New drilling at the Trapper South zone of Saga Metals’ (TSXV: SAGA; US-OTC: SAGMF) Radar project in Labrador cut broad titanium-vanadium-iron intervals, strengthening the case for building a mine.
The latest of 36 released assays show thickness and continuity across the zone, not just isolated high-grade pockets, the company said Thursday. The best result among five newly reported holes came from hole R-0039, which cut 110.1 metres grading 47.42% iron oxide, 5.95% titanium dioxide (Ti02) and 0.354% vanadium pentoxide (V2O5) starting at 83.9 metres downhole. Hole R-0040 returned 45.1 metres grading 51.20% iron oxide, 7.94% Ti02 and 0.34% V2O5 from 38.3 metres.
“These latest drill results from R-0039 to R-0043 continue to highlight the significant titanium and vanadium grades and strong continuity we are seeing throughout the Trapper Zone,” chief geological officer Michael Garagan said in a press release. “The consistently elevated titanium and vanadium levels across these broad oxide intercepts reinforce the Radar project’s status as a critical and strategic North American titanium-vanadium opportunity.”
Radar, about 10 km south of Cartwright and 390 km east of Happy Valley-Goose Bay, is nearing a first resource estimate that would let Saga begin testing the project’s economics. The project already has road access, a deepwater port, an airport and nearby hydroelectric power, which gives any early resource more weight than a similar discovery in a remote camp.
Toronto-listed shares of the company traded unchanged at 61¢ apiece on Thursday afternoon, giving Saga a market capitalization of $48.9 million (US$35.1 million). The stock has traded between 21.5¢ and 98¢ over the past 12 months.
Prospecting momentum
Saga has completed 50 holes at Trapper since late last year and drilled 11,600 metres so far. The company has collected 7,032 samples and says mineralization has been seen in every hole drilled across the two main zones to date.
The new holes help define that shape. On section S4, hole R-0039 cut an oxide zone 105.5 metres thick, with a true thickness of 102.1 metres. Hole R-0040, drilled below an earlier hole, hit 73.4 metres of oxide with a true thickness of 51.9 metres.
Farther east, holes R-0042 and R-0043 were aimed at mineralization near surface on the eastern Trapper South magnetic anomaly. R-0043 returned 39.8 metres grading 47.93% iron oxide, 7.24% Ti02 and 0.307% V2O5 from 28.4 metres.
The Trapper zone sits within a 29-sq.-km oxide corridor that includes Hawkeye and Falcon on Radar’s 241 sq. km land package. The property encloses the Dykes River intrusion, a layered mafic body mapped over about 160 sq. km at surface.
Resource estimate
If Saga can turn Trapper’s broad oxide bands into tonnage, Radar could emerge as one of the more advanced titanium-vanadium stories in eastern Canada.
To get there, Saga needs to convert the continuity into a resource and show what the rock can yield in metallurgical work.
Assays from holes R-0044 to R-0046 are to be published next, with a first resource estimate still targeted for later this year, Saga says.
Be the first to comment on "Fresh Trapper assays boost Saga’s Radar case"