SAGA Metals Increases Drilling Capacity with Second Drill Rig at Radar Critical Minerals Project in Labrador as It Nears Completion of MRE Drilling
Saga doubles Radar drilling tempo as a 29 km² oxide corridor delivers a 224m intercept toward its maiden resource.
Saga Metals Corp. (SAGA) announced on June 29, 2026, the deployment of a second diamond drill rig at its 100%-owned Radar Ti-V-Fe project in Labrador, a move that doubles daily advance to approximately 400 meters. Total drilling at the site now stands at 13,149 meters across 61 holes, designated R-0008 to R-0064, with holes R-0063 and R-0064 currently active.
The company reiterated the presence of extensive oxide mineralization along a 29 square kilometer central corridor. The release included a table of the top 15 intercepts, such as R-0009, which returned 87.2 meters at 50.67% Fe₂O₃, 10.15% TiO₂, and 0.339% V₂O₅. Detailed oxide zones were also provided for the most recent holes, including R-0061, which intersected 224.1 meters of oxide, representing 204.7 meters of true thickness.
Additionally, SAGA signed a 180-day consulting agreement with Simone Capital Corp. for C$10,000 per month. Anthony Simone and Matthew Benedetto each own 500,000 SAGA shares. Management stated that the second rig keeps the company on track to complete the holes required for a maiden Mineral Resource Estimate (MRE) and to release the NI 43-101 technical report later in 2026.
Saga Metals Corp. (SAGA) issued an operational update regarding its ongoing drill program, which had been previously telegraphed. The release contained no new assay results, resource figures, or economic benchmarks.
Over the preceding two months, the market has absorbed a succession of routine drill results from Trapper South and Hawkeye, metallurgical test highlights, and a C$10.2 million financing. The addition of a second rig was foreseeable and does not alter the project’s fundamental risk profile. The consulting agreement mentioned is a minor corporate housekeeping item.
The stock’s decline from late-April highs of approximately C$0.73 to C$0.49 just before the announcement suggests the market is already priced for continued execution without new valuation catalysts.
Saga Metals Corp. is a Canadian junior explorer holding a portfolio of critical-minerals projects in Labrador and Quebec, including Radar (Ti-V-Fe), Legacy Lithium, Double Mer Uranium, Wolverine Heavy REE, Garneau Titanium, and North Wind Iron Ore.
The company’s flagship Radar Project covers 24,175 ha in southeastern Labrador, hosting the Dykes River Intrusive Complex, which spans approximately 160 km². A 29 km² central oxide corridor, characterized by VTM-rich cumulates, has been confirmed through drilling and geophysics. Intercepts regularly exceed 100 m in thickness with grades averaging 40–55% Fe₂O₃, 6–10% TiO₂, and 0.3–0.45% V₂O₅. Infrastructure includes year-round road access, a deep-water port, hydroelectric power, and an airstrip near Cartwright.
Other projects include the Wolverine REE deposit, which features near-surface heavy REE in a caldera with grab samples up to 21.6% TREO and drilling up to 2.03% TREO; the Double Mer Uranium project, which hosts high-grade pegmatites ready for maiden drilling; the Legacy Lithium project, comprising 72,107 ha in James Bay with spodumene indicators; the Garneau Titanium project, acquired from Rio Tinto and featuring high-grade hemo-ilmenite boulders; and the North Wind Iron Ore project, where grab samples have reached up to 84.57% Fe₂O₃.