-- Saga Metals (SAGA.V) said Friday that it secured C$225,000 under the Junior Exploration Assistance program in Newfoundland and Labrador to advance drilling at the Radar Critical Minerals Project.
The funding represents the maximum funding available under the grant for exploration expenditures in Labrador, Saga said.
Among key project highlights, SAAGA confirmed mineralization in 45 out of 45 drill holes completed and observed in two primary zones to date. The company said it has submitted a letter of intent under the program to continue to support the Radar project.
Meanwhile, Saga said it has moved to semi-annual financial reporting to reduce the administrative and financial burden associated with quarterly reporting.
The company said the first period for which it will not file an interim financial report will be for the three-month period ended April 30.
Shares in SAGA were down $0.01 to $0.57 yesterday.