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January 13, 2025

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S&P 500 Breakdown Alert! Downside Targets Explained

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S&P 5850 has been the most important “line in the sand” for stocks since the pullback from the 6000 level in November 2024. With the SPX closing below that 5850 level on Friday, we see further corrective pressures with the 200-day moving average as a reasonable downside target. Today, we’ll break down a series of projection techniques that have helped us hone in on this potential area of support.

The Break of 5850 Completes a Head-and-Shoulders Top

One of the most widely-followed patterns in technical analysis, the fabled head-and-shoulders topping pattern, is formed by a major high surrounded by lower highs on each side. After the S&P 500 established a lower high in December, we immediately started looking for confirmation of this bearish pattern.

To confirm a head-and-shoulders top, and initiate downside targets on a chart, the price needs to break through the “neckline” formed by the swing lows between the head and two shoulders. While price pattern purists may advocate for a downward-sloping trendline to capture the intraday lows of the neckline, I’ve been focused on the price level of SPX 5850. As long as the S&P remained above that level of support, then the market could still be considered in a healthy bullish phase. But a close below the 5850 level on Friday tells me that this corrective move may just be getting started.

Let’s consider some ways to identify a potential downside objective, first using the pattern itself.

Calculating a Minimum Downside Objective

As delineated in Edwards and Magee’s classic book on price patterns, you can use the height of the head-and-shoulders pattern to identify an initial downside objective. Basically, take the distance from the top of the head to the neckline, and then subtract that value from the neckline at the breaking point.

Based on my measurements on the S&P 500 chart, this process yields a downside target of right around 5600. It’s worth noting that Edwards and Magee considered this a “minimum downside objective”, implying that there certainly could be further deterioration after that point has been reached.

Now let’s consider some other technical analysis tools that could help us to validate this potential downside target.

A Confluence of Support Confirms Our Measurement

If we create a Fibonacci framework using the August 2024 low and the December 2024 high, we can see a 38.2% retracement around 5725, which lines up fairly well with the swing low from late October. Perhaps this could serve as a short-term support level during the next downward phase?

As I review the chart, however, I’m struck by the fact that the 50% retracement lines up almost perfectly with our price pattern objective. Many early technical analysts, including the infamous W.D. Gann, favored the 50% retracement level as the most meaningful to watch.

You may also notice that the 200-day moving average is gently sloping higher, rapidly approaching our “confluence of support” around 5600. Given the agreement between multiple technical indicators on this price point, we consider it the most likely downside target given this week’s breakdown.

I would also point that while I feel that identifying price targets can be a helpful exercise, as it gives you a framework with which to evaluate further price action, the most important signals usually come from the price itself. How the S&P 500 would move between current levels and 5600 may tell us a great deal about the likelihood of finding support versus a more bearish scenario in the coming weeks.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

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Tech 5: AI Takes Center Stage at CES, NVIDIA Unveils Cosmos Platform

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Global markets were turbulent this week on speculation about US President-elect Donald Trump’s trade policies.

Initial gains on Monday (January 6), driven by rumors of less aggressive tariffs, were followed by a mixed performance as the Consumer Electronics Show (CES) kicked off in Las Vegas, Nevada, and investors awaited key economic data.

1. AI takes center stage at CES

Unsurprisingly, CES underscored the growing influence of artificial intelligence (AI) across the tech landscape, with AI chips for PCs, new electric vehicles and the imminent influence of robotics on the workforce taking center stage.

AI was prominent, featured in everything from appliances to pets. Following substantial investment, companies are under pressure to demonstrate the value and justify the cost of AI integration in their products.

As mentioned, tech stocks rose on Monday as the event began, with chipmakers like NVIDIA (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), Micron Technology (NASDAQ:MU), Advanced Micro Devices (AMD) (NASDAQ:AMD) and Taiwan Semiconductor Manufacturing Company (NYSE:TSM) leading the surge.

NVIDIA, whose CEO Jensen Huang gave the keynote address at CES, was a key focus.

Following the company’s weaker-than-expected revenue outlook in November, investment interest in AI has been dispersing to include companies such as Broadcom and Marvell (NASDAQ:MRVL), whose share prices increased in the fourth quarter of 2024 while NVIDIA’s remained relatively flat.

Broadcom, NVIDIA and Marvell Technologies performance, Q4 2024.

Chart via Google Finance.

After a product reveal, NVIDIA saw its share price fall 8.5 percent to US$140.01 on Tuesday (January 7), its largest intraday drop since October 15. Chief among the AI bellwether’s long list of new products are the new GeForce RTX 50 series GPUs, built on the Blackwell architecture. The flagship RTX 5090 for demanding workloads will be available this month for US$1,999, while the RTX 5070, a more budget-friendly version, will arrive in February for US$549.

NVIDIA also unveiled Project Digits, a desktop PC designed to empower AI researchers, data scientists and students with the ability to run very large AI models on their laptops. Developed in collaboration with Taiwan’s MediaTek (TPE:2454), the model is equipped with a Grace Blackwell Superchip and runs a version of the Linux operating system. Project Digits essentially puts an AI-powered personal supercomputer within reach for US$3,000 starting in May.

NVIDIA performance, January 6 to 10, 2025.

Chart via Google Finance.

NVIDIA’s move highlights a broader trend at CES this year: the rise of AI PCs. AMD, Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM) all introduced chips designed to bring AI to everyday computing. AMD’s high-powered Ryzen CPUs, which will power Dell’s (NYSE:DELL) corporate PCs, reportedly outperform Macs and offer a longer battery life.

Meanwhile, Qualcomm is broadening its business beyond mobile phone chips with the Snapdragon X Platform, an affordable chip for laptops and PCs that will run Microsoft’s (NASDAQ:MSFT) Copilot+ software. The company will also soon release a small desktop computer built with the chip. PC makers including Dell — which announced a rebranding of its PC line — will reportedly offer laptops based on the new product in early 2025.

AMD, Qualcomm and Dell saw share price increases of between 2 and 3.5 percent between Monday and Tuesday. However, Intel’s new processors featuring built-in AI acceleration and a dedicated neural processing unit in select models weren’t enough to impress investors, and its share price was little changed over the same period.

2. Autonomous vehicles have their moment

While AI PCs generated excitement at CES, another trend emerged: the rise of generative physical AI.

During his keynote, Huang emphasized how the forthcoming shift will revolutionize factory and warehouse automation, a rising subsector he described as ‘a multi-trillion dollar opportunity.’

This sentiment is seemingly shared by OpenAI founder Sam Altman, who wrote in a weekend blog post of a near future where “AI agents join the workforce and materially change the output of companies.’

To accelerate this transition, Huang unveiled NVIDIA Cosmos, an open-source platform designed to simulate real-world environments and accelerate the training of physical AI models like robots and cars. Within Cosmos, AI agents can be trained using Nemotron, a new family of large language models optimized for agentic AI. Based on Meta’s (NASDAQ:META) Llama models, Nemotron leverages NVIDIA’s CUDA and AI acceleration technologies.

“Cosmos will dramatically accelerate the time to train intelligent robots and advanced self-driving cars,” Rev Lebaredian, vice president of omniverse and simulation technology at NVIDIA, said at a press conference on Monday.

Later, news broke of a partnership between NVIDIA and Toyota (NYSE:TM) that will see the carmaker use NVIDIA’s autonomous driving chips and software to advance its self-driving cars. NVIDIA also announced a partnership with Uber (NYSE:UBER) to use its drive logs for AI model training.

“After so many years, with Waymo and Tesla’s (NASDAQ:TSLA) success, it’s very clear (autonomous vehicles) have finally arrived,” said Huang on Monday. Later, during an interview with Yahoo Finance’s Dan Howley, he disclosed that NVIDIA’s technology for autonomous driving is projected to generate US$5 billion in annual sales.

3. Crypto market struggles to find footing

The Bitcoin price rose above US$102,000 early on Monday, following a weekend in which the cryptocurrency regained its 50 day simple moving average, an indicator often described as crucial for a continued bull market.

Adding to the momentum was strong speculation that MicroStrategy (NASDAQ:MSTR) was preparing to increase its holdings further after CEO Michael Saylor hinted at a potential acquisition over the weekend. The company ultimately purchased 1,070 Bitcoins for a total price of US$101 million.

Adding to bullish sentiment was a research report from JPMorgan (NYSE:JPM); it indicates that Bitcoin miners’ revenue increased for the second consecutive month in December. The positivity extended to altcoins as Solana’s DEX trading volume exceeded that of Ethereum and Base; the price action prompted analysts to set a US$15 target for XRP.

However, as conflicting US jobs and inflation data rolled in, traders’ hopes of an interest rate cut by March diminished. Yields for 10 year treasuries touched 4.73 percent, resulting in a broad selloff affecting cryptocurrencies and other risk-on assets like tech stocks. The top cryptocurrencies dropped between 4 and 9 percent in early trading on Tuesday.

Bitcoin performance, January 6 to 10, 2025.

Chart via CoinGecko.

US Bitcoin exchange-traded funds (ETFs) saw near-record outflows of US$582 million on Wednesday (January 8), as the downward trajectory continued. Ether ETFs also saw substantial outflows totaling US$159.3 million on Wednesday, their largest on record since July. By Thursday (January 9), US$655 million in Bitcoin futures contracts had been liquidated.

Adding to the uncertainty, the US Department of Justice has reportedly been cleared to sell US$6.5 billion worth of Bitcoin seized from Silk Road, which could put downward pressure on Bitcoin’s price.

Altcoins saw greater losses, with XRP being the sole exception.

Ripple’s native cryptocurrency saw periods of recovery on Wednesday after it was reported that CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty met with Trump for dinner. Analysts at Cointelegraph project XRP could surge 40 percent if prices can break out of the current “descending triangle” pattern.

Friday’s (January 10) US jobs data release coincided with a 2.24 percent drop in Bitcoin’s price to below US$92,000 before the markets opened, followed by a rise to US$95,000 midday. Bitcoin’s latest downtrend has led market analysts to believe that the coin’s price may retest areas around US$90,000 as traders contend with uncertainty regarding tariffs and their effects on the US economy, stoking concerns about the possibility of renewed inflation.

According to Santiment analyst Brianq, Bitcoin’s performance can also be partly attributed to decreased purchasing activity by wallets holding between 100 and 1,000 Bitcoin, which drove Bitcoin’s most recent bull cycle.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Sarama Resources Consolidates Position in Western Australian Goldfields

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Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has executed a non-binding Heads of Agreement (the “HoA”) with Orbminco Limited (“Orbminco”) (ASX: OB1), an arm’s length third party, to acquire a majority(1) and controlling interest(1) in the under- explored, belt-scale 420km² Mt Venn Project (the “Project”)(2), located in the Eastern Goldfields of Western Australia.

This follows Sarama’s recent acquisition of a majority interest in the 580km² Cosmo Project, approximately 45km to the west of the Mt Venn Project. Both projects are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).

Highlights

  • Non-binding Heads of Agreement executed for acquisition of 80% interest in belt-scale Mt Venn Project
  • Located in the prolific Laverton Gold District, 35km from the producing Gruyere Gold Mine and less than 20km from Gold Road’s Golden Highway Deposit
  • Project covers 420km² and features a favourable litho-structural setting, primarily in greenstone rocks
  • Includes regional shear zone of ~50km strike length and 1-3km width extending full length of greenstone belt
  • Advanced gold targets generated through historical exploration, including broad drill-defined gold mineralisation
  • Highly complementary to Sarama’s recently acquired, underexplored and prospective Cosmo Project
  • Creates 1,000km² exploration position in the Laverton Gold District, capturing 100km of strike length
  • Land access agreement with Traditional Owners in place for exploration
  • 100% scrip consideration with initial exploration funded by the November 2024 equity raise of A$2M

Sarama’s President, Executive Chairman, Andrew Dinning commented:

“We are very pleased to have reached agreement to acquire the Mt Venn Project and when completed, this acquisition will significantly consolidate our position in the prolific Laverton Gold District of Western Australia. The addition of this project creates a major 1,000km2 area-play which significantly enhances the probability of making the next big discovery in a region that continues to deliver new deposits in previously unexplored areas, including the regionally- significant Gruyere Deposit just 35km east of the Mt Venn Project. We look forward to working towards completing the transaction and will provide updates in due course.”

Mt Venn Project

The Project is comprised of 3 contiguous exploration tenements covering approximately 420km² in the Eastern Goldfields of Western Australia, approximately 110km north-east of Laverton and 35km west of the regionally- significant Gruyere Gold Mine(3). The Project is readily accessible via the Great Central Road which services the regional area east of Laverton.

The Project captures the majority of the underexplored Jutson Rocks Greenstone Belt over a strike length of ~50km. Rocks within the belt feature a diverse sequence of volcanic lithologies of varying composition, together with pyroclastics and metasediments. Several internal intrusive units have been identified throughout the Project and are commonly associated with local structural features. A regionally extensive shear zone, spanning 1-3km in width, extends the entire length of the belt with subordinate splays interpreted in the southern area of the Project which provides a favourable structural setting for mineralisation.

Gold mineralisation was first discovered in the 1920’s with sampling returning very high grades and prompting the commencement of small-scale mining operations in the mid 1920’s. Multiple gold occurrences have since been identified throughout the Project, demonstrating the prospectivity of the system. Despite the identification of several km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of these targets are yet to be properly tested. Encouragingly, drilling by Cazaly Resources Limited (“Cazaly”) (ASX: CAZ) at the Project intersected broad, gold mineralisation over several fences in weathered and fresh rock at the Three Bears Prospect, presenting a priority target for exploration (Cazaly news release 27 February 2017: “Widespread Gold & Zinc Mineralisation Defined”).

In addition to the attractiveness of the Project for gold, it is considered prospective for base metals and platinum group elements. Historical exploration work including auger geochemistry and geophysical surveys identified several targets for copper, nickel and zinc mineralisation. Several of these targets remain untested due to historical funding and land access constraints. Exploration in the belt to the immediate south of the Project area is noted to have intersected copper mineralisation of significant grade over a significant strike length(4).

In summary, the Project is located within a prolific gold district and has a favourable lithological and structural setting. A solid database of base-level historical exploration work by previous operators, including generation of drill-ready targets, provides a good platform for Sarama to advance the Project in conjunction with its activities at the Cosmo Project. The size and prospectivity of the landholding that Sarama will have in the Laverton Gold District upon completion of this transaction significantly enhances the chances of making an economic discovery, particularly given the infrastructure and proliferation of mines in the region which will have a favourable impact on the size threshold for finding something of economic value.

Click here for the full ASX Release

This post appeared first on investingnews.com

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Heritage Mining

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Overview

Mining in Ontario is big business. In 2021, Ontario’s mining industry produced roughly C$11.1 billion worth of minerals, accounting for 20 percent of Canada’s total production value. The importance of the mining industry has helped create a mining-friendly jurisdiction that understands the value of capitalizing on its natural resources. That’s why the Fraser Institute has ranked Ontario among the top 15 jurisdictions worldwide for investment attractiveness.

Additionally, the Canadian government is making a significant push to ramp up the production of critical minerals, including copper, lithium and aluminum. This push has resulted in more than 31 critical mineral projects in advanced exploration stages in Ontario,e paving the way for the development of a domestic supply chain for the country.

Heritage Mining (CSE:HML) is an exploration and development mining company with district-scale assets targeting gold and copper mineralizations within Ontario. The company’s flagship Drayton-Black Lake project is a strategically assembled district-scale project with encouraging bulk samples, high-grade gold intercepts and robust existing infrastructure. An experienced management team leads Heritage Mining with more than 100 years of combined experience working within the natural resources sector.

The Drayton-Black Lake project is a district-scale asset with a rich history, but a single company has never operated the entire area. Instead, it was split up among different operators and has never received systematic exploration to determine its mineralizations’ actual width and depth.

As a result, Heritage Mining is launching the first systematic exploration program that will identify promising deposits throughout the entire area of this historic region from a low-grade, high-tonnage perspective.

The company entered a definitive asset purchase agreement with Bounty Gold Corp. to acquire 50 mining claims in the Split Lake zone adjacent to Heritage’s flagship Drayton-Black Lake project. Heritage will acquire a 100 percent interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares.

“Relative to other projects in the area, we are very close to infrastructure. There is a paved highway through the property, all-weather logging roads, and well-maintained ATV roads. So it’s quite a bit different than other projects in Northern Ontario: there are no ice roads and we don’t have to fly in to do work,” CEO Peter Schloo stated in an interview.

The company also operates the Contact Bay project containing high-grade copper-nickel mineralizations. The 4,700-hectare land package is within an active mining area and has known gold, nickel and platinum-palladium mineralizations. While the Drayton-Black Lake project is the main focus, Contact Bay will expose the company to critical minerals.

Heritage Mining’s management team has a proven track record in the mining industry and has overseen transactions exceeding C$15 billion. In addition, the team has experience in corporate finance, administration and geology.

Company Highlights

  • Heritage Mining is an exploration and development mining company with district-scale opportunities in Ontario, Canada, targeting gold and copper.
  • The company’s flagship project, the Drayton-Black Lake project, has strong historical results but has never been systematically explored from a low-grade, high-tonnage perspective. Heritage is the first company to own the entire area and will conduct a thorough exploration program to identify promising mineralizations.
  • Drayton-Black Lake project has existing infrastructure that provides year-round highway access to the property, a significant advantage over other regional projects.
  • Samples from the company’s 2022 field program showed multiple high-grade gold vein system channels.
  • Heritage Mining’s Contact Bay project contains high-grade copper-gold mineralizations and exposes the company to the critical minerals market that is rapidly growing within Ontario.
  • A veteran management team leads the company with a combined 100 years of experience in the mining sector.

Key Projects

Drayton-Black Lake Project

The 14,229-hectare project has undergone significant historical exploration, including more than 176 holes drilled, with high-grade gold and copper discoveries. The project is located in a mature mining district in Ontario, a jurisdiction known for its low geopolitical risk and mining-friendly government.

Project Highlights:

  • Priority Zones Identified: Heritage Mining has identified four priority gold zones with multiple historic high-grade intersections that will guide future exploration programs. These zones are:
    • Moretti Zone – Samples up to 1,212 g/t gold
    • Split Lake Zone – 0.7 meters at 14.8 g/t gold
    • Shaft Zone – 2 meters at 14.5 g/t gold
    • West Zone – Up to 150.86 g/t gold
  • Over 100 Years of Historical Data: Exploration data from the past century is being compiled to create a greater understanding of the area that will rapidly advance the project by guiding future exploration decisions.

The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.

Contact Bay Copper-Gold Project

The project covers 4,700 hectares and contains multiple high-grade copper-nickel and gold occurrences. Contact Bay is also located in Ontario andt is in the exploration phase, with targets identified for exploratory drilling.

Project Highlights:

  • Promising Mineralization Styles: The asset contains a diverse range of mineralizations, including:
    • Northeast – Rock sample assayed 0.40 g/t gold and 0.7 percent copper, sheared and altered gabbro
    • Northeast – A 1.2-meter chip channel assayed 4.2 g/t Au
    • Platinum and Palladium values up to 0.28g/t
  • Priority Targets Identified: Heritage Minerals has three priority drill targets, each with high-grade historic drill intersections that warrant additional follow-up.
  • Impressive Geophysical Interpretation: Exciting highlights from exploration work include the interpretation defining two substantial mafic-ultramafic intrusive bodies with multiple nickel-copper-PGE (platinum group elements) target areas:
    • Nabish Lake Area: ~ 5 kilometers long, up to 1 kilometer wide, over 1 kilometer in depth)
    • North Nabish Lake Area: ~ 2 kilometers long, 1 kilometer wide, over 1 kilometer in depth

Geophysical interpretation of the Contact Bay area along with findings from the 2023 prospecting program, suggest geological similarities to other Archean nickell-copper-PGE occurrences and deposits.

Management Team

Peter Schloo – President, CEO and Director

Peter Schloo holds the CPA, CA and CFA designations with over eight years of progressive experience in capital markets, operations and assurance. He has held senior executive and director positions in a number of private companies, a majority in the precious metals sector including CFO of Spirit Banner Capital and VP of corporate development and interim CFO for Ion Energy. Schloo is also currently a director of Pacific Empire Minerals. (PEMC). His past successes include over C$80 million in associated capital raising opportunities involving public and private companies.

Patrick Mohan – Chairman and Director

Patrick Mohan is a 35-year investor relations veteran and is the founder, president and chief executive officer of Mohan Group. Mohan is also on the board of Metals Creek Resources Corp. Previously, he occupied the position of president, CEO, director and head of investor relations at Kitrinor Metals. Mohan’s past successes include the development of the Cote Gold Project and the sale of Trelawney Mining & Exploration to IAMGOLD for C$585 million (US$595 million) in cash In 2012.

Wray Carvelas – Director and Chair of Compensation Committee

Wray Carvelas has provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. As a senior executive at DRA Global he was responsible for the growth and development of the business in both North and South America. The mandate was to grow business in the Americas, both organically and inorganically without any significant capital base. Carvelas also held positions at KBR, ELB, and De Beers, involving management of development, production, and metallurgical (R&D and capital management) responsibilities.

Thomas Reid – Director

Thomas Reid has a 30 year career with Sun Life Financial as CFO Canada and head of corporate development. Since joining Sun Life Financial in 1994, Reid has held increasingly senior positions throughout Sun Life in finance, corporate development, public relations and investor relations. From 2009 to 2020, Reid led the group retirement services business at Sun Life, growing the assets under management from $30 billion to $130 billion. For the last four years, Reid was responsible for the strategy and growth team for Sun Life in Canada, where his team led strategic planning for the Canadian businesses and explored how Sun Life could invest in new businesses to accelerate the company’s growth in Canada. Reid also holds the CPA and CA designations.

Rachel Chae – CFO

Rachel Chae, with over eight years of experience, has served as CFO for various publicly traded companies, including several Canadian junior mineral exploration companies. She holds the chartered professional accountant designation working at Cross Davis & Company LLP, a chartered professional accountant firm providing accounting services to publicly listed entities, primarily in the mining sector.

Patrick Sullivan – Corporate Secretary

Patrick Sullivan is a mining, M&A and securities lawyer at a national law firm with a decade of experience in the junior mineral exploration sector. He has acted on several significant global mining transactions including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation. Sullivan also has significant experience advising on mineral stream and royalty finance transactions.

Rick Horne – Geologist

Rick Horne has over 40 years of experience as an economic geologist. His experience includes senior roles with Acadian Mining (Atlantic Gold) as chief geologist and with Dufferin Gold Mine (Resource Capital Gold) as chief geologist and mine manager. Horne is an expert in lode gold systems, structural geology and geological mapping spending 22 years with NS Energy and Mines focussing on Bedrock mapping.

Mitchel Lavery, – Advisor

Mitchel Lavery has over 45 years’ experience in the exploration and development of mining projects with several junior and major mining companies. Lavery was instrumental in the discovery of the Bell Creek Gold Mine in Timmins, ON; the development and operation of the Joubie Gold Mine, Val-d’Or, QC; and the acquisition and development of the Quebec Lithium property, Lacorne, QC. He is the president and a director of Seahawk Gold. and is a qualified person under NI-43-101 regulations.

This post appeared first on investingnews.com

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SAGA Metals Completes Petrographic and Geophysical Analysis at Drill Ready Radar Project in Labrador, Canada

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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 and geophysical analysis, improving the geological understanding of the drill ready Radar Titanium-Vanadium (Ti-V) project in Labrador, Canada.

Michael Garagan, CGO & Director of Saga Metals Corp. comments: ‘This data couldn’t have come at a better time as we head into the mobilization of our maiden drill program at the Radar project. These magnetic inverse sections are going to help enormously in our drill targeting throughout the 2025 program. As you can see in Figure 3 below, the main anomalous zone is between 200-400 meters depth, but we can still see the high- grade potential in this model at 600+ meters below the surface. Ultimately the model is most accurate in the first 200 meters where the magnetics are still strong enough to give a robust signature. We know this system is vertical, so I would like to see the system remaining robust as we increase in depth. The projection of the model below 200-400 meters is encouraging because it’s based off the presence of magnetite, which we have picked up in our surveys. This interpretation suggests impressive width throughout the structure and our drill program will start to better define the nature of this zone. We now have a much better understanding of this Vanadium titanomagnetite structure and we are excited to build upon this knowledge as we continue our metallurgical analysis throughout drilling, keeping the economic viability of our projects at the forefront to ensure value creation for our shareholders.’

Radar Titanium & Vanadium Project – Labrador, Canada

The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.

Figure 1: Regional map of the Radar Ti-V project highlighting the Hawkeye, Trapper and third transitional zone and the projects proximity to the town of Cartwright, Labrador

The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide and 4km long. The geophysics completed show very detailed correlation to the rock samples and observed phase changes with the potential for multiple parallel systems.

Geophysics Completed with Inverse Interpretation:

Saga Metals has successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.

The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.

SAGA continued to update its geophysics with the magnetic inversions of the Hawkeye zone. Completed by Chris and David Mark of Geotronics, the magnetic inversions can project, with a high degree of certainty up to 400 meters in depth, what the mineralized magnetic body looks like beneath the surface.

Figure 2:   Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.

Figure 3:   Same magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.

Petrographic Analysis at the Radar Ti-V Project:

Recent petrographic work completed by Dr. Al Miller on rock samples from the Hawkeye zone have increased our understanding of the mineralogical host of Titanium and Vanadium mineralization at the Radar project. This sets the foundation for the metallurgical work the team hopes to be able to build on during the 2025 drill programs.

First look at the petrography of the Hawkeye zone reveals more than one composition of magnetite; evidence which contributes to the hypothesis of multiphase mineralization events. Additionally, petrographic evidence reveals that much of the titanium and vanadium mineralization occurs within magnetite with a lack of ilmenite in many of the layers. This is key to understanding how these elements are locked up together and ultimately how they’ll separate during extraction. These layers have assayed high TiO2% and V2O5% leading to the use of Vanadium Titanomagnetite (VTM) classification of several mineralized layers of the Hawkeye zone. Ilmenite with exsolution lamellae of the magnetite was observed but only in a few cases. This has contributed to what can be called differential compositional layering and multiple mineralization magmatic layering events.

Michael Garagan, CGO & Director of Saga Metals Corp. stated: ‘The results of the work completed to date suggests that there were several pulses of magma and multiple phases of deposition. Magnetite was the dominant mineral in the identified layers but differs slightly, representing a different genesis. The observed differences show multiple phases of titanium and vanadium locked up in the magnetite. One phase shows magnetite with minor amounts of ilmenite, which likely formed at its own chemical expense and likely taking Ti and V to form that mineral. The second phase has no ilmenite present and can be called Titanomagnetite. These different magnetite phases can be found in very different layers from each other. This suggests a mineralizing system that was active for a long period of time and the possibility of more mineralization over a broader area.’

Figure 4 : Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with a Hornblende (Hb), Diopside/ Orthopyroxene (Di) and Plagioclase groundmass.

VTM’s are a mineralization style that has not received much attention in North America but is a pivotal piece of China’s iron, titanium and vanadium mining and production industry.

‘Vanadium titanomagnetite (VTM), which contains valuable elements such as iron, vanadium, and titanium, has an extremely high potential value. VTM resources in the PanXi regions of China are estimated at up to 10 Gt (billion tons), and account for 93% and 63% of the country’s titanium and vanadium resources respectively. The exploitation of VTMs has thus received much attention.

Traditionally VTM have been considered difficult to treat and separate metallurgically but due to their importance within countries like China, new research and separation methods are proving that this is no longer the case. Recent efforts of VTM recovery methods succeeded in achieving: Recoveries of up to 80.08% for titanium, 95.07% for iron, and 71.60% for vanadium were achieved.’ (Barksdale, 1966; Chen et al., 2011)

Michael Garagan, CGO & Director of Saga Metals Corp. comments : ‘These results are very promising for the future of the Radar project. To expedite the economic viability of multiple projects within our portfolio we felt it necessary to begin this mineralogical and early metallurgical work. Encouragingly, these results are exactly what we hoped to see from the rock as they highlight a favourable mineralogical genesis for a competitive Vanadium Titanomagnetite deposit.’

Figure 5:   Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with weathered Pyrrhotite (Po) crystals

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.

Market opportunity for Titanium and Vanadium:

‘As of June 2023, the market value of titanium was projected to grow to nearly 31 billion U.S. dollars. The titanium market size is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030.’ ( M. Jaganmohan , 2025).

‘The global vanadium market size was valued at USD 4.28 billion in 2023 and is projected to grow from USD 3.46 billion in 2024 to USD 4.89 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia Pacific dominated the vanadium market with a market share of 72.9% in 2023.’ ( Fortune Business , 2024)

Drilling Upcoming at the Radar Titanium & Vanadium Project:

The Company has received drill permits from the Newfoundland & Labrador government to commence drilling at Radar Titanium-Vanadium (Ti-V) project.

Highlights heading into the drilling programs include:

  • Maiden Drill Programs: Drilling is scheduled to commence in Q1 2025 with a minimum 1,500m program at the Radar Ti-V Project.
  • Radar Ti-V Drilling Location: The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets.
  • Radar’s Hawkeye Zone Potential: Assays have returned consistent values between 2.5 – 11.1% TiO2 and 0.2 – 0.66% V2O5 , confirming the presence of high-grade titanium & vanadium across a potential 1km wide and 4km long and through recent geophysics the system is suggestive of being open at depth beyond 600m.

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 0.4281% 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

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 Radar Ti-V Project disclosed in this news release.

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.

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 Company’s petrographic and geophysics results as well as plans and objectives in respect of the planned drill programs. 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/54dc438a-fb0e-4339-94fc-d248afe5cabe

https://www.globenewswire.com/NewsRoom/AttachmentNg/6bdf78ca-308d-4d20-9949-5e047fec4841

https://www.globenewswire.com/NewsRoom/AttachmentNg/dee57c5f-17ee-48b2-96ab-5d837357136b

https://www.globenewswire.com/NewsRoom/AttachmentNg/5c0e668f-799f-4064-a785-ce3a7c0ddf92

https://www.globenewswire.com/NewsRoom/AttachmentNg/ca80ceff-4c17-494c-b86d-f30ec8fb0fab

News Provided by GlobeNewswire via QuoteMedia

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Malala Yousafzai urges Muslim leaders to back gender apartheid legal push

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Islamabad, Pakistan (Reuters) — Nobel Peace Prize winner Malala Yousafzai urged Muslim leaders on Sunday to back efforts to make gender apartheid a crime under international law, and called on them to speak out against Afghanistan’s Taliban over its treatment of women and girls.

At a summit on girls’ education in Muslim communities attended by international leaders and scholars in her home country of Pakistan, Yousafzai said Muslim voices must lead the way against the policies of the Taliban, who have barred teenage girls from school and women from universities.

“In Afghanistan an entire generation of girls will be robbed of its future,” she said in a speech in Islamabad. “As Muslim leaders, now is the time to raise your voice, use your power.”

The Taliban say they respect women’s rights in accordance with their interpretation of Afghan culture and Islamic law. Taliban administration spokespeople did not immediately respond to a request for comment on Yousafzai’s statements.

No foreign government has formally recognized the Taliban since it took over Afghanistan in 2021 and diplomats have said steps towards recognition require a change of course on women’s rights.

Yousafzai survived being shot in the head when she was 15 in Pakistan by a gunman after campaigning against the Pakistani Taliban’s moves to deny girls an education.

The summit, organised by the Organization of Islamic Cooperation (OIC) and the Muslim World League, included dozens of ministers and scholars from Muslim-majority countries.

Yousafzai asked the scholars to “openly challenge and denounce the Taliban’s oppressive laws” and for political leaders to support the addition of gender apartheid to crimes against humanity under international criminal law.

The summit was hosted by Pakistan, which has had frosty relations with the Afghan Taliban in recent months over accusations that militants are using Afghan soil to launch attacks on Pakistan, a charge the Taliban deny.

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Ukraine losing ground on the battlefield as Trump team pushes ceasefire

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With just a week before Donald Trump re-enters the White House, Ukraine is bracing for some tough choices in the coming months. Its troops are on the backfoot against Russia along several parts of the long frontline, it is short of experienced soldiers and doubtful that military aid will continue to arrive at anything like the current rate.

In Kyiv, the government waits and watches the signals from Moscow and Washington and reiterates almost daily its desire for a “just peace.” Any thought of recovering the territory seized by Russia is on indefinite hold.

Despite taking heavy losses, Russian forces continue to push forward remorselessly in Donetsk region, one of four that Moscow has illegally annexed and is seeking to fully occupy. Their daily gains are measured in fields and streets as they creep towards the industrial belt of the region.

According to open source analysts WarMapper, Russia is occupying just over 18% of Ukraine – including Crimea and the areas of Donetsk and Luhansk that it had taken before 2022. Russian forces had taken some 150 square miles (400 square kilometers) in December.

Ukrainian units are vastly outnumbered in the east. One commander said this week that small groups of Russian infantry were conducting assaults from multiple directions at once, making it difficult for Ukrainian forces to concentrate fire.

“While the correlation of forces with respect to tactical fires, drones, and long-range strike appears to not be favoring either side to a significant extent, manpower remains the key differentiator between Russia and Ukraine,” says Mick Ryan, who writes the blog Futura Doctrina.

Russian units are now 3 miles (5 kilometers) from the hub of Pokrovsk and have taken control of Kurakhove and part of the town of Toretsk, according to geolocated video.

The commander of one Ukrainian battalion near Pokrovsk said Russian forces there had intensified shelling and glide-bomb strikes.

Military spokesman Viktor Tregubov told Ukrainian television that fighting continued around Kurakhove and troops were holding out at the power plant, “so we cannot say that Russian troops have taken the town completely. But, of course, most of the town has been reduced to rubble.”

The Russian “model of simple attrition is unchanged. The enemy inevitably wears down before the Russian steamroller wears down,” as analysts Keith D. Dickson and Yurij Holowinsky put it.

The goal for Kyiv is to defend what it still holds. Ukrainian Defense Minister Rustem Umerov said at a meeting with allies – the Ukraine Defense Contact Group – in Germany last week that Ukraine’s priorities this year would be stabilizing the front line and strengthening its defense capabilities.

Contact Group members have committed more than $126 billion in security assistance to Ukraine over the past three years. Partners pledged further aid in Germany this week, including 30,000 drones over the next year and more air defense systems.

US Defense Secretary Lloyd Austin said Friday that the coalition “must continue to stand foursquare with Ukraine — and to strengthen Ukraine’s hand for the negotiations that will someday bring Putin’s monstrous war to a close.”

It’s the “someday” that is the burning question. Austin said of the incoming Trump administration: “I won’t speculate on which direction they would go in.”

German Defense Minister Boris Pistorius even suggested the incoming US administration might discontinue the Contact Group meetings, saying that if so “it will need to continue in another form.”

Negotiations on ending the conflict seem unlikely at present.

“The reason is simple. Moscow is not ready for any compromises. It plays for victory, not a draw,” says Arkady Moshes, writing in 19FortyFive.

“Success can be achieved on the battlefield or at the negotiating table, but it must be unquestionable. In Putin’s view, Ukraine needs to be defeated, and the West has to admit Ukraine’s – and its own – defeat publicly,” Moshes adds.

Potential peace talks

Trump’s Ukraine envoy, former US general Keith Kellogg, said last week that he hoped to be able to come up with a solid and sustainable solution to the conflict within 100 days. Trump himself had said on the campaign trail that he would get the fighting stopped within 24 hours of taking office, but when asked more recently how soon he could end the conflict said: “I hope to have six months. No, I would think, I hope long before six months.”

How the Kremlin’s unchanged goals square with the incoming Trump administration’s plans is unclear.

Ryan, the Futura Doctrina blogger, believes Putin “is likely to ensure that no matter what, the 100-day objective fails. He has no compelling reason to come to the table right now, thinking he has the momentum in this war.”

Ukrainian President Volodymyr Zelensky has given little indication of the parameters that would be acceptable to Ukraine. He said Friday: “We will undoubtedly stand firm and achieve a lasting peace for our people and our country.”

His priority is to make Ukraine’s case to Trump directly. Foreign Ministry spokesman Heorhii Tykhyi on the same day said Ukraine was preparing for talks at “the highest levels.”

“Our stance is clear: everyone in Ukraine wants to end the war on terms that are fair to Ukraine.”

At the heart of any settlement for Kyiv would be short-term guarantees that a ceasefire could be monitored and longer-term guarantees for Ukraine that would deter Putin from using a ceasefire to re-group and renew hostilities.

That must include “significant investment in airpower, ballistic missile defense, a fully equipped, NATO standard heavy division,” say Dickson and Holowinsky. Meanwhile, they add: “Zelensky must take a strategic long view understanding that the lost territories in reality represent a gangrenous limb that must be cut off to save the healthy body.”

At an absolute minimum Moscow will demand that Ukraine cedes the territory it has lost and abandon its drive to join NATO, which Trump believes was a provocation to Russia.

Instead, Kyiv would have to negotiate other guarantees, as Zelensky said in an interview on Italian television this past week, that would “prevent Russia from returning with aggression.”

But the Kremlin is likely to demand much more.

Kyiv is “expected to accept extensive limitations on the size of its armed forces and on the kinds of weapons systems it is allowed to possess. These proposals are not a recipe for a sustainable settlement,” according to the Atlantic Council’s Serhii Kuzan.

Moscow has shown no sign of abandoning its maximalist demand for the totality of all four regions it claims to have annexed. “This would mean handing over large amounts of unoccupied Ukrainian territory including the city of Zaporizhzhia with a population of around three quarters of a million people,” notes Kuzan.

For now, both the White House and many commentators see no desire by either side to begin talks. “There is no expectation now that either side is ready for negotiations,” US National Security spokesman John Kirby said in recent days.

While both the Kremlin and Trump have expressed readiness for a summit, premature efforts to advance negotiations on the Ukraine conflict could backfire, according to Russian commentator Giorgy Bovt.

“If the meeting is held prematurely, when the conditions for peace are not yet ripe, it will do more harm than good. It could lead to an even greater escalation. At the same time, both warring sides are still betting on the continuation of hostilities, not considering their forces exhausted,” he wrote on Telegram.

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Dramatic showdown looms in South Korea as Yoon faces impeachment trial and possible arrest

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South Korea looks set for a dramatic political showdown this week as impeachment proceedings kick off against suspended President Yoon Suk Yeol, who remains holed up in his fortified residence evading arrest for a separate criminal investigation.

The embattled leader’s short-lived declaration of martial law in December triggered widespread public outrage and protests, and plunged the country into its biggest political crisis in decades.

For weeks, Yoon has barricaded himself in his hillside compound in the capital Seoul, surrounded by his Presidential Security Service (PSS) team, while outside the gates hundreds of his die-hard conservative supporters have vowed to protect him.

Yoon has indicated through his lawyer that he will not attend the first formal hearing in his impeachment trial on Tuesday, citing safety concerns relating to efforts to detain him for questioning, according to South Korea’s Yonhap News Agency.

The former prosecutor-turned-politician was stripped of his presidential powers last month after his declaration of martial law, and is wanted for questioning in multiple investigations, including allegations he led an insurrection – a crime punishable by life imprisonment or even the death penalty.

Yoon maintains he acted legitimately in declaring martial law and considers the warrant “illegal and invalid.” He has told his supporters that he will “fight until the end.”

Supporters are concerned Yoon will be detained if he leaves his residence to attend the impeachment hearings. Rival protesters have also braved cold conditions to call for his arrest.

Corruption investigators are determined to execute the arrest warrant against Yoon – the first time such action has been taken against a sitting president.

Tensions exploded earlier this month when investigators attempted to detain Yoon at his residence, resulting in a dramatic hours-long standoff between dozens of police and a “human wall” of around 200 soldiers and members of the presidential security detail.

The arrest attempt was later called off with investigators citing the safety of the people on the ground, though the arrest warrant was extended.

Yoon has also filed legal complaints against those who tried to arrest him including the head of the state anti-corruption agency.

Political fate in hands of top court

Yoon swiftly rescinded his late-night martial law declaration on December 3, after lawmakers pushed past security forces blocking their way into parliament and voted down the decree.

The National Assembly then voted to impeach Yoon after several members of his own ruling party turned on him. Parliament also voted to impeach the country’s prime minister and acting president Han Duck-soo. The finance minister, Choi Sang-mok, is now acting president.

The country’s Constitutional Court has the ultimate say over Yoon and Han’s political fate, and will determine whether they will be formally removed from their positions or reinstated.

Oral arguments for Yoon’s trial start Tuesday, with five sessions scheduled until February 4. If Yoon fails to appear on Tuesday, a second hearing will proceed on Thursday, with or without him in attendance.

The court has up to 180 days to decide whether to uphold or reject the impeachment vote, and vowed to make the case a “top priority.”

Complicating the court’s deliberations is that the nine-member court currently only has eight justices, due to a delay in filling vacancies left by retired justices.

Acting President Choi recently filled two out of three vacancies on the court appointed by the parliament, and the remaining position will be reviewed by the court later this month.

Under South Korea’s constitution, at least six justices must approve an impeachment for it to be upheld.

If the Constitutional Court upholds Yoon’s impeachment, he would become the shortest-serving president in South Korea’s democratic history. The country must then hold new presidential elections within 60 days.

Criminal investigations

While Yoon has been suspended from exercising his powers, he has not been officially removed from office. That means he still has presidential immunity from most criminal charges – except for insurrection or treason.

South Korea’s police, military, and anti-corruption body have formed a joint investigation team to examine the charges of insurrection and abuse of power against Yoon. Meanwhile, prosecutors are investigating key figures involved in the martial law operation, including commanders and the defense minister.

Yoon has refused to answer three summonses in recent weeks asking for his cooperation, according to the Corruption Investigation Office for High-ranking Officials (CIO.)

Meanwhile, corruption investigators appear to be pushing ahead with their second attempt to arrest the suspended president.

On Sunday, the CIO said it had asked the Defense Ministry and presidential security team for cooperation with enforcing the arrest and search warrant against Yoon.

Much of the spotlight has fallen on the presidential security team, the PSS, which has been accused of acting like Yoon’s personal bodyguards. Previously, the CIO said “it is virtually impossible to execute a warrant” at Yoon’s residence while security there remains in place.

The CIO on Sunday asked the country’s defense ministry to ensure soldiers dispatched to the security team protecting Yoon do not disrupt efforts to arrest him.

It also said the security team should avoid an “illegal act” such as mobilizing security personnel for jobs outside of their duties, and warned that disruption could result in criminal punishment.

There is also some confusion as to which agency has jurisdiction to carry out the arrest warrant. Yoon’s lawyers on Monday accused the police of being complicit in an “illegal arrest and abuse of power,” and that “any evidence obtained through such actions would be deemed illegal.”

Yoon’s lawyers argue the warrant should be executed by the CIO, not the police. South Korean law, however, states that police are authorized to assist other authorities in carrying out public duties.

On Friday, the head of Yoon’s PSS, Park Chong-jun, submitted his resignation before undergoing police questioning over his role in blocking Yoon’s arrest, according to the security team.

Once the warrant has been enforced, it starts a 48-hour countdown for investigators to hold and question Yoon. The CIO would need to apply for another warrant within that period to formally arrest him.

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Baby gorilla rescued from cargo hold of Turkish Airlines plane

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A young gorilla rescued from a plane’s cargo hold is recovering at an Istanbul zoo, officials said Sunday, while wildlife officers consider returning him to his natural habitat.

The 5-month-old gorilla was discovered in a box on a Turkish Airlines flight from Nigeria to Thailand last month. After a public competition, he has been named Zeytin, or Olive, and is recuperating at Polonezkoy Zoo.

“Of course, what we want and desire is for the baby gorilla … to continue its life in its homeland,” Fahrettin Ulu, regional director of Istanbul Nature Conservation and National Parks, said Sunday.

“What is important is that an absolutely safe environment is established in the place it goes to, which is extremely important for us.”

In the weeks since he was found, Zeytin has gained weight and is showing signs of recovering from his traumatic journey.

“When he first came, he was very shy, he would stay where we left him,” said veterinarian Gulfem Esmen. “He doesn’t have that shyness now. He doesn’t even care about us much. He plays games by himself.”

Both gorilla species — the western and eastern gorillas, which populate central Africa’s remote forests and mountains — are classified as endangered by the International Union for Conservation of Nature.

As Istanbul emerges as a major air hub between continents, customs officials have increasingly intercepted illegally traded animals. In October, 17 young Nile crocodiles and 10 monitor lizards were found in an Egyptian passenger’s luggage at the city’s Sabiha Gokcen Airport.

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