Usha Resources Commences Fieldwork at the Drill-Ready Southern Arm Copper-Gold VMS Property
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Usha Resources Commences Fieldwork at the Drill-Ready Southern Arm Copper-Gold
VMS Property
Vancouver, British Columbia / August 1, , 2024 – 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 C ompany has entered into an option
agreement to earn 100% of Southern Arm over 2 years from Abitib i Metals Corp. (AMQ.CN, see news
release dated July 17, 2024).
Located in the prolific Abitibi Greenstone Belt, Southern Arm h osts 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 technique s 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 tha t 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.”
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Figure 1 - Local bedrock geology of the Southern Arm property. Geology after SIGEOM.
The purpose of the biogeochemical survey will be to identify additional priority t argets 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, Ga illard, 2021; Midland Explora tion, St-Cyr, 2021; Probe Gold News
Release June 29, 2024). The details of the sampling for the Com pany’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 e arn up to a 90% interest subject to a 2% Net
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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 releas e 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.
Figure 2 - Regional claim map.
Qualified person
The technical content of this news release has been reviewed an d approved by Mr. Deepak Varshney,
P.Geo., a qualified person as defi ned by National Instrument 43 -101. Historical reports provided by the
optionors were reviewed by the qualified person. The informatio n 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 compan y 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 strategi c 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
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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 [email protected] 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, Biogeo chemistry, Summer 2021; Wallbridge
Mining, GM72469, 86pp.
St-Cyr, R. (2021) Black Spruce Bark Campaign Report – Adam Proj ect; 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 Projec t; 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 in formation" under applicable Canadian securities
legislation. Such forward-looking information re flects 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. Read ers are cautioned that such forwar d-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 availabl e 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 expenditu res, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermo re, 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 fu ture events could differ materially from those anticipated in such
statements.