SAGA Metals Completes Mineral Resource Estimate Drill Program at Radar Critical Minerals Project in Labrador
Saga completes its drilling program at the project, setting the stage for the maiden mineral resource estimate which serves as the primary catalyst for the company.
Saga Metals Corp. (SAGA) has completed its maiden Mineral Resource Estimate drill program at the Trapper Zone of its Radar Project in Labrador. The company drilled a total of 22,432 metres across 85 holes, designated R-0008 to R-0092, over a period of approximately eight months. SAGA states that 100% of the holes intersected oxide mineralization.
Assays have been received for 56 holes to date, covering R-0008 to R-0063. Results for holes R-0064 to R-0066 are awaited this week, while R-0067 to R-0079 and R-0080 to R-0084 are currently in the lab. Results for holes R-0085 to R-0092 remain pending.
SAGA has engaged GeoGlobal LLC to complete the independent NI 43-101 mineral resource estimate and technical report. This release serves as a program-completion and resource-estimator engagement update and does not disclose new assay intervals beyond those already reported.
Saga Metals Corp. (SAGA) has completed its maiden resource estimate (MRE) drill program and engaged an independent resource consultant. The market had already anticipated the program's conclusion, as prior releases had flagged that 82 to 89 holes were completed and the MRE was nearing completion.
The stock has retraced from C$0.88 in late January 2026 to around C$0.51, meaning expectations are lower than at the peak. While the completion is incrementally positive, it is not a discovery, an assay release, or a resource estimate. For a pre-resource explorer, the maiden MRE remains the material catalyst.
Saga Metals Corp. (SAGA) is a TSXV-listed North American critical minerals explorer with a portfolio of projects in Labrador and Quebec. The company’s Radar Ti-V-Fe Project in Labrador covers 24,175 hectares within the Dykes River intrusive complex, encompassing the Trapper, Falcon, and Hawkeye zones, which host vanadiferous titanomagnetite and ilmenite.
In the same region, the Wolverine Heavy REE Project sits on approximately 294.5 km² of peralkaline caldera-hosted ground. Grab samples from this site have returned up to 21.6% total rare earth oxides (TREO), with heavy rare earth oxides (HREO) ranging from about 24% to 28%. The Double Mer Uranium Project in Labrador spans 25,600 hectares, where samples have shown grades up to 0.428% U3O8. Additionally, the Legacy Lithium Project is located in the James Bay region of Quebec on 72,701 hectares.
Saga Metals previously sold its North Wind iron ore project to Orion Iron Ore Ltd in August 2026. The transaction included 4 million Orion shares, a board seat, and a 2% gross overriding royalty rate (GORR).
Financial disclosures indicate the company has generated no revenue and maintains negative operating cash flow. As of Q1-2026, cash reserves stood at C$1.96M, with subsequent financings noted in company news releases.