Vancouver, British Columbia / February 11, 2021 – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) is pleased to announce that the Company has completed its preliminary reconnaissance program on the Eden gold claims near Tonopah, Nevada. The Company has previously announced its interest in acquiring new exploration projects in Nevada and the Golden Triangle, two desirable mining jurisdictions.
Since its announcement, the Company has held numerous discussions and has completed 5 days of fieldwork in its evaluation of the gold and silver project. The site visits were conducted by Helgi Sigurgeirson, P.Geo., who is currently running the exploration program for the Company’s Lost Basin gold-copper project in Arizona.
The Eden gold claims were selected due to the presence of historical reported gold occurrences, prospective geology, and the existence of historical surface and underground workings in the claims and the surrounding areas.
The Eden Camp has been worked since the early 1900s. Properties within the camp include the Nevada Triumph, South Gold, Oro Cache, and Old Eden Properties, and the camp is one of several mining camps around the Kawich Range volcanic caldera, including Silverbow, Bellehelen, and Golden Arrow, where Emgold Mining Corporation reported a measured and indicated resource of 12,172,000 tonnes grading 0.024 opt Au and 0.33 opt Ag (296,500 ounces Au and 4,008,000 ounces Ag).
The Eden claims include the area of the Old Eden Mine workings, which consist of 2 adits with approximately 1,000 m of underground development and several open cuts. The workings explored a segment of what is believed to the central of 3 vertical zones of mineralization that reportedly cross Little Mill Creek at the north end of the property. Only a small part of one of these mineralized zones has been tested by the underground workings. There is no record or evidence of modern exploration on the claims or within the camp as a whole.
Approximately 1,000 metres of historic workings tested a limited section of one of the mineralized zones. Mr. Sigurgeirson reported observing bladed quartz after calcite textures in material taken from the adit dumps which is a classic epithermal texture associated with gold deposition. Zones of silicification and clay alteration were also noted both on the surface and underground and a stope in the upper workings suggests that minable grades were encountered there. As well as the mineralized zone explored in the main workings, a collapsed adit indicated the location of one of the other reported zones of mineralization, and an area of clay alteration and quartz vein float at the north and south ends of the property suggests other zones remain to be found.
Upon the satisfactory completion of due diligence and a decision to move forward and executing an agreement to take possession of the claims, the Company will use the conclusions and recommendations of this initial program as the base of the planning for the next phase of a more extensive exploration program comprising a soil survey focusing on generating additional exploration targets, trenching and comprehensive structural/geological mapping, and drilling in due course.
“We are pleased to have secured the first right to these claims and the initial findings of our field program at Eden. We look forward to the results of the reconnaissance program,” stated Deepak Varshney, CEO of USHA. “We are actively engaged in pursuing high-value properties to add to our portfolio and we believe the Eden claims may provide a unique opportunity to delineate a gold resource located in a world-class gold mining district.”
Sampling, Assaying, QA/QC and Data Verification
Samples were submitted to an independent assay laboratory for analysis. Gold was analyzed by standard fire assay, AAS finish. One certified reference standard was inserted per 30 samples.
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 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.
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.