Usha Resources Secures Drill Contractor for Lost Basin Gold-Copper Project
VANCOUVER, March 17, 2022 - Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA) (OTCQB:USHAF) is pleased to announce that it has executed a drilling contract for its upcoming maiden drill program at the Lost Basin Gold-Copper Project located in Mohave County, Arizona. The Company intends on completing a reconnaissance visit by its personnel and the drilling contractor in the coming weeks to review drill sites after which it will commence with the construction of access roads and drill pads in preparation for drilling. The Company has elected to proceed with diamond core drilling for its maiden program to better understand the lithological and structural data at the Site. The Company plans to drill 1,500 metres over two phases with the results of the maiden program being used to delineate a larger follow-up drill campaign.
The first phase of the drilling program will be part of a larger work program that will include trenching, soil sampling, chip sampling, and further prospecting that is anticipated to be completed over approximately 40 days.
The Company's program will focus on the following key mineralized sections on the property:
- Red Basin: Area where highly anomalous soil samples assayed as high as 11.1 g/t Au and historical sampling has identified shallow intervals as high as 1.7 g/t Au over 26 metres.
- Copper Blowout: A major feature on the property with several copper showings assaying above 1% Cu and as high as 1.53% Cu over 2 metres in chip samples.
- Mallory's Trench: A historical trench where chip samples collected assayed gold values as high as 2.6 g/t Au over 2 metres.
- Ideas Lode West: An exciting new prospect where the structure containing the gold-bearing quartz veining extends for hundreds of metres and grab samples assayed as high as 45.4 g/t Au.
"Advancing the gold and copper stories at Lost Basin is a primary objective of ours as we move into 2022 and we are extremely excited to continue our exploration at the property," stated Deepak Varshney, CEO of USHA. "The property is a unique exploration and development opportunity in a top-tier mining jurisdiction that has largely escaped systematic modern exploration. Lost Basin offers a number of compelling attributes that you like to see prior to drilling - favourable geology, strong assays from initial sampling, and participation in what is becoming a very active exploration camp. This program is going to jumpstart what will be a very active year for us across a portfolio that includes copper, nickel, cobalt and gold - it's going to be a busy and exciting year!"
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha's portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
"Deepak Varshney" CEO and Director
For more information, please phone James Berard, Investor Relations, 778-228-2314, 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.
SOURCE: Usha Resources Ltd.