Soon to be public, Saga Metals, continues moving forward in an actionable way. The Canadian mineral explorer, focusing on critical mineral discoveries, announced August 6, 2024, that it had completed a two-week field program at the Radar Titanium-Vanadium (Ti-V) project south of the town of Cartwright on the coast of Labrador. The program was designed to give Saga’s expert technical team a greater understanding of Radar.
Radar, spanning a massive 17,250 hectares, hosts a 3.5 kilometre by 500 metre zone of mineral enrichment, in one of the top five mining jurisdictions in the world according to the Fraser Institute. The company was able to snap up grab samples containing over 65 titanium and up to 3,670ppm vanadium in what’s has come to be known as the Hawkeye zone.
Saga uncovered a second target called the Trapper zone which contained anomalies so strong that during the winter months, the ambient magnetic field played havoc with the team’s compasses. Trapper runs parallel to Hawkeye and even though the link between the two zones remains a mystery, it is likely that the two share a genetic lineage. Future work will focus on verifying the geochemical link between these zones in both locality and geochemical genesis.
Back to the Hawkeye zone where several surface outcrops including an impressive four-metre outcrop containing 16 individual magnetic layers of varying sizes up to 0.3 metres were discovered for the first time. The two-week program resulted in 211 rock samples from all the company’s targets with some of the samples reaching as high as 80% visually estimated magnetite in the Hawkeye zone.
Saga is planning to follow up this success with prospecting, mapping, backpack drilling and channel saw sampling on these recently identified outcrops to begin calculating surface width of the magnetite zones.
Upon completion of the Radar field program, rock and soil samples will be sent to Activation Laboratories while the field team makes final preparations to mobilize to the Double Mer Uranium project.
Like I said earlier, Saga is on the move, putting together a 30-45 day exploration program at its flagship Double Mer Uranium project which covers 25,600 hectares in the eastern central region of Labrador, approximately 90 kilometres northeast of Happy Valley, Goose Bay.
Extensive historical work at the property resulted in a treasure trove of technical reports, some of which identify a 14 kilometre trend of highly prospective uranium oxide including anomalous rock samples with results up to 4,280 ppm of U308 and upwards of 21,000 cps (counts per second) from scintillometer.
During the proposed program, Saga’s technical team will focus on filling in the radiometric signature with higher density samples and cps readings along the linear trend. Senior members, including the company’s Senior Geologist Len Gal, will be working on mapping and understanding the property’s structural complexity to prepare a maiden drill program this fall and winter.
“We put together an exceptional, young, and enthusiastic field team this year with half the team from Cartwright itself. I’m looking forward to what we’ll be able to accomplish this summer,” stated Michael Garagan, Chief Geological Officer and Director of Saga. “We are very fortunate here in Cartwright with infrastructure that leads right into our highest mineralized zone at the Radar Ti-V project as well as a very supportive and welcoming community. The claims maintenance expenditure is necessary to maintain ownership; however, our dollar goes much further having road access and therefore able to garner a higher degree of information at a lower cost. I’m looking forward to mobilizing to the Double Mer Uranium project and to finalize the remaining preparations for our maiden drill program.”
Saga’s value proposition and portfolio prospectivity caught the attention of global mining major, Rio Tinto, who executed an option to the joint venture agreement between Saga and Rio Tinto Exploration Canada (“RTEC”) regarding the Legacy Lithium Project in the globally renowned James Bay Lithium District.
RTEC has commenced its initial exploration program at Legacy, a lithium-cesium-tantalum pegmatite exploration project spanning 34,243.76 hectares in Quebec’s Eeyou Istchee James Bay region.
As part of the deal, RTEC with act as project operator during the first option period and the second option period. RTEC and Saga have put together a technical committee to review and prepare exploration programs such as the one just commenced.
The first phase of this inaugural program will focus on scouting pegmatites using the helicopter as well as sighting landing pads for reconnaissance mapping and prospecting.
Airborne magnetics and radiometrics surveying are scheduled to begin August 11th. Results from this survey as well as early geochemical data will be reviewed prior to the next phase of fieldwork.
RTEC will advance in September, heading back into the field, focusing on the eastward Area 1. This area hasn’t had any significant work done on it yet and is in proximity to known spodumene-pegmatite showing. Exploration work will focus within the magnetic low domains that coincide with the metasedimentary belt that is contiguous with the Trieste Greenstone Belt.
There is no shortage of activity at Saga and the fact that Rio Tinto has come in for a piece, lends a whole lot of legitimacy to the junior explorer as it continues to build considerable value. And get this, Saga is still in the process of going public. That means it was doing the work well before it had to sell its story to the public. This is an opportunity you should definitely look into whether you want to get in early on the company’s IPO or put it in your portfolio after the bell rings at the TSX Venture and Saga begins trading under the symbol SAGA. Remember, as always, do your due diligence and speak with an investment professionals before making any portfolio decisions.
For more information about the Offering and selling group participation contact:
Jovan Stupar
email: jstupar@researchcapital.com; phone: 604-662-1808
Savio Chiu
email: schiu@researchcapital.com; phone: 778-373-4088
Full Disclosure: Saga Metals is a marketing client of Equity Guru
