SAGA Metals Corp. (TSXV: SAGA) (OTCQX: SAGMF) (FSE: 20H) has announced the completion of its maiden diamond drill program at the 100%-owned Wolverine Heavy Rare Earth Element Project in Labrador, Canada. All 22 drill holes totalling 3,241 metres intersected a promising alteration assemblage interpreted as related to rare earth element (REE) mineralisation. Assay results from two fully sampled holes are pending, with the remaining 20 holes still being logged and sampled. Investors may be watching for initial assay results and the integration of drilling data into the company's broader 2027 exploration strategy.

Key Points

  • SAGA Metals Corp. (TSXV: SAGA) (OTCQX: SAGMF) (FSE: 20H)
  • Maiden diamond drill program at Wolverine completed: 22 holes totalling 3,241 metres, all intersecting REE-bearing alteration
  • Two holes fully logged and sampled — W26-001 (182 m depth, 138 samples) and W26-002 (179 m depth, 139 samples) — with assays pending; 136 grab samples also collected during prospecting
  • Investors should watch for initial assay results and updates on logging of the remaining 20 holes

All 22 Wolverine Drill Holes Confirm REE-Bearing Alteration Assemblage

The 2026 program represents the first systematic diamond drilling conducted on the Wolverine property. Holes were drilled at an azimuth of 230° and a dip of -85°, with end-of-hole depths ranging from 43 metres to 204 metres. Quick logging by the on-site geologist confirmed a REE-associated alteration assemblage in every hole. Two holes — W26-001 and W26-002 — have been fully logged and sampled, with W26-001 returning a Unit 4 thickness of 118.75 metres and a total alteration interval of 180.2 metres, while W26-002 recorded a total alteration interval of approximately 178.65 metres.

Structural Observations Point to Sub-Vertical Hydrothermal Feeder System at Wolverine

Preliminary core and outcrop observations support the interpretation that REE mineralisation is hosted within a propylitic, chlorite-dominant alteration zone developed across volcanic Units 3, 4, and 5. The release states that sub-vertical fracture-breccia networks display mineralogical attributes indicating formation from a volatile-rich magmatic-hydrothermal fluid linked to peralkaline intrusions. The company notes these structures are interpreted as hydrothermal feeder systems that created stratiform-like alteration zones, suggesting potential depth extent that may be tested in future work.

Prospecting Expands Wolverine's Targeted Footprint With New Pegmatite Discoveries

During the drill program, prospecting was conducted over a two-month period across other portions of the property. A total of 136 grab samples were collected, with assays pending. Scintillometer-supported work in the southern part of the property confirmed multiple previously identified pegmatites and resulted in the discovery of new pegmatites and aplite dykes, the disclosure states. Units 3, 4, and 5 were identified in multiple locations, indicating significant lateral extent of the prospective volcanic sequence and potentially expanding the area available for future drilling beyond the 2026 footprint.

IP Survey and Follow-Up Drilling Planned as SAGA Advances Towards Resource Estimate

The company's stated next steps include completing logging and sampling of the remaining 20 holes, submitting all samples for assay, and fully analysing detailed mapping data. An induced polarisation (IP) survey is planned for Q2 2027; the release states interpretation of that data, combined with 2026 geological and assay results, is expected to guide a follow-up drill program. The technical information in the announcement was reviewed and approved by Dr. A. Miller, P.Geo., PEGNL, an Independent Qualified Person as defined under National Instrument 43-101.