SAGA Metals has agreed to acquire Catalyst Rare Metals to gain full ownership of the royalty-free Wolverine rare earth element (REE) project in Canada.
The Wolverine REE project covers five adjoining mineral licences totalling approximately 230.5km². The project is located roughly 50km west of Hopedale and around 12km inland from the Labrador coast.
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SAGA will acquire all of Catalyst’s issued and outstanding shares for an initial consideration of 4.25 million of its common shares at closing and C$1m ($725,765) in cash payable within 120 days of closing.
Results from 2025 reverse circulation drilling outlined widespread, near-surface REE mineralisation over an area of roughly 1.7km × 1.2km within a large peralkaline caldera setting.
A total of 537 samples from the programme reported consistent grades, indicating good continuity across the drilled area.
The mineralised system remains open and only lightly tested, with zones above 1% total rare earth oxides (TREO) identified.
Highlighted drill results include WOLRC25-003, which returned 48.8m grading 0.77% TREO from 1.5m, including 18.3m at 1.06% TREO, and WOLRC25-006, which intersected 38.1m at 0.71% TREO from surface, including 4.6m at 1.53% TREO.
WOLRC25-002 delivered 51.8m at 0.52% TREO from surface, including 33.5m at 0.67% TREO.
Peak assays were as high as 2.03% TREO, and heavy rare earth oxides (HREO) averaged 28% of the TREO content, indicating notable HREO enrichment.
The project’s scale potential is underscored by roughly 26km² of mineralised tuff exposed at surface, an estimated thickness of 25–50m, and the fact that less than 10% of the target horizon has been drill tested so far.
SAGA intends to carry out an exploration programme this year, aimed at moving the Wolverine REE project towards its first NI 43-101-compliant mineral resource estimate (MRE).
The planned work is expected to include diamond drilling, focused follow-up holes and testing of other priority targets.
SAGA CEO and director Mike Stier said: “The agreement to acquire [all] of the Wolverine REE project is a major milestone for Saga Metals and completes our diversified portfolio of critical minerals projects, strategically positioned to support North American supply security and national defence priorities.
“With titanium, uranium, vanadium, lithium, and now a high-potential heavy rare earth asset all 100% owned in Tier-1 jurisdictions, SAGA is well placed to deliver the strategic metals essential for the clean-energy transition and defence applications.
“Wolverine’s scale, HREE [heavy rare earth element] enrichment and clear path to resource delineation position it as a well-timed addition with significant potential to enhance shareholder value.”
In January this year, SAGA announced assay outcomes of two initial drill-holes at its phase one MRE drill programme at the Trapper Zone, part of the Radar Ti-V-Fe (titanium-vanadium-iron) project in Labrador.
