VANCOUVER, BC, Aug. 1, 2024
/CNW/ -- Usha Resources Ltd. ("USHA" or the
"Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North
American mineral acquisition and exploration company, is pleased to
announce that it has begun preparations to complete a
biogeochemical survey at its Southern Arm property ("Southern Arm"
or the "Property"). The Company has entered into an option
agreement to earn 100% of Southern Arm over 2 years from Abitibi
Metals Corp. (AMQ.CN, see news release dated July 17, 2024).
Located in the prolific Abitibi Greenstone Belt, Southern Arm
hosts a ~7.3 km conductive copper-gold trend along the
regional-scale Bapst fault within the volcanic rocks of the
Brouillan-Fenelon Group, which hosts the nearby Selbaie Mine (~15
km SW), which produced 53 Mt at 0.96% Cu, 1.9% Zn, 0.58 g/t Au,
40.7 g/t Ag, and Abitibi's B26 Deposit (~16 km SW) which hosts an
indicated resource of 6.97 at 2.94% Cu Eq (1.32% Cu, 1.80% Zn, 0.60
g/t Au and 43 g/t Ag).
The Property is prospective for polymetallic VMS-style
mineralization and has multiple drill targets already identified
including "Hollywood" where
anomalous metals values have been identified over a ~1.8 km
footprint that is open along strike.
"We are excited to apply modern and novel exploration techniques
to the Southern Arm Property to penetrate the thick overburden
cover that has deterred previous explorers," stated Usha Resources
CEO Deepak Varshney "The Southern Arm property is exceptionally
well-positioned for the Abitibi's next major discovery, and we are
working closely with the region's most successful exploration team
at Abitibi Metals Corp. Our planned exploration program will apply
techniques that have proven their applicability in the Abitibi
mining district, but have not previously been applied to this
ground. This work will help us finalize drill target within the
Hollywood Trend, prior to our fully funded maiden drill program,
for which planning has already begun."
The purpose of the biogeochemical survey will be to
identify additional priority targets prospective for high-grade
gold and copper mineralization that will be included in the
Company's maiden drill program to commence this coming fall.
Biogeochemical surveys are exploration techniques that excel at
testing for buried mineralization not exposed at the surface by
sampling and analyzing whole or selected parts of plants. As plants
grow, metals and ions dissolved in the soil and groundwater are
incorporated by the plant and migrate to the various parts (roots,
truck, stem, bark, leaves), and thus, the plants attain a chemistry
reflective of the underlying bedrock. By sampling these biological
materials along a systematic grid, Usha plans to identify areas
most rich in metals or elements that indicate the most likely areas
to host gold or copper mineralization.
Biogeochemical surveys have proven to be an effective method in
identifying metal anomalies associated with gold and copper
mineralization on adjacent properties in the Abitibi, where there
is little to no outcrop exposure (Wallbridge Resources, Gaillard,
2021; Midland Exploration, St-Cyr, 2021; Probe Gold News Release
June 29, 2024). The details of the
sampling for the Company's planned program (tree species, sampled
material, etc.) are yet to be finalized, but the survey will be
centered over the Hollywood trend
of metal anomalies, which is underlain by the synvolcanic Bapst
fault. In addition to this survey, Usha intends to utilize
ground-based geophysics to refine target horizons within the
mineralized trend.
The Southern Arm Option was negotiated following payment of
US$75,000 by Stardust Power, Inc. (MC
$675M) pursuant to the Letter of
Intent granting the right to earn up to a 90% interest subject to a
2% Net Smelter Royalty in Usha's Jackpot Lake Lithium Brine Project
for total consideration that could total up to US$26,025,000 over five years inclusive of
payments comprising US$1,525,000
cash, US$750,000 stock, US$15,750,000 stock or cash at Stardust Power's
election, and a work commitment of (US$8M).
The full details of the LOI are included in Usha's press release
dated May 17, 2024. The transaction
is subject to the satisfaction of a number of conditions. The
Company cautions that there is no guarantee that the Definitive
Agreement will be completed.
Qualified person
The technical content of this news release has been reviewed and
approved by Mr. Deepak Varshney,
P.Geo., a qualified person as defined by National Instrument
43-101. Historical reports provided by the optionors were reviewed
by the qualified person. The information provided has not been
verified and is being treated as historic non-compliant
intercepts.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and
exploration company focused on the development of quality critical
metal properties that are drill-ready with high-upside and
expansion potential. Based in Vancouver,
BC, Usha's portfolio of strategic properties provides
target-rich diversification and includes Southern Arm, a
copper-gold VMS project in Quebec,
Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite
project in Ontario that is the
flagship among its growing portfolio of hard-rock lithium assets.
Usha trades on the TSX Venture Exchange under the symbol USHA, the
OTCQB Exchange under the symbol USHAF and the Frankfurt Stock
Exchange under the symbol JO0.
USHA RESOURCES LTD.
For more information, please call 778-899-1780, email
info@usharesources.com or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
References
Gaillard, N. (2021) Assessment Report, Grasset Property,
Biogeochemistry, Summer 2021; Wallbridge Mining, GM72469, 86pp.
St-Cyr, R. (2021) Black Spruce Bark Campaign Report – Adam
Project; Midland Exploration, GM72086, 166 pp.
Probe Gold (2024) Probe Metals And Midland Exploration Commence
Drilling To Test New High Priority Targets South Of Fenelon On The
Detour Gaudet-Fenelon JV Project; Retrieved from <
https://probegold.com/news/probe-metals-and-midland-exploration-commence-drilling-to-test-new-high-priority-targets-south-of-fenelon-on-the-detour-gaudet-fenelon-jv-project/
> on July, 29, 2024
Forward-looking statements:
This news release may include "forward-looking information"
under applicable Canadian securities legislation. Such
forward-looking information reflects management's current beliefs
and are based on a number of estimates and/or assumptions made by
and information currently available to the Company that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Readers are cautioned
that such forward-looking information are neither promises nor
guarantees and are subject to known and unknown risks and
uncertainties including, but not limited to, general business,
economic, competitive, political and social uncertainties,
uncertain and volatile equity and capital markets, lack of
available capital, actual results of exploration activities,
environmental risks, future prices of base and other metals,
operating risks, accidents, labour issues, delays in obtaining
governmental approvals and permits, and other risks in the mining
industry.
The Company is presently an exploration stage company.
Exploration is highly speculative in nature, involves many risks,
requires substantial expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such
forward-looking statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
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SOURCE Usha Resources Ltd.
