Coelacanth Energy Inc. (TSXV: CEI) (‘Coelacanth’ or the ‘Company’) announces that its board of directors approved the granting of incentive stock options (‘Options’) under its stock option plan to acquire up to an aggregate of 3,877,378 common shares (‘Common Shares’) of the Corporation and the granting of restricted share units (‘RSUs’) under its restricted share unit plan to obtain up to an aggregate of 2,657,622 Common Shares to certain of its directors and officers. It has also approved the granting of 1,849,001 Options and 906,999 RSUs to certain of its employees and consultants.

All of the Options are exercisable for a period of five years at a price of $0.81 per Common Share and 33⅓% of the Options will vest on the date that is one year after the date of the grant of such Options and the remainder will vest 33⅓% per year thereafter. All of the RSUs are exercisable for a period of three years at no additional cost and 33⅓% of the RSUs will vest on the date that is one year after the date of the grant of such RSUs and the remainder will vest 33⅓% per year thereafter.

Following the grant of Options and RSUs, Coelacanth has an aggregate of 22,697,637 Options and 8,460,065 RSUs outstanding. Coelacanth’s share based incentive plans limit the total number of Common Shares underlying the aggregate outstanding Options and RSUs to no more than 10% of the issued and outstanding Common Shares of 531,352,966. As of the date of this press release, the total number of Common Shares underlying the outstanding Options and RSUs on an aggregate basis is 31,157,702 or approximately 5.86% of the issued and outstanding Common Shares.

Mr. Robert J. Zakresky
President and Chief Executive Officer

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

NOT FOR DISTRIBUTION IN TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237872

Lode Gold Resources (TSXV: LOD) (OTCQB: LODFF) (‘Lode Gold’ or the ‘Company’) is pleased to announce it has completed phase one of exploration in New Brunswick. The preliminary exploration results on its New Brunswick properties are held in its subsidiary Gold Orogen (new Spin Co). Lode Gold confirms gold endowment in mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding PumaKinross JV property. Due to positive gold soil anomalies, Lode Gold expanded its land package to 445 km2. Further analysis in drill targeting is in progress.

Lode Gold subsidiary, Gold Orogen (Spin Co), holds key assets in Yukon and New Brunswick. In New Brunswick, Acadian Gold, its 50/50 JV company with Fancamp Exploration has two assets: McIntyre Brook and Riley Brook.

Exploration Highlights

• A Heliborne HeliTEM² Survey, by Xcalibur, was flown covering 419 km² of the joint venture land package, utilizing a 150 m line spacing totalling 3,247 line kilometers. The survey collected Magnetic, Radiometric and Electro Magnetic (EM) data.

• Geophysics, prospecting and trenching at McIntyre Brook confirmed the presence of a gold bearing rhyolite horizon (refer to Figure 4 and Table 1), with preliminary trench results that include 5.3 m of 1.19 g/t Au. This is similar to the geology (rhyolite hosted mineralization) of Puma Exploration’s Williams Brook Project under option to Kinross Gold Corp, adjacent to our property.

• Radiometric and conductive geophysics has revealed geophysical anomalies at both McIntyre Brook and Riley Brook (refer to Figures 1, 2 and 3).

• Drill testing is scheduled to commence after all results from 2024 have been received and the complete 2024 exploration dataset has been analyzed. Prospective areas may require additional ground follow-up, before drilling.

• Orientation soil geochemical surveys were conducted over three grids covering approximately 10% of the Riley Brook property. They revealed the presence of large soil Au-W-As-Sb geochemical anomalies positioned in the southern part of the property (refer to Figure 2).

• Based on these results, the joint venture staked an additional 26 km² (new total JV area of 445 km²) at the southwestern edge of the Riley Brook property to cover the potential continuation of the soil geochemical anomaly and coincident conductivity anomaly.

McIntyre Brook

The trenching at the McIntyre Brook prospect has significantly increased the known surface expression of a mineralized rhyolite horizon initially revealed by Lode Gold’s 2019 drill results (20 m @1.2 g/t and 16 m @ 0.84 g/t in two holes). The new work demonstrates a minimum strike extension of the mineralization of at least a 200-metre with the horizon measured up to 9-metre thick. The trench results report up to 5.3 m @ 1.19 g/t Au (see Figure 4). Multi-element assays for pathfinder elements are awaited. This mineralization appears similar to mineralized lithological unit on the neighbouring Williams Brook Project (Puma Exploration).

The trenching also allowed for a better definition of the strike and dip of the gold bearing rhyolites at the McIntyre Brook prospect. Follow-up exploration drilling along the northeast and southwest mineralization trends can be better defined with this information.

These results are considered very encouraging, and work is planned at McIntyre Brook prospect to extend the strike and identify potential parallel structures and inflections.

The EM airborne data has revealed a distinctive anomaly in the east of the property. Soil samples were taken from this area, assay results are expected later this month.

Riley Brook

Recon soil sampling (only covering 10% of the property) has revealed multiple gold anomalies of similar tenor evidenced at deposits on the Appalachian Gold Belt, such as at Puma Exploration’s Williams Brook Property (>20ppb Au in soils). These gold anomalies have coincident Antimony, with +/- Arsenic and Tungsten pathfinder elements. This association of elements are often linked to intrusive-related gold deposits, further work is required to confirm (see Figure 3). The anomalies in the southern part of Riley Brook are also coincident with a prominent EM conductor. Based on these results, Gold Orogen staked more ground expanding the Riley Brook property (now totalling 445 km²⁾ to the south to encapsulate the full extent of the anomaly.

Future work will consider ground geophysics to cover the gold geochemistry and EM anomaly. Further soil sampling and trenching is planned for spring 2025.

‘The first phase of exploration at the Acadian Gold joint venture has been successful at confirming gold bearing rhyolitic mineralization at McIntyre Brook through the trenching and channel sampling; and at Riley Brook with coincident, geophysical and multi-element geochemical anomalies,’ comments François Auclair, Vice President Exploration of Fancamp and Acadian Gold (subsidiary of Gold Orogen). ‘The results at both properties are highly encouraging considering the limited historical work recorded in the area, especially noting that our current soil sampling has covered less than 10% of the Riley Brook property. We see a lot of potential for growth given the prolific region which hosts other gold-focused development projects.’

Figure 1: Total field magnetic image over Puma Exploration’s Williams Brook property (optioned to Kinross). Red colors represent volcanics. Inset shows new total magnetic field data demonstrating these rock types trend into the McIntyre Brook property.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_004full.jpg

Figure 2: Total magnetic field images over McIntyre Brook and Riley Brook.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_005full.jpg

Figure 3: Riley Brook coincident EM and soil geochemical anomaly.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_006full.jpg

Figure 4: McIntyre Brook Prospect Trenching Results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_007full.jpg

Table 1: Preliminary Trenching Results at McIntyre Brook.

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km² across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.

In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km² and a 44 km strike. McIntyre Brook covers 111 km² and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold’s Queensway Project. Riley Brook is a 335 km² package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.

In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1940’s.

Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins – in 2 out of 7 deposits have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.

The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment(‘ PEA’). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.

All NI 43-101 technical reports are available on the Company’s profile on SEDAR+ (www.sedarplus.ca) and the Company’s website (www.lode-gold.com).

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology – UCT), FAusIMM, and who is a ‘qualified person’ as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading ‘Risks and Uncertainties’ in the Company’s most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237787

(TheNewswire)

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC TheNewswire – January 20, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to announce it has exercised its option (the ‘ Option ‘) to acquire a 51% ownership interest in the Company’s flagship Drayton – Black Lake Project in accordance with the terms of an option agreement dated November 25, 2021, as amended on December 29, 2023 and October 23, 2024  (the ‘ Option Agreement ‘)  between the Company and Stillwater Critical Minerals Corp. (‘ Stillwater ‘). The Drayton Black Lake project totals ~18,907Ha.

To exercise the Option, the Company incurred a final $1,000,000 in exploration expenditures on the Drayton – Black Lake Project and issued Stillwater 4,100,000 common shares in the capital of the Company (‘ Common Shares ‘) and 3,000,000 Common Share purchase warrants (‘ Warrants ‘), with each Warrant entitling Stillwater to acquire an additional Common Share at a price of $0.10 until January 17, 2028.

The Company has a further option to increase is ownership interest in the Drayton-Black Lake Project to 90% by incurring an aggregate of $5,000,000 in Qualifying Expenditures (inclusive of the $2,500,000 in Exploration Expenditures incurred in connection with the exercise of the First Option) at the Property on or before November 25, 2026 and issuing an additional 1,100,000 Common Shares to Stillwater.

‘We are excited to have secured a controlling interest in our flagship project, DBL. This strategic move, combined with the recent influx of capital through investments and M&A, positions Heritage at the forefront of one of the last underexplored gold belts in Northwestern Ontario. With a robust portfolio, a clear vision for growth, and the financial strength to execute, we are fully cashed up and permitted to drill our high-priority targets. We’re off to a great start in 2025, and with the momentum we’ve built, we are well-positioned to unlock significant value for our shareholders in the rapidly evolving gold sector.’ commented Peter Schloo, CEO, President and Director of Heritage.

Stillwater’s Chief Executive Officer, Michael Rowley, added that ‘We are very happy with Heritage’s success earning into the project. Their hands on approach, technical expertise, and capital market support puts them at the top of the list. We remain fully supportive and are looking forward to what they have in store for 2025 and beyond. ‘

Click Image To View Full Size

Figure 1: Ontario Project Portfolio

Click Image To View Full Size

Figure 2: Ontario Project Portfolio – Drayton Black Lake

As part of the exercise of the Option, the Company settled $52,500 in debt obligations through the issuance of

875,000 Common Shares at a price of $0.06. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

Qualified Person

Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.

ABOUT HERITAGE MINING LTD.

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.

For further information, please contact:

Heritage Mining Ltd.

Peter Schloo, CPA, CA, CFA

President, CEO and Director

Phone: (905) 505-0918

Email: peter@heritagemining.ca

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

Copyright (c) 2025 TheNewswire – All rights reserved.

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand.

Highlights: 

• All three holes in Murray Creek have intercepted visible gold in down-dip extensions of the historical Victoria lode, demonstrating vertical continuity over 100 meters and still open. 

• Murry Creek assays ranging from 11.1 – 34.1g/t gold, intercept widths indicate a pinch and swell of the vein from 0.2 – 1.2m. 

• 1.35% Sb (stibnite) in DD_VIC_42A demonstrates the antimony potential in this region. 

• Introduction of Devico Navi-drilling provides benefits of accuracy and economy in the resource definition stage. 

• Gold results in 4 of the 6 drill holes at Capleston, with the northern-most intercept averaging 4.8g/t Au over 3.3m.

Robert Eckford, CEO of Rua Gold commented: ‘it is very encouraging to be intercepting gold on the majority of our targets in the Reefton Goldfield. Murray Creek has delivered vertical continuity and visible gold on every hole and even more exciting as we start seeing visible antimony on this target. The drill program is progressing nicely and with the navi-drilling team in place and two main holes complete, we can start building structure with our 20m spaced drill program. The near surface gold results at Capleston also indicate there is potential for early development opportunities.’

Figure 1: Quartz vein from VIC042A, 0.3m @ 27.18 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_007full.jpg

Murray Creek

The Company has advanced the testing of the down-dip extension of the Victoria lode, DD_VIC_042B. This intersected the targeted gold vein at 390m down hole with a 1m quartz vein followed by a 0.2m mineralized fault, including fine visible gold throughout the vein and antimony infilling fractures. This intercept is 80m below the historical Victoria mine, and 20m northeast of the DD_VIC_042A intercept.

The third drill hole (DD_VIC_042A) intercepted a 0.3m quartz vein with visible gold in a 0.6m mineralized fault. The quartz vein assayed 0.3m at 27.2/t Au with 1.35% Sb (antimony).

Table 1: Assay results Murray Creek Drilling Program

Rua Gold have commenced a series of directional drill holes with IMDEX Devico Navi-drilling to progress the delineation of the unmined reef down dip and along strike.

Two parent holes have been established (DD_VIC_042 and 046) and there are 6 more directionally drilled holes planned in the first quarter 2025. This program will test ~200m down strike of the historical Victoria Mine lode which produced 33,877oz at 19.9g/t Au (Barry, 1993).

Figure 2: Cross section through the Victoria lode, Murray Creek.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_008full.jpg

Capleston

The Company is targeting an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages.

The program consists of 6 drill holes, with the northern-most intercept averaging 4.8g/t Au over 3.3m.

Table 2: Assay results Capleston Drilling Program

No significant results in DD_REF_045, 048.

The drill rig at Capleston has been demobilized as the exploration team shift its focus onto the Cumberland targeted as highlighted in the news release dated January 13, 2024. Results from the drill program will be collated into the model and assessed for the next phase of drilling.

Figure 3: Intercepts of REF047 and REF048, inspecting core at Reform.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_009full.jpg

Figure 4: Location of Reefton Projects

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/237800_d3f1e88f54b14a9f_010full.jpg

QAQC Drilling

The majority of drillholes were sampled in full, typically following 1-m sample intervals unless geological contacts (i.e. dolerite intrusions) dictated otherwise. NQ core was analyzed as whole core; therefore, only requiring cutting along sample intervals. PQ and HQ core were sampled as half core.

Coarse gold intersections (Victoria lode visible nuggety gold intervals) are sampled in full, dried and dispatched to ALS Perth, Australia for PhotonAssay analysis using method PA01 with a detection limit of 0.03ppm Au. 500gm samples were submitted with Certified Reference Material (CRM) following coarse crushing. This method is non-destructive allowing the preservation of the entire whole-core, and unlimited repeat testing.

Standard drill core samples were sent to SGS Westport for sample preparation. Core was crushed to 75% passing 2 mm, and 1-kg split of material was pulverized (to 85% passing 75 µm). No split duplicates were collected during the crushing steps. Two scoops were taken from the pulverize bowl: one for laboratory analysis (~150 g) and the other for pXRF analysis (~100 g). The pulp reject is stored in Reefton. Pulverized drill core samples were analyzed by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505). The detection limit for Au by this method is 0.01 ppm. As part of SGS’ internal quality control, SGS conducted repeat analyses, also at a rate of ~5%.

The QP has verified the data disclosed including sampling, assay procedure and analytical information contained in the written disclosure.

ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

Technical Information

Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton project and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s CSE Form 2A – Listing Statement filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-Looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237800

Osisko Metals Incorporated (the ‘ Company ‘ or ‘ Osisko Metals ‘) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) announces that that it has granted (i) an aggregate 12,500,000 restricted share units of the Company (‘ RSUs ‘) to certain executive directors and officers of the Company, and (ii) an aggregate of 1,750,000 deferred share units of the Company (‘ DSUs ‘) to certain independent directors of the Company.

All RSUs are scheduled to vest on the third anniversary of the date of grant and all DSUs are scheduled to vest upon the applicable recipient ceasing to be a director or officer of the Company, in each case, subject to terms of a newly adopted omnibus incentive plan (the ‘ Plan ‘) and applicable award agreements and the policies of the TSX Venture Exchange (the ‘ Exchange ‘). All RSUs and DSUs granted under the Plan may only be settled in cash until such time as the Plan and related grants have been approved by the shareholders of the Company and the Exchange.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ‘ s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of   824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled ‘ Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ‘. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ‘ s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals’ June 25, 2024 news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’ . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Email: info@osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals , on LinkedIn at https://www.linkedin.com/company/osiskometals , and on X at https://twitter.com/osiskometals .

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘potential’, ‘feasibility’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the anticipated resource expansion of the Gaspé Copper system; Gaspé Copper hosting the largest undeveloped copper resource in eastern North America; and the advancement of the Pine Point project; and the ability of the Company to obtain the requisite shareholder and Exchange approval of the New Omnibus Plan.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Ramp Metals Inc. (TSXV: RAMP) (‘Ramp Metals’ or the ‘Company’) is pleased to announce a new copper discovery found during its recently completed mapping and sampling program on its flagship Rottenstone SW property. The Company has now confirmed three unique mineralized targets on the property, including the gold discovery of 73.55 gt Au over 7.5m that was identified in drillhole Ranger-01.

Key Highlights:

Ramp Metals is pleased to share key highlights from its ongoing exploration efforts and upcoming plans at its flagship Saskatchewan project:

• Rush Target: Surface rock samples returned values of up to 1.61% copper, 0.79 g/t gold, and 113 g/t silver, all overlying a 1,200-meter conductive anomaly, making this a highly prospective drill target.

• Rogue Target: Soil sampling results included gold values of up to 530.7 ppb (0.53 g/t), with multiple samples exceeding 100 ppb, highlighting the area’s potential.

• Geophysics Program: Mobilization is underway for an estimated 2,877 line-km survey using the Xcite HTDEM system, with 100-meter line spacing to provide high-resolution data for target refinement.

• Advisory Team Expansion: Steve Balch has joined the advisory team to assist in interpreting geophysical data and optimizing drill target selection.

• Drill Program: The upcoming drill program will focus on all three targets, with the highest priority being the Ranger Gold discovery. The primary objectives at Ranger include delineating mineralization within a quartz-diorite intrusion and gaining a clearer understanding of the gold system’s orientation.

‘Following a successful field program, the Ramp Metals team is excited to have identified three distinct styles of mineralization on the property, including a world-class gold intercept after just one season of exploration,’ commented Jordan Black, CEO of Ramp Metals. ‘Saskatchewan has historically been underexplored, and this discovery demonstrates the immense potential that can be unlocked through grassroots exploration. Moving forward, the company will prioritize drilling in the high-grade gold zone at the Ranger target, with Rush and Rogue as secondary focus areas. By integrating the latest prospecting data with geophysics, we aim to refine our targeting and maximize the success of the upcoming drill program.’

The mapping and sampling program lasted 14 days and focused on the Ranger, Rogue, and newly identified Rush targets (Figure 1). During this program, a total of 312 rock samples and 225 soil samples were taken (Figure 2) throughout the Rottenstone SW property.

Figure 1: Area of Focus for the sampling and mapping program. Zoomed in image are rock samples from the 2023 field program.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8725/237789_6faf1a38441fbb92_001full.jpg

Figure 2: October 2024 field program sample overview, overlaying TDEM channel 25

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8725/237789_6faf1a38441fbb92_002full.jpg

Highlights

Rush Target

Table 1: Rush Rock Sample results. A cutoff of 0.45% Cu was used for this table.

Table 2: Rush Soil Sample results. A cutoff of 100ppm Cu was used for this table.

Rogue Target

Table 3: Rogue Soil Sample results. A cutoff of 50ppb was used for this table.

Ranger

With drilling anticipated in February, goals at Ranger will be to further define the mineralization encountered within a quartz-diorite intrusion and to gain a better understanding of how the gold system is oriented. The quartz-diorite intrusion was intersected starting at 145.05m, with mineralization starting at 227m in the Ranger-01 discovery hole.

The Ranger target is in an area of exposed bedrock ridges which parallel the NE-SW striking regional foliation. A NE-SW striking high-conductivity zone approximately 1350m in length is associated with the target. The main lithologies encountered in this area are migmatites. Minor packages of quartz diorite, volcanic and sedimentary units were also encountered.

To date, gold mineralization has been found in two distinct rock packages. Prospecting in fall 2023 discovered two samples grading 5.11 g/t Au and 1.09 g/t Au in mafic packages within the migmatite country rock. These samples were located on separate ridges approximately 100m across regional strike (Figure 1). The discovery intercept of 73.55 g/t Au over 7.5m was found in a coarse-grained quartz diorite. During the October 2024 field program, a total of 177 rock samples were taken from multiple different lithologies around the Ranger target (Figure 3). Anomalous gold values up to 53 ppb were encountered. Field crews were not able to locate the surface expression of the large quartz diorite intrusive body that was intersected in the inaugural drill program. The diorite intrusion was intersected starting at 145.05m in the Ranger-01 discovery hole.

Core orientation tools will be used in the upcoming drill program in order to gain a better understanding of the orientation of the mineralized system, and determine whether or not it outcrops at surface.

Figure 3: Rock sample locations at Ranger from the 2024 & 2023 field season

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8725/237789_6faf1a38441fbb92_003full.jpg

Rush

The Rush target is a newly identified area of interest located approximately 7.5 km NW of Ranger. Rush overlies a NE-SW striking zone of high conductivity approximately 1200m in length. The area is heavily forested and bedrock exposure is limited to sporadic ridges which parallel the NE-SW regional foliation. A total of 56 rock samples were taken over the area. Disseminated Chalcopyrite and Malachite staining were noted in multiple rock samples. Rock samples returned values of up to 1.61% copper, 0.79 g/t gold, and up to 113 g/t silver across different samples. A total of 24 soil samples were also taken and returned values of up to 798.5 ppm copper and 21,152 ppb (21.15 g/t) silver. Highlights of both rock and soil samples can be seen in Table 1 and Table 2.

A mineralized outcrop was traced for 20m along the base of an exposed ridge, and dips under cover to the NE and SW. When combined with the soil samples, the strike length of the mineralized zone defined to date is 270m and remains open in all directions.

‘Rush is an incredibly exciting new target,’ said Garrett Smith, VP of Exploration for Ramp Metals. ‘The presence of a large conductive body beneath the surface samples creates a highly compelling drill target. We are eager to test the Rush target and build on the known gold mineralization at Ranger as part of our upcoming drill program.’

Figure 4: Rock and soil sample locations from Table 1 & 2 at the newly identified Rush target.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8725/237789_6faf1a38441fbb92_004full.jpg

Rogue

The Rogue target is located approximately 3km NW from Ranger. The area is heavily forested and is covered by up to 10m of glacial till overburden. The Rogue target area appears to be associated with regional folding. The targets are located within the axis of these folded structures. Limited drilling to date has identified broad zones of chlorite and sericite alteration along with pyrrhotite, arsenopyrite, pyrite, and minor gold mineralization (see Ramp Metals’ news release dated July 8, 2024). A total of 221 soil samples were taken throughout the Rogue target area (Figure 5). Gold values of up to 530.7 ppb (0.53 g/t) were encountered in the soil samples, with multiple samples over 100 ppb (Table 3). These samples, along with the high-grade gold, associated alteration, sulphides, and quartz-carbonate veining encountered in previous drilling, make for a compelling drill target for the upcoming program.

Figure 5: Soil sample grid and results over the Rogue target area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8725/237789_6faf1a38441fbb92_005full.jpg

Geophysics

The Company has contracted Axiom Exploration Group out of Saskatoon for an extensive airborne geophysical program in order to complete the magnetic and electromagnetic datasets over the entire Rottenstone SW property. An estimated 2877 line-km will be flown using the Xcite HTDEM system at 100m line spacing. The geophysical program, combined with the lab results from the above-noted mapping program will be used to define drill targets in the upcoming winter drill program.

Furthermore, the Company is pleased to add Steve Balch as an advisor to the company, to aid in the selection of drill targets. Steve is an Ontario registered geoscientist with 40 years of experience in geophysics, specializing in magnetic and electromagnetic methods, but also with experience in large exploration compilations. After working at Inco for six years in the Sudbury Basin and at Voisey’s Bay, Steve joined Aeroquest in 2001 and helped develop the AeroTEM system, focusing on the on-time measurements of the linear triangular waveform. In 2007, Mr. Balch founded Triumph Instruments and developed the AirTEM system, a multi-coil helicopter-borne EM system that is now in use in Mexico, China, Canada and Eastern Europe.

Mr. Blach will assist the Company in the selection of drill targets.

In connection with Mr. Balch’s engagement, the Company granted 100,000 incentive stock options to Mr. Balch’s management company, each of which vests immediately, exercisable into one common share of the Company at a price of $1.08 per share for a period of five years, and is governed by the terms of Ramp Metals’ stock option plan.

Permits

The Company has two community meetings scheduled in La Ronge and Stanley Mission on January 28th and 29th respectively. We look forward to discussing the project with Lac La Ronge Indian Band and all community members. It is anticipated that drilling permits will be received in February and that drilling can commence shortly after receipt.

QA/QC and Geochemical Sampling Procedure

All rock & soil samples were taken, described, photographed, and bagged on-site. Control samples consisting of certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Companies QA/QC protocol at a rate of 1:15 or better. All samples were transported by Ramp Metals staff to a secure warehouse, packaged and transported by Manitoulin Transport to Bureau Veritas Commodities Canada Ltd.(‘BV’), an internationally recognized and ISO 17025:2017 accredited analytical services provider, at its Vancouver, British Columbia laboratory. The Companies QA/QC protocol is in addition to BV’s QA/QC standard procedure.

Rock samples were prepared using the PRP70-250 package, where samples were weighed, dried, and crushed to greater than 70% passing a 2mm sieve, then pulverized to greater than 85% passing 75 microns. Samples were then analyzed in accordance with BV’s FA330 and MA300 packages, for both gold, platinum & palladium analysis by fire assay (30g fire assay with AAS finish) and multi-element ICP analysis (0.25 g, multi-acid and ICP-ES analysis). Gold returning >10ppm is automatically analyzed by gravimetric method in accordance with lab standard of practice. Copper and lead over limits were re-assayed using BV’s MA370 package, a multi-acid digestion with ICP-ES finish.

Soil samples were prepared using the SS80 package, where samples are dried at 60°C and sieved to depletion to -180 μm (80 mesh). Samples were then analyzed in accordance with BV’s AQ251+PGM package, an ultra-trace by ICP-MS analysis where aqua regia digestion is used for low to ultra-low determination on soils followed by a 37 element ICP-MS and the platinum, palladium add on for analysis of a 15g sample.

Qualified Person

Brett Williams, P.Geo., VP Operations and Senior Geologist for Ramp Metals, and a ‘qualified person’ under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical content in this news release.

About Ramp Metals Inc.

Ramp Metals is a grassroots exploration company with a focus on a potential new Saskatchewan gold district. The Company currently has a new high-grade gold discovery of 73.55 g/t Au over 7.5m at its flagship Rottenstone SW property. The Rottenstone SW property comprises of 32,715 hectares and is situated in the Rottenstone Domain.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’ within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or may contain statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘will continue’, ‘will occur’ or ‘will be achieved’. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company’s exploration activities.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: requirements for additional capital; future prices of minerals; changes in general economic conditions; changes in the financial markets and in the demand and market price for commodities; other risks of the mining industry; the inability to obtain any necessary governmental and regulatory approvals; changes in laws, regulations and policies affecting mining operations; hedging practices; and currency fluctuations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237789

Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis, confirming the presence of uraninite, a key uranium mineral, hosted within the pegmatites identified along the 18km trend; verified through uranium count radiometrics and surface sampling at the Double Mer Uranium project in Labrador, Canada.

Saga Metals flagship Double Mer Uranium Project – Labrador, Canada

The Double Mer Uranium Project is Saga Metals’ flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration, SAGA’s exploration team validated key data and built upon the Company’s understanding of the project’s uranium potential. This work has refined the understanding of the uranium targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program at the   Luivik zone   .

SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador’s Central Mineral Belt (CMB) , including Paladin Energy’s Michelin and Atha Energy’s CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage uranium potential.

Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada

Drilling set for Double Mer Uranium Project’s Luivik zone:

• Maiden Drill Programs: Drilling is scheduled to commence in Q1 2025 with a minimum 1,500m program.
• Double Mer Uranium Drilling Location: This drill program will systematically grid and evaluate the anomalies of the Luivik zone , providing comprehensive data on its uranium potential.
• Double Mer’s Luivik Zone Potential: The westernmost area of the 18km radiometric trend showcases potential for secondary fluid enrichment that can be conducive to uranium mineralization with 300m width and potentially a 1km strike containing samples up to 0.3692% U ₃ O ₈ .
• Petrographic and petrologic analysis: Indications from the recent study suggest pegmatites in the Luivik zone are genetically related to the pegmatites through the entire 18km trend.

The Luivik zone has been prioritized for drilling due to its anomalous uranium (U ₃ O ₈ %) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone’s uranium potential, making it a top target for exploration.

The Luivik zone boasts a width of 300 meters between samples with a cut-off of 0.015% U ₃ O ₈ and anomalous grades over 0.11% U ₃ O ₈ to a high of 0.3692% U ₃ O ₈ in a single sample. The uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of 1km or greater.

The zone’s favorable mineralogy is complemented by logistical advantages. Located just 1km from Double Mer’s main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.

Figure 2: The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.

Petrographic and Petrologic Conclusions at the Double Mer Uranium Project:

Selected samples from the Double Mer Uranium project were collected by SAGA’s exploration team during 2024’s surface program for the purposes of petrography, mineralogical and petrochemical interpretations. These results help understand the genesis of the uriniferous pegmatites, guiding 2025’s drill programs, and further surface exploration work across the 25,600-hectare property.

The pegmatites can be subdivided into two subgroups based on radioelement and rare earth-bearing minerals in association with the mafic mineral abundance of biotite. The radioelement-bearing pegmatite is characterized by aggregates of black biotite interstitial to feldspars and quartz. The biotite aggregates are the loci for very fine-grained euhedral uraninite crystals. The second pegmatite subgroup contains more sparsely distributed plates and discontinuous stringers of black biotite interstitial to feldspars and quartz. Euhedral allanite crystals are sparsely distributed interstitial to feldspars and quartz. This Allanite is a light rare element-bearing (lanthanum and cerium) with very fine-grained disseminated thorite through the allanite.

Both pegmatite subgroups occur in close spatial association at the outcrop-scale. Analyzing and interpreting the 53-element geochemical database derived from 289 samples collected during the 2024 exploration program has shown   unequivocally that both pegmatite subgroups are genetically related and belong to the same magmatic event. Further studies will be conducted in the future to determine the evolutionary timing of each subtype.

Since the Double Mer Uranium property covers an 18km long radiometrically anomalous pegmatite domain, the exploration significance of these petrographic-petrochemical findings with interpretations are: pegmatites with aggregated biotite represent a first-order lithology to sample for uranium mineralization and a thorium + rare earth-enriched pegmatite may indicate the presence of additional nearby uranium-bearing pegmatite.

Petrographic work and analysis completed by Dr. Al Miller:

With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.

Michael Garagan, CGO & Director of Saga Metals Corp. discusses drilling strategy: ‘We are very encouraged by these petrographic results. Not only does this confirm the presence of uraninite in the pegmatites but the fact they are genetically related along an 18km trend is very encouraging. The team has since arrived in Labrador preparing for the drill program at the Radar Ti-V project while coordinating the final setup at the Double Mer camp. This is a busy and exciting time for SAGA and sets the tone for lots of catalysts in 2025.’

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company’s flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U ₃ O ₈ and spectrometer readings of 22,000cps.

In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.

SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Qualified Person

Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project disclosed in this news release.

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the petrographic and petrological analysis as well as the Company’s plans and objectives in respect of the planned drill program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/04469a4a-1f1b-4a10-befb-4180cfc12c1a

https://www.globenewswire.com/NewsRoom/AttachmentNg/f2c5545c-c02d-41c1-a593-1ba097d9acc3