SAGA Metals Reports Channel Sample Assay Results at Double Mer Uranium Project
SAGA Metals Reports Channel Sample Assay Results at Double Mer Uranium
Project
VANCOUVER, British Columbia, Dec. 03, 2024 -- 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 U 3O8% 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 Energy 1:
• 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% U 3O8
4. 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:
1. Regular Quality Control Samples : One quality control sample (blanks, duplicates, or standards) was inserted every
10 samples.
2. Focused QA/QC for Promising Mineralogy : Additional blanks, duplicates, and standards were added for samples
showing promising uranium mineralization in the field.
3. 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 U 3O8 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 Relations
Tel: +1 (778) 930-1321
Email: [email protected]
www.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.
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