Usha Resources to Resume Exploration at Lost Basin Gold-Copper Project

Rhea-AI Summary

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has successfully raised $890,300.40 through the initial tranche of a non-brokered private placement. The company is restarting exploration for its Lost Basin Gold-Copper Project in Mohave County, Arizona, following the receipt of a Notice of Exploratory Trenching. This allows for excavation of 10 trenches to further assess gold-copper mineralization. Significant findings from spring fieldwork include gold assays up to 45.4 g/t and copper grades exceeding 1.53%. Usha plans to advance exploration into 2022.

Positive

• Raised $890,300.40 from the first tranche of private placement.
• Received Notice of Exploratory Trenching, allowing for significant exploration activities.
• Identified highly promising gold assays up to 45.4 g/t and copper grades over 1.53%.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 18, 2021 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)is pleased to announce that subsequent to its closing of the first tranche of the Company's non-brokered private placement (the "Private Placement"), raising gross proceeds of $890,300.40, it has resumed exploration planning for its Lost Basin Gold-Copper Project located in Mohave County, Arizona.

The Company is in receipt of a Notice of Exploratory Trenching (the "Notice") 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. Based on assessment work completed since receipt of the Notice, however, the Company has determined that the next phase of work should include a core drilling program to further develop USHA's understanding of the nature of the gold-copper mineralization at Lost Basin as part of a larger follow-up core drilling program later in 2022.

The Company's program will focus on key mineralized sections on the property 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.
• 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. "We look forward to continuing to build on the results of our Spring program as we continue to develop the Lost Basin asset."

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.

USHA RESOURCES LTD.

"Deepak Varshney" CEO and Director

For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@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.

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FAQ

What is Usha Resources Ltd.'s latest announcement regarding the Lost Basin Gold-Copper Project?

Usha Resources Ltd. announced it is resuming exploration at the Lost Basin Gold-Copper Project after raising $890,300.40.

How much funding did Usha Resources Ltd. raise in its private placement?

Usha Resources Ltd. raised $890,300.40 from the first tranche of its non-brokered private placement.

What significant gold values were found in the Lost Basin project?

The spring fieldwork identified gold assays as high as 45.4 g/t at the Lost Basin project.

When is Usha Resources Ltd. planning to advance exploration at the Lost Basin?

Usha Resources Ltd. plans to advance its exploration activities into 2022.

What are the copper assay results reported by Usha Resources Ltd.?

Usha Resources Ltd. reported copper grades as high as 1.53% from the spring fieldwork.