Usha Resources Provides Update on its Fall 2021 Exploration Program at its Lost Basin Project
Vancouver, British Columbia / July 15, 2021 – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) is pleased to provide an update on its Fall 2021 exploration program at the Lost Basin Gold-Copper Project located in Mohave County, Arizona.
The Company is in receipt of a Notice of Exploratory Trenching that permits the excavation of 10 trenches with an average width of 3 metres and depth of 2 metres for approximately 1,420 metres in total. The trenches will be utilized to channel sample across key mineralized sections on the property including the Copper Blowout – Red Basin area where USHA’s spring fieldwork identified the following:
Red Basin: Highly anomalous soil samples were identified with 10 samples assaying over 0.2 g/t Au and as high as 11.134 g/t Au.
Copper Blowout: 4 chip samples assayed above 1% Cu and as high as 1.53% Cu over 2 m.
Mallory’s Trench: Chip samples yielded gold values as high as 2.6 g/t Au over 2 m.
The program will be completed over a period of four weeks and will also include soil sampling, geologic mapping, and rock sampling of these areas and other areas of interest at Lost Basin, including the Ideas Lode West vein where grab samples assayed as high as 45.4 g/t Au.
The primary objective of exploration will be to further develop USHA’s understanding of the nature of the gold mineralization at Lost Basin as it continues to develop targets for a follow-up core drilling program in 2021.
"We are extremely excited to continue our exploration at the Lost Basin property," stated Deepak Varshney, CEO of USHA. “We are excited to not only develop the gold prospects at Lost Basin, but also our copper targets as the copper story gathers increasing interest as demand for ‘green’ metals increases due to electrification. Our exploration team is focused on continuing a systematic approach and we look forward to the results of our next phase of exploration as we continue to develop the Lost Basin asset."
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.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
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.
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.