VANCOUVER, British Columbia,
Nov. 20,
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 finalized
its plans for an Induced Polarization (IP) survey at its Southern
Arm polymetallic VMS property ("Southern Arm" or the "Property") in
the metal-rich northwest Abitibi subprovince of mining-friendly
Quebec. 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).
Highlights:
- Usha has retained Geophysique TMC to deploy the IP survey over
the Hollywood trend of metal
anomalies within the Southern Arm claim block, which will allow
Usha to identify chargeability and resistivity anomalies associated
with massive or disseminated sulphides down to a depth of 350+
m.
- Field crews will deploy to site mid-November to begin the
survey and the results of this 3D survey will be interpreted
alongside the results from the biogeochemical survey announced
August 1, 2024, and used to establish
high priority targets for Usha's planned maiden 3,000 metre drill
program.
- The Property is situated in a region famous for its endowment
in precious and base metals (Fig. 1). Notable nearby projects
include:
- ~16 km from B26 deposit, which hosts an indicated resource of
6.97 Mt at 1.32 % Cu, 1.89% Zn, 0.60 g/t Au & 43 g/t Ag
and inferred resource of 4.41 Mt at 2.03% Cu, 0.22% Zn, 1.07 g/t Au
& 9 g/t Ag
- ~15 km from historic Selbaie mine, which produced 53 Mt at
0.96% Cu, 1.9% Zn, 0.58 g/t Au, 40.7 g/t Ag
Figure 1 - Bedrock geology and regional mineral occurrences
associated with the synvolcanic Brouillan Complex, Geology
after SIGEOM, 2024.
Photo -
https://mma.prnewswire.com/media/2563146/Usha_Picture1.jpg
In the northwest Abitibi subprovince, mineral occurrences are
associated with felsic volcanic rocks and regional-scale
synvolcanic faults (Fig. 1). The synvolcanic Bapst Fault (Faure,
2011) transects the Southern Arm property, and within this area,
the sparse historic drill logs record felsic volcanic stratigraphy,
alteration assemblages and widespread metal anomalies that are
prospective for polymetallic VMS formation, within a similar
geologic setting as the neighbouring historic Selbaie mine (Fig.
1). These results have not been followed up due to the Property's
till cover, however the use of TMC's IP will allow Usha to identify
chargeability and resistivity contrasts associated with massive or
disseminated sulphides down to a depth of 350+ m. The results of
this 3D survey will be used to establish high priority targets for
Usha's planned 3,000 metre maiden drill program commencing winter
2024 - 2025. The IP survey is being ran in conjunction with a
surface biogeochemical sampling survey (see News Release dated
November 14, 2024), that will
establish a geochemical baseline for future exploration.
Figure 2 – Area map showing local area geology overlain by the
location of the IP survey.
Photo -
https://mma.prnewswire.com/media/2563147/Usha_Picture2.jpg
Located in the prolific Abitibi greenstone belt, Southern Arm
hosts an approximately 7.3-kilometre conductive copper-gold trend
along the regional-scale Bapst fault. The bedrock geology of the
Property is dominated by the volcanic rocks of the
Brouillan-Fenelon group, which hosts the nearby Selbaie mine
(approximately 15 kilometres (km) southwest), which produced 53
million tonnes (Mt) at 0.96 per cent copper (Cu), 1.9 per cent zinc
(Zn), 0.58 grams per tonne (g/t) gold (Au), 40.7 g/t silver (Ag)
and Abitibi's B26 deposit (approximately 16 km southwest) which
hosts an indicated resource of 6.97 at 2.94 per cent copper
equivalent (CuEq; 1.32 per cent Cu, 1.80 per cent Zn, 0.60 g/t Au
and 43 g/t Ag).
"We are excited to apply the experience of international
geophysical experts at Geophysique TMC to our exploration program
at the Southern Arm property" stated CEO Deepak Varshney.
He continued: "The lack of outcrop exposures and complex glacial
history in the northwest Abitibi make exploration difficult, but we
are confident that Usha is applying the optimal techniques to this
ground that give us the best chance of turning historic indications
into the Abitibi's next major discovery."
Qualified person
The technical content of this news release has been reviewed and
approved by Mr. James Macdonald,
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.
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.
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
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SOURCE Usha Resources Ltd.
