Double Mer Uranium Project
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SAGA Metals Provides Update on Double Mer Uranium Project: A Well-Positioned Asset in North America as the Uranium Boom Accelerates
Globenewswire· 2025-11-03 14:00
Core Insights - SAGA Metals Corp. is strategically positioned to benefit from the growing demand in the uranium sector driven by global nuclear commitments and AI infrastructure needs [1][12][14] Company Overview - SAGA Metals Corp. is a North American exploration company focused on critical mineral discoveries, particularly in uranium [1][21] - The company owns the Double Mer Uranium Project in Labrador, Canada, which spans 25,600 hectares and is drill-ready [2][9] Double Mer Uranium Project - The Double Mer Uranium Project is located 90 km northeast of Happy Valley-Goose Bay and is near significant uranium discoveries [2][22] - The project features an 18-kilometer uranium-rich trend with identified high-potential zones for drilling: Luivik, Nanuk, and Katjuk [5][9] - Recent exploration confirmed uranium oxide (U3O8) concentrations as high as 0.428% and radiometric peaks up to 27,000 CPS [5][12] Market Dynamics - The uranium market is experiencing a renaissance, with a notable $80 billion partnership between Cameco Corporation, Brookfield Renewable Partners, and the U.S. government to deploy nuclear reactors [13] - Global reactor demand is projected at 180 million pounds U3O8, consistently outpacing primary production, leading to a structural deficit [14] - The World Nuclear Association forecasts a 25-28% increase in uranium demand by 2030, driven by over 60 new reactors under construction [14] Demand Drivers - The AI revolution is expected to double electricity consumption from data centers by 2030, increasing reliance on nuclear power for its reliability and low-carbon profile [15] - Major tech firms are investing in nuclear energy to support their operations, highlighting the growing intersection between technology and energy needs [15] Government Initiatives - The U.S. government is taking steps to secure domestic uranium supply, including executive orders to expand uranium mining and processing [16] - The Uranium for Energy Independence Act of 2025 incentivizes U.S.-sourced uranium purchases, further supporting domestic projects like SAGA's [16]
SAGA Metals Engages Paul McGuigan as its Qualified Person to Oversee Advancement of the Radar Ti-V-Fe Project in Labrador & Provides Corporate Update
Globenewswire· 2025-06-04 13:00
Core Viewpoint - SAGA Metals Corp. has appointed Paul McGuigan as the Qualified Person for the exploration and development of the Radar Ti-V-Fe Property in Labrador, leveraging his extensive experience in economic geology and mineral exploration management [1][2][3]. Company Overview - SAGA Metals Corp. is focused on the exploration and discovery of critical minerals that support the global transition to green energy, with key assets including the Double Mer Uranium Project and the Legacy Lithium Property [17][18][19]. - The company’s flagship Double Mer Uranium Project covers 25,600 hectares and features uranium radiometrics with samples as high as 0.428% U3O8 [17]. - The Legacy Lithium Property, developed in partnership with Rio Tinto, covers 65,849 hectares and shares geological continuity with other major players in the region [18]. Appointment of Qualified Person - Paul McGuigan, a Professional Geoscientist with 50 years of international experience, has been appointed as the Qualified Person for the Radar Ti-V-Fe Project [2][3]. - McGuigan has a strong background in economic geology, having led Cambria Geological Inc. for 37 years and worked on various feasibility-level projects [3][4]. Radar Ti-V-Fe Project Details - The Radar Property is 100% owned by SAGA and is located 10 km from Cartwright, Labrador, covering 24,175 hectares and benefiting from significant infrastructure [9]. - The Dykes River intrusive complex, part of the Radar Property, is recognized for its titanium-vanadium-iron rich layers and has geological similarities to large AMCG-type intrusions [10]. 2025 Winter Drill Program Highlights - The 2025 winter drill program has confirmed the presence of vanadiferous titanomagnetite, with notable intercepts including 20.2 meters grading 31.35% Fe, 6.32% TiO₂, and 0.435% V₂O₅ [13]. - Drilling has demonstrated oxide layering and associated magnetic anomalies to vertical depths of up to 300 meters, with current drilling testing just 1/40th of the identified 20 km strike extent [20]. Marketing Services Agreement - SAGA has entered into a marketing agreement with Maximus Strategic Consulting Inc. for a four-month period, with a fee of C$150,000 to promote the company and its projects [14][15].