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.
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.
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.
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.
