRoom/AttachmentNg/306a6938-c621-45c7-8bc8-2e32a3cbf378
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to announce its plans for the 2025 summer exploration program in Greenland as well as a mineral license expansion of the Paamiut project.
Mr. Killian Charles, President and CEO of BRW, commented: "Following strong metallurgical results and the start of drilling at the Mirage Project in Quebec, we are delighted to announce assay results from the Ivisaartoq discovery near Nuuk, the capital of Greenland. The assays confirm the presence of spodumene throughout the discovery dyke and demonstrates that it is part of an evolved trend which will require significant additional work to fully realize its potential. This highly prospective trend remains underexplored with dozens of pegmatites yet to be visited.
We are also very pleased and thankful for the Greenlandic Government's efforts in locating the original document that identifies the location of an unconfirmed historical spodumene showing, first identified in 1972 and wholly located within our Paamiut Project. In light of this new showing, we have significantly increased our licenses in the Paamiut region.
Brunswick Exploration is now one of the largest mineral license holders in Greenland and is the only company exploring for lithium, leveraging its first mover advantage in the country. With a strong mining regime alongside prospective geology and excellent outcrop exposure, we believe 2025 will be a key year for lithium in Greenland as we launch one of the largest regional exploration initiatives in the country."
2025 Greenland Summer Program
BRW will launch an aggressive regional-scale prospecting and mapping initiative on its extensive Greenland portfolio beginning in mid-June, using 4 crews and 2 helicopters for six weeks. In June, one team will focus on detailed mapping and sampling around the Ivisaartoq discovery and surrounding areas while the other will focus on the expanded Nuuk and Paamiut licenses. Starting in July, one team will focus on follow-up prosecting at the Nuuk and Paamiut projects based on results from June while the other team will focus on the recently acquired Disko Bay and Uummannaq projects (see news release of November 7, 2024). Results from the first six weeks will be used to plan advanced exploration programs in August and September 2025, across the entire portfolio.
Ivisaartoq Discovery Results
The company has received grab sample assays from its discovery dyke producing up to 2.40 % Li 2 O (Figure 1). The lithium-bearing dyke is within an evolved trend measuring roughly 3 kilometers by 1.5 kilometers and remains open in all directions with low Mg/Li and K/Rb ratios. To reiterate, the 2024 first pass prospecting focused on rapidly producing portable XRF K/Rb analysis on potassium feldspar crystals while the 2025 second pass will focus on detailed mapping and further sampling in the anomalous area. As these pegmatites are kilometric in scale, they will require systematic sampling and detailed mapping.
For whole rock analysis, the Mg/Li ratio is much more indicative of a favorable Li bearing outcrop or trend than field-generated feldspar K/Rb ratios. Mg/Li ratios in whole rock samples of
Figure 1: Ivissartoq Discovery Area - Lab Results
Historical Paamiut Lithium Reference Uncovered
As referenced in the press release dated October 30 th , 2024, a 10-kilometer greenstone belt hosted an unconfirmed and geographically uncertain historical database spodumene showing with a reported assay of 1.23% Li 2 O from the early 1970s. After numerous discussions with the Geological Survey of Denmark and Greenland (GEUS), an accurate location for the showing was ascertained to be roughly 4 kilometers from the previous incorrect location in the database. The area contains several dozen pegmatites which have been never been prospected. During the 2024 first pass, the Company sampled an evolved pegmatite (based on K/Rb) roughly 1 kilometer from the revised location of the historical lithium assay (Figure 2). The company is eager to visit this area in 2025 and has expanded its Paamiut land holdings accordingly.
Figure 2: Paamiut pXRF Data and Historical Lithium Showing
Paamiut Staking
The new licenses are located roughly 90 to 130 km from the coastal town of Paamiut, which is approximately 260 km south of the capital Nuuk (Figure 3). Paamiut is home to roughly 1,300 people. The new license area lies within the North Atlantic Craton specifically within the Bjornesund tectonic block. This block is composed of tonalitic and granodioritic orthogneiss as well as favourable Mesoarchean metavolcanic amphibolite belts. The North Atlantic Craton extends westwards into northern Labrador, Canada and eastwards into eastern Greenland.
Multiple metavolcanic amphibolite belts were acquired that are up to roughly 1.5 kilometers in width and 15 kilometers in strike length. The new claims have numerous mapped and interpreted pegmatite targets including nine that are between 500 and 900 meters in strike length for a total new license area of 20,785 hectares. Licences applications have been submitted and are awaiting government final approval.
Figure 3: 2025 Paamiut License Area
Qualified Person
The scientific and technical information related to this press release has been reviewed and approved by Mr. Charles Kodors, Manager, Atlantic Canada. He is a Professional Geologist registered in New Brunswick, Newfoundland and Quebec.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing one of the extensive grassroots lithium property portfolios in Canada and Greenland including the Mirage Project.
Investor Relations/information
Mr. Killian Charles, President and CEO ( info@BRWexplo.com )
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3d03331a-41f6-4519-b51f-e296544fddc8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9e0dadac-f236-423c-bfc4-30200301dfa8
https://www.globenewswire.com/NewsRoom/AttachmentNg/306a6938-c621-45c7-8bc8-2e32a3cbf378
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