SAGA Metals (TSX-V:SAGA) has expanded the Wolverine Rare Earth Element (REE) Project area in Canada, through the execution of a title transfer agreement.
Under the agreement, SAGA will acquire three contiguous mineral licences comprising 54 mineral claims totalling 1,350 hectares in Labrador. Additionally, the company staked 202 mineral claims within one licence to form a contiguous land package totalling 29,450 hectares.
The company will pay C$52,700 to two vendors upon closing the deal, as well as C$50,000 six months from closing. SAGA will also issue 500,000 shares in the company to the vendors.
Earlier this week, SAGA entered into a share purchase agreement to acquire Catalyst Rare Metals which owns the Wolverine Project.
The company agreed to issue 4.25 million shares, as well as pay C$1 million ($1.01 million) in cash.
SAGA will also make several milestone payments to the vendors upon achieving certain milestones, totalling C$7 million in cash and more than C$15 million in shares.
Director Michael Garagan says this expansion represents a natural extension of the Wolverine Project.
“This adds a potential second, complementary REE mineralisation style to SAGA’s Flower River Igneous Suite portfolio,” Garagan says.
“The caldera tuffs offer bulk disseminated REE potential, while the additional claims peralkaline-hosted pegmatites represent concentrated REE enrichment in discrete bodies — both products of the same peralkaline magmatic system.”
SAGA plans to focus on diamond drilling at Wolverine for resource validation and metallurgical test work.
An upcoming 2026 exploration work program is designed to advance the project towards a resource estimate, as well as deliver key metallurgical, mineralogical, structural density, and QA/QC data required to support resource definition.
SAGA Metals is a North American mining company focused on exploring and developing a diversified suite of critical minerals that support the nation’s transition to supply security.
Write to Aaliyah Rogan at Mining.com.au
Images: SAGA Metals
