SAGA Metals Commences Diamond Drilling at the Wolverine Heavy Rare Earth Element Project in Labrador - First Two Diamond Drill Holes Intersected Prospective REE-Bearing Volcanic Unit
Saga’s first Wolverine diamond holes intersected thick host rock, confirming a new target area without providing assay results.
Saga Metals Corp. (SAGA) has begun diamond drilling at its 100%-owned Wolverine heavy rare earth project in Labrador, with up to 5,000 meters planned. The first two holes have been completed and logged. Hole W26-001 reached a depth of 182 meters, with 169 meters of shallowly dipping prospective REE-bearing volcanic ash tuff logged. Hole W26-002 ended at 176 meters, representing a 200-meter step-out along strike, and intersected the same stratigraphy and alteration markers.
A second mineralization style has been described, characterized by sub-vertical breccia-fracture networks with sulphide and chlorite fill and chloritic wall-rock selvedges. No assay results from the W26 program are reported in this release.
The release repeats historical 2025 RC results as context:
- WOLRC25-003: 48.8 m at 0.77% TREO from 1.5 m, including 18.3 m at 1.06% TREO.
- WOLRC25-006: 38.1 m at 0.71% TREO from surface, including 4.6 m at 1.53% TREO.
- WOLRC25-002: 51.8 m at 0.52% TREO from surface, including 33.5 m at 0.67% TREO.
- Peak historical assay: 2.03% TREO over a 1.5-3.0 m sample.
- Historical HREO fraction: about 24-28% of TREO.
- Surface grab samples up to 21.6% TREO from peralkaline pegmatites.
Wolverine remains an early-stage, pre-resource project, and this release does not alter the resource status as no resource currently exists and no new assays were presented. The first two diamond holes do expand the target concept, identifying a 169 m logged tuff package and a 200 m strike step-out, which serve as stronger scale indicators than prior shallow drilling.
Against market expectations, the price has already faded from the January 2026 high of C$0.88 to C$0.45, indicating that the market is not pricing in a Wolverine discovery arrival. The event is not considered material because no grade x width substance is present.
Saga Metals Corp. (SAGA) is a Canadian critical minerals explorer with a portfolio of projects primarily located in Labrador and Quebec. The company’s Radar Ti-V-Fe Project in Labrador covers 24,175 hectares and has completed a 22,432-meter MRE drill program. All reported holes encountered oxide mineralization, and metallurgical tests have shown recoveries of up to 90.8% for titanium, 97.4% for vanadium, and 91.5% for iron. The company targets a maiden Mineral Resource Estimate for the project later in 2026.
In Labrador, the Wolverine HREE Project spans approximately 294.5 square kilometers. Recent 2025 reverse circulation drilling outlined broad near-surface total rare earth oxide mineralization, and a current diamond drilling program is underway. The Double Mer Uranium Project in Labrador covers 25,600 hectares, with surface samples returning grades up to 0.428% U3O8.
In Quebec, the Legacy Lithium Project covers approximately 72,701 hectares following consolidation. The Garneau titanium project was acquired from Rio Tinto and is considered a drill-ready target. Additionally, Saga Metals sold its North Wind iron ore project to Orion Iron Ore in August 2026 in exchange for equity, a board seat, and a royalty.
Prior-period financial context not disclosed in today’s release indicates that Q1-2026 reported a net loss of approximately C$1.0 million. As of October 31, 2025, the company held cash of approximately C$1.96 million and reported no revenue. Subsequent financings and warrant exercises have raised additional cash.