Saga Metals Corp. has commenced a diamond drill program of up to 5,000 metres at its 100%-owned Wolverine Heavy Rare Earth Element Project in central Labrador, with the first two drill holes intersecting the prospective rare earth element-bearing volcanic unit.

The company acquired a 100% interest in the project in July 2026 through its acquisition of Catalyst Rare Metals Ltd. Prior to the current campaign, Saga completed 25 reverse-circulation drill holes across a 1.7 km by 1.2 km area at the property in 2025.

The first sub-vertical diamond drill hole, designated W26-001, reached a depth of 182 metres and intersected 169 metres of the shallowly dipping prospective volcanic ash tuff unit. A second hole, step-out hole W26-002, reached a total depth of 176 metres and intersected the same stratigraphy and alteration markers 200 metres along strike.

Previous historic pack sack drilling and the 2025 reverse-circulation program at Wolverine did not exceed 50 to 57.9 metres in depth, making the current campaign the first to test the system at greater depth. Core logging identified a second style of mineralization comprising sub-vertical breccia-fracture networks filled and lined with sulphide and chlorite, which points to potential depth continuity for rare earth mineralization across the property.

“It is an extraordinary thing to be on this ground, working in the well preserved Nukliavik volcanic-hydrothermal system instead of chasing isolated showings can already be described as a complete geological privilege. We can now correlate the same chlorite-pyrite replacement we saw in the 2025 RC chips in the diamond core, match the alteration halo metre by metre. Mapping and tracking that system at depth is going better than we expected. W26-001 looks like the cool, upper end of the feeder. The job from here is to prove the footprint first, then follow the structures down to the hot end, where the heavy REE typically live. The camp is setup, mapping is validating a robust mineralized footprint, and drilling is aiming to prove out a large deep system of heavy rare earths.”

— Michael Garagan, Chief Geological Officer and Director of Saga Metals

The current program is designed to combine detailed mapping, grid pattern diamond drilling on 100-metre centres with 200-metre step-outs, prospect evaluation, and metallurgical testing. Saga is advancing the Wolverine project toward a maiden NI 43-101 mineral resource estimate.

Read the full announcement: SAGA Metals Commences Diamond Drilling at the Wolverine Heavy Rare Earth Element Project in Labrador - First Two Diamond Drill Holes Intersected Prospective REE-Bearing Volcanic Unit