en.Wedoany.com Reported - SAGA Metals (TSX-V:SAGA) has completed the acquisition of Catalyst Rare Metals, which holds the Wolverine rare earth elements project in Canada; the company has also initiated a diamond drilling program.
In this transaction, SAGA acquired all shares of Catalyst for 4.24 million shares and CAD 1 million (USD 1.01 million) in cash.
The Wolverine project is located within the peralkaline Flower Lake igneous suite, an intrusive-volcanic complex belonging to the 1.28 to 1.13 billion-year-old Gardar rift province. Covering 29,450 hectares, the project features regional-scale potential, heavy rare earth element enrichment, and near-surface mineralization.
SAGA Metals is implementing its 2026 work plan, aiming to advance the project to an initial resource estimate through 4,000 to 5,000 meters of diamond drilling. The drilling program will focus on evaluating follow-up drilling and other high-priority targets.
This work plan is expected to provide critical metallurgical, mineralogical, structural, and density data to support resource definition, while further deepening the understanding of mineralization controls, rare earth hosting phases, and heavy rare earth element enrichment mechanisms.
Drilling is scheduled to begin in early August 2026, followed by metallurgical testing.
Director Michael Garagan stated that completing the Wolverine acquisition and initiating drilling is a key step forward for the company.
Garagan noted: "We are moving quickly and will complete first mineral resource estimates for two projects this year, including the Radar titanium-vanadium project. This dual-track strategy reduces portfolio risk and enables the company to achieve meaningful resource growth in Labrador's critical minerals assets. We are executing in an orderly and motivated manner and are pleased with the progress being made on multiple fronts."
SAGA Metals is a North American mining company focused on exploring and discovering a diversified portfolio of critical minerals to support North America's transition to supply security.
