SAGA Metals Corp. ("SAGA" or the "Company"), a
North American exploration company focused on critical mineral
discovery in Canada, is pleased to share the channel sample assay
results from its inaugural field program at the Double Mer Uranium
Project, located in eastern Labrador, Canada.
Key Channel Sample Assay Highlights:
- Ch-DM24-075 returned 0.87 meters at
0.062% U3O8 (DNC)
- Ch-DM24-056 returned 0.45 meters at
0.048% U3O8 (DNC)
- Ch-DM24-078 returned 1.00 meter at
0.043% U3O8 (DNC)
- Ch-DM24-053 returned 0.65 meters at
0.042% U3O8 (DNC)
- Ch-DM24-081 returned 3.00 meters at
0.024% U3O8 (DNC)
- Ch-DM24-078 returned 3.00 meters at
0.023% U3O8 (DNC)
Michael Garagan, CGO & Director of
SAGA Metals Corp. commented: “What should be noted as the
most significant concept of these results is that we have economic
U3O8% in the channels from 0.015-0.062 U3O8% in pegmatites which
strike 18 km. We have higher grade rock samples mapped in the areas
among these channel samples showing the opportunity for more
anomalous intercepts. The field mapping combined with uranium count
radiometrics demonstrates that these pegmatites can be up to 500m
wide in places and often averaging 200-300 m in width. This is the
recipe we need in order to identify significant tonnage and that’s
where a systematic method to drilling can pay off. What’s exciting
about the Double Mer project is that we don’t need to overspend on
a drilling strategy that focuses on chasing high grades. We just
need to methodically test these zones across strike, step by step
and with that will come the more exciting intercepts which can
bolster composites and potentially the necessary data to support
large tonnage.”
2024 channel and rock sample locations across the
18km strike at Double Mer
Highly strained granitic pegmatite showing an
East-West foliation and significant uranophane mineralization
located in the Katjuk (Arrow) Zone. This is an example of
uranophane staining found across all the pegmatites along the 18km
strike.
2024 Field Program Results at the Double Mer Uranium
Project
The Double Mer Uranium Project spans 25,600
hectares (1,024 claims), located about 90 kilometers northeast of
Happy Valley-Goose Bay, Labrador. Significant historical data
provided a strong head start for the 2024 field season, which
confirmed a 14-kilometer trend with surface samples showing uranium
oxide (U3O8) concentrations as high as 0.428%
U3O8
and scintillometer readings up to 27,000
cps—surpassing the historical benchmark of 21,000 cps.
During the 2024 field season the team was able
to cut several channel samples across the three identified priority
zones. Unlike rock samples, channel samples are a continuous cut
across the pegmatite. Where rock was exposed, the team was able to
capture several small windows; between 1–4-meter cuts across the
pegmatites to start to gauge what the grade may be across the
entire pegmatite body. Prior to drilling this is the most accurate
technique in a field teams’ arsenal to collect data on the width
and composites of zones.
SAGA’s exploration team confirmed and expanded
on historical findings, with highlights including:
- CPS
Readings Surpass Expectations: Field measurements exceeded
historical benchmarks, with multiple zones recording readings above
5,000 cps and notable peaks of 22,000
CPS in an outcrop and 27,000 CPS in a
sub-rounded boulder—surpassing the historical 21,000
CPS benchmark.
- Strong
U3O8 Presence: Channel and rock samples across the Luivik,
Nanuk, and Katjuk zones confirm the presence of uraniferous
pegmatites, underscoring the project's resource potential.
- Extended
Mineralization Trend: Results suggest the uranium trend
could extend further than initially mapped, opening new exploration
opportunities.
2024 channel sample assay results with red
indicating highest uranium oxide (U3O8) levels.
Some of the more encouraging results from the
2024 channel program show composite grades of 0.87m of 0.062 %
U3O8, 0.65m of 0.039% U3O8, and 3m of 0.024 % U3O8. The Luivik zone
can boast the most anomalous grades such as from channel Ch-D24-07
- 0.87m of 0.062 % U3O8, Ch-D24-074 – 0.95m of 0.032 % U3O8,
Ch-D24-081 – 3m of 0.024 % U3O8 and Ch-D24-078 – 3m of 0.023 %
U3O8. The results of the rock and channel surface samples continue
to maintain the range of U3O8 grades associated with the Central
Mineral Belt (CMB) projects to the north of the Double Mer Uranium
project.
Regional map of the Double Mer Uranium Project in
Labrador, Canada
Double Mer and its Comparable Potential to Labrador’s
Central Mineral Belt (CMB):
SAGA positions the Double Mer Uranium Project
alongside some of Labrador’s most significant uranium discoveries,
including Paladin Energy’s Michelin and Atha Energy’s CMB
discoveries in the Central Mineral Belt (CMB).
With strong surface samples and radiometric trends, SAGA believes
Double Mer could offer large-tonnage potential comparable to these
established projects. The CMB is a premier uranium region in
Labrador and is host to several notable uranium projects
including:
Paladin
Energy1:
- Covers 98,000
hectares in the CMB, north of Double Mer.
- Hosts 127.7Mlb
of uranium mineral resources across six deposits.
- The Michelin
deposit, its largest, contains 92Mlb uranium, with 82.2Mlb
classified as Measured and Indicated at an average grade of 0.086%
U3O8.
Atha
Energy2:
- Spans 145,000
hectares in the CMB, contiguous with Paladin’s holdings and North
of Double Mer.
- Historical
uranium resources total 14.5Mlb, with Moran Lake contributing
5.2Mlb (indicated) and 4.4Mlb (inferred), while Anna Lake offers
4.9Mlb (inferred).
- Historical
grades average 0.03%–0.04% U3O8, underscoring the region’s
scalability potential.
Large tonnage low grade uranium resources in
Newfoundland and Labrador3
The table above highlights and supports the
large tonnage low grade uranium discussion found in Labrador. The
cutoff grade in the table above ranges from 0.015-0.05% U3O84.
These grades and those identified on SAGA’s property are comparable
to similar deposit styles throughout other major mining districts
in the world such as Australia, Kazakhstan, Namibia, and Argentina.
The Olympic Dam is the world’s largest deposit of uranium, and
accounts for most of Australia’s uranium resources. The deposit
contains uranium grades average from 0.035 to 0.07% U, the
higher-grade mineralization being pitchblende5.
Commitment to Quality: Robust QA/QC
Protocols
SAGA followed a rigorous Quality
Assurance/Quality Control (QA/QC) program to ensure data
accuracy and reliability. The program included:
- Regular
Quality Control Samples: One quality control sample
(blanks, duplicates, or standards) was inserted every 10
samples.
- Focused
QA/QC for Promising Mineralogy: Additional blanks,
duplicates, and standards were added for samples showing promising
uranium mineralization in the field.
- Strict
Sample Custody: SAGA maintained full chain-of-custody
control from sampling through to laboratory delivery.
This robust QA/QC approach ensures the
reliability of assay results and demonstrates SAGA’s commitment to
industry-leading exploration standards.
Q1 2025 Double Mer Drill Program: Targeting the
High-Potential Luivik Zone
The Luivik zone, located at the
western end of the 18-kilometer trend, has been prioritized for
SAGA’s maiden drill program in 2025. This decision is based on
several compelling factors:
-
Anomalous Uranium Geochemistry: Surface samples
show elevated uranium (U3O8%) grades, consistent with enrichment
processes.
-
IOCG-Style Fluid Enrichment: Iron phase IOCG (Iron
Oxide Copper Gold) characteristics, including smoky quartz and iron
carbonate staining, indicate late-stage fluid flow—a known factor
for uranium enrichment and high-grade intercepts.
-
Consistent CPS Readings: Radiometric surveys in
the zone show consistently elevated counts per second
(CPS), highlighting its uranium potential.
-
Logistically accessible: The Luivik zone is only a
km away from camp making the site serviceable by snowmobiles during
the winter months.
This 1,500-meter drill program
will test the Luivik zone’s mineralization and provide key data to
guide further exploration across the property.
Channel and rock sample assays from the Luivik
zone in the west of the Double Mer Uranium Property
Following the drill program at the Luivik zone,
SAGA will turn its sights on the Nanuk zone which shows the most
impressive strike with almost 4km of economic U3O8% grade surface
samples. Considering the Nanuk zones length and distance from camp
the Team will be looking to test this zone with the diamond drill
in Q2 and Q3 2025.
Channel and rock sample assays from the Nanuk
zone in the center of the 18km strike at the Double Mer Uranium
Property
Source:
- 1-
https://www.paladinenergy.com.au/exploration/michelin-canada/
-
2-https://athaenergy.com/atha-energy-corp-announces-proposed-acquisition-of-92-energy-and-latitude-uranium-and-concurrent-14-million-financing-to-create-leading-uranium-exploration-company/
- 3- Kerr, A.,
Sparkes, G.W., 2009. Uranium; Mineral commodities of Newfoundland
and Labrador, Geological survey of Canada, Geological survey of
Newfoundland and Labrador, Department of Natural Resources.
- 4- The results
of the projects and historical deposits do not guarantee the
success of the Double Mer Uranium project as the Company must drill
and prove its own NI 43-101 compliant resource estimation.
- 5-
https://world-nuclear.org/information-library/nuclear-fuel-cycle/uranium-resources/geology-of-uranium-deposits#:~:text=Uranium%20grades%20average%20from%200.07,the%20deposit%20are%20still%20uncertain.
About SAGA Metals Corp.
SAGA Metals Corp. is a North American mining
company focused on the exploration and discovery of critical
minerals that support the global transition to green energy. The
company's flagship asset, the Double Mer Uranium Project, is
located in Labrador, Canada, covering 25,600 hectares. This project
features uranium radiometrics that highlight an 18-kilometer
east-west trend, with a confirmed 14-kilometer section producing
samples as high as 4,281ppm U3O8 and spectrometer readings of
22,000cps.
In addition to its uranium focus, SAGA owns the
Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region.
This project, developed in partnership with Rio Tinto, has been
expanded through the acquisition of the Amirault Lithium Project.
Together, these properties cover 65,849 hectares and share
significant geological continuity with other major players in the
area, including Rio Tinto, Winsome Resources, Azimut Exploration,
and Loyal Lithium.
SAGA also holds secondary exploration assets in
Labrador, where the company is focused on the discovery of
titanium, vanadium, and iron ore. With a portfolio that spans key
minerals crucial to the green energy transition, SAGA is
strategically positioned to play an essential role in the clean
energy future.
For more information, contact:SAGA Metals Corp.Investor
RelationsTel: +1 (778) 930-1321Email:
info@sagametals.comwww.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological
Services Limited is an Independent Qualified Person as defined
under National Instrument 43-101 and has reviewed and approved the
technical information related to the Double Mer Uranium Project
disclosed in this news release.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the accuracy or adequacy of this
release. Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking
statements within the meaning of applicable securities laws that
are not historical facts. Forward-looking statements are often
identified by terms such as “will”, “may”, “should”, “anticipates”,
“expects”, “believes”, and similar expressions or the negative of
these words or other comparable terminology. All statements other
than statements of historical fact, included in this release are
forward-looking statements that involve risks and uncertainties. In
particular, this news release contains forward-looking information
pertaining to the prospective nature of the Double Mer Uranium
Project, the assay results, comparison to other projects in
Labrador and future exploration programs at Double Mer. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company’s expectations
include, but are not limited to, changes in the state of equity and
debt markets, fluctuations in commodity prices, delays in obtaining
required regulatory or governmental approvals, environmental risks,
limitations on insurance coverage, risks and uncertainties involved
in the mineral exploration and development industry, and the risks
detailed in the Company’s Prospectus filed under its profile at
www.sedarplus.ca and in the continuous disclosure filings made by
the Company with securities regulations from time to time. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements only as expressly required by
applicable law.
Photos accompanying this announcement are available
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