VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / July 22, 2024 / Usha Resources Ltd. (“USHA” or “Company” (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0)a North American mineral acquisition and exploration company, announces that it has entered into a digital marketing agreement (the “Agreement”) with Sidis Holdings Ltd. (“Sidis”) effective July 21, 2024. Under the Agreement, Sidis will provide digital media, marketing strategy, advertising and awareness campaigns for a fee of up to $500,000 (USD) at the Company's discretion over a six-month period.
The agreement with Sidis complements an initial agreement with Hillside Consulting and Media Inc. (“Hillside”), which was signed on July 16, 2024. Hillside is a leading investor relations firm whose practices also include services provided to Forge Resources Corp. this year (see PR dated April 15, 2024).
These strategic moves follow the Company's recent execution of an option (the “Option” or “Option Agreement”) with Abitibi Metals Ltd. (“Abitibi” or the “Optionee”) for the right to purchase an undivided 100% interest in the Southern Arm Field (“Southern Arm” or the “Field”; see PR dated July 17, 2024).
The Southern Arm option was negotiated after Stardust Power Corp. (MC $675 million) paid $75,000 pursuant to a letter of intent granting it the right to acquire up to a 90% interest in Usha's Jackpot Lake lithium brine project subject to a 2% net smelter royalty, for a total consideration that could be up to $26,025,000 over five years, including $1,525,000 in cash, $750,000 in stock, $15,750,000 in stock or cash at Stardust Power's option, and $8 million in work commitments.
Details of the LOI are set out in Usha's press release dated May 17, 2024. The transaction is subject to the satisfaction of several conditions, and the Company cautions that there can be no assurance that a definitive agreement will be signed.
Highlights of the Southern Arm property include:
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Approximately 7.3 km of conductive trend along the regional-scale Bapst fault within volcanic rocks of the Brouillan-Fénelon Group, near the Selvay mine and B26 deposit, which are prospective for polymetallic VMS-type mineralization.
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Several drill targets have already been identified, including “Hollywood,” where anomalous metal values have been identified over an approximately 1.8 km stretch open along the formation.
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The property is located in an area known for its precious and base metals reserves. Notable nearby projects include:
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It is located approximately 16 km from the high-grade B26 copper deposit, with probable reserves of 6.97 Mt, 2.94% Cu Eq (1.32% Cu, 1.80% Zn, 0.60 g/t Au, 43 g/t Ag) and probable reserves of 4.41 Mt, 2.97% Cu Eq (2.03% Cu, 0.22% Zn, 1.07 g/t Au, 9 g/t Ag).
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It is located approximately 15km from the Fenelon Gold Project and holds probable reserves of 2.4 million ounces of gold and probable reserves of 1.7 million ounces of gold.
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Located approximately 15 km from the historic Servaiet mine, it produced 53 Mt of ore at 0.96% Cu, 1.9% Zn, 0.58 g/t Au and 40.7 g/t Ag.
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Exploration targets for the Southern Arm will be developed by Abitibi Metals' technical team, and the company will play an advisory role in progressing the proposed exploration strategy.. A fully funded drilling program is planned for fall 2024.
Qualified personnel
The technical content of this news release has been reviewed and approved by Mr. Deepak Varshney, P.Geo., a Qualified Person as that term is defined in State Rule 43-101. The historical reports provided by the optioners have been reviewed by the Qualified Person. The information provided has not been verified and is being treated as past non-compliant intercepts.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on developing high quality critical metals assets that are mine-ready and have high margin and expansion potential. Based in Vancouver, British Columbia, Usha's strategic asset portfolio 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. White Willow is the flagship of a growing portfolio of hard rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, on the OTCQB Exchange under the symbol USHAF and on the Frankfurt Stock Exchange under the symbol JO0.
USHA Resources Inc.
For more information, please call us at 778-899-1780 or email us. [email protected] Or visit www.usharesources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release may contain “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by, and information currently available to, the Company. These estimates and/or assumptions are believed to be reasonable, but are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied in such forward-looking information. Readers are cautioned that such forward-looking information is not a promise or guarantee and is 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, a shortage of available capital, actual results of exploration activities, environmental risks, future prices of base metals and other metals, operational risks, accidents, labour issues, delays in obtaining government approvals and permits, and other risks in the mining industry.
The Company is currently an exploration stage company. Exploration is inherently speculative, involves numerous risks, requires significant expenditure and may not result in the discovery of profitable mineable deposits. Moreover, the Company does not currently have any reserves on any of its owned properties. Therefore, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events may differ materially from those anticipated in such statements.
sauce: Usha Resources Ltd.
