Usha Resources Announces Receipt of Intervention Permit for Upcoming Drill Program at the Southern Arm Copper-Gold VMS Property

CEO Deepak Varshney stated: “Receiving this permit is a key milestone as we progress towards our maiden drill program at Southern Arm. With results of our Phase 1 field program and IP survey anticipated to be received by end of year, Usha will commence a drill program targeting the highest priority zones early in 2025.”

He continued: “ With negotiations for the Jackpot Lake transaction continuing, our focus in the field will remain on Southern Arm. Additionally, we have been evaluating additional opportunities to acquire copper and/or gold projects to create further shareholder value in a similar fashion. We look forward to providing shareholders updates as our strategy progresses.”

Project Highlights:

The Property is situated in a region famous for its endowment in precious and base metals (Fig. 1). Notable nearby projects include: ~16 km from B26 deposit, which hosts an indicated resource of 11.32 Mt at 1.23 % Cu, 1.27% Zn, 0.46 g/t Au & 31.9 g/t Ag and inferred resource of 7.16 Mt at 1.56% Cu, 0.17% Zn, 0.87 g/t Au & 7.4 g/t Ag ~15 km from historic Selbaie mine, which produced 53 Mt at 0.96% Cu, 1.9% Zn, 0.58 g/t Au, 40.7 g/t Ag ~15 km from the Fenelon Gold Project, which hosts as indicated resource of 2.4 Moz Au and inferred 1.7 Moz Au

~16 km from B26 deposit, which hosts an indicated resource of 11.32 Mt at 1.23 % Cu, 1.27% Zn, 0.46 g/t Au & 31.9 g/t Ag and inferred resource of 7.16 Mt at 1.56% Cu, 0.17% Zn, 0.87 g/t Au & 7.4 g/t Ag

~15 km from historic Selbaie mine, which produced 53 Mt at 0.96% Cu, 1.9% Zn, 0.58 g/t Au, 40.7 g/t Ag

~15 km from the Fenelon Gold Project, which hosts as indicated resource of 2.4 Moz Au and inferred 1.7 Moz Au

The Property hosts a ~7.3km conductive trend along the regional-scale Bapst fault, which is associated with Zn, Pb Ag, Mo and Cu occurrences, as well as geology and alteration prospective for polymetallic VMS-style mineralization

Drill hole targets along this ~7.3 km trendwill be finalized according to the results of the black spruce bark sampling program (see News Release dated November 14, 2024) and Induced Polarization program (IP), which is currently ongoing (See News Release dated December 4, 2024). Results for both of these surveys are expected by the end of the year.

Located in the prolific Abitibi greenstone belt, Southern Arm hosts an approximately 7.3-kilometre conductive copper-gold trend along the regional-scale Bapst fault. The bedrock geology of the Property is dominated by the volcanic rocks of the Brouillan-Fenelon group, which hosts the nearby Selbaie mine (~15 km SW), which produced 53 million tonnes (Mt) at 0.96% copper (Cu), 1.9% zinc (Zn), 0.58 grams per tonne (g/t) gold (Au), 40.7 g/t silver (Ag) and Abitibi’s B26 deposit (~16 km SW) which hosts an indicated resource of 11.32 Mt at 2.13% copper equivalent (CuEq; 1.23% Cu, 1.27% Zn, 0.46 g/t Au and 31.9 g/t Ag).

In the northwest Abitibi subprovince, mineral occurrences are associated with felsic volcanic rocks and regional-scale synvolcanic faults (Fig. 1). The synvolcanic Bapst Fault (Faure, 2011) transects the Southern Arm property, and within this area, the sparse historic drill logs record felsic volcanic stratigraphy, alteration assemblages and widespread metal anomalies that are prospective for polymetallic VMS formation, within a similar geologic setting as the neighbouring historic Selbaie mine (Fig. 1). These results have not been followed up due to the Property’s till cover, however the application of the induced polarization survey will allow Usha to identify chargeability and resistivity contrasts associated with massive or disseminated sulphides down to a depth of 350+ m, while the application of black spruce bark sampling will allow Usha to establish a geochemical baseline for future exploration, whereas. The results of both of these surveys will be interpreted in tandem to establish high priority targets for Usha’s planned 3,000 metre maiden drill program commencing winter 2025.

The Company also wishes to clarify that 319,565 non-transferable finders’ warrants were issued in relation to the flow-through financing completed on September 4, 2024.