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Usha Resources to Acquire Company with High-Grade Cobalt-Copper Project and Launch Financing
Not for distribution to U.S. news wire services or dissemination in the United States VA...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources to Acquire Company with High-Grade Cobalt-Copper Project and Launch FinancingNot for distribution to U.S. news wire services or dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / August 12, 2021 / Usha Resources Ltd. (\"Usha\" or the \"Company\") (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has entered into a share exchange agreement dated August 11, 2021 (the \"Share Exchange Agreement\") with 1236598 B.C. Ltd. (\"1236\") and the shareholders of 1236 (the \"1236 Shareholders\"). Pursuant to the Share Exchange Agreement, it is intended that 1236 will become a wholly-owned subsidiary of the Company (the \"Transaction\"). 1236 has an option to acquire a 100% interest in a Copper-Cobalt Property (the \"Property\") located in Silver Bow and Madison Counties, Montana, subject to a 2% net smelter returns royalty.The PropertyThe Property is located within Silver Bow and Madison Counties, 32 kilometres south of Butte, Montana and is comprised of 65 Federal Unpatented Lode Claims that total over 1,342 acres.The various claims comprising the Property have over 10,000 metres of historical drilling, including by majors such as BHP, Cominco, Homestake, Phelps Dodge and Rio Tinto. Significant drill and trench results include:1.2% copper, 0.036% cobalt, and 200 ppb gold over 11.7 metres of massive sulfides in DH WCC‑40.15% to 0.3% cobalt and up to 1.14% copper over 96.3 metres in DH K-1 (note, only 1 ft was assayed for every 10 ft)1.8% copper and 450 ppb gold over 1.25 metres in DH PD-119.0% zinc over 0.7 metres in DH M-119.8% zinc over 0.4 metres in DH 79-1Up to 4.7% copper, 0.07% cobalt, and 2.3 g/t gold in trenches advanced by BHP-UtahFigure 1: Location map showing historical drilling and trenching result locations.The land package is underlain by Proterozoic meta-sedimentary rocks with SEDEX style mineralization that is interpreted to be age-equivalent and part of the same Belt Supergroup that includes the world-class past-producing Sullivan Mine in British Columbia.Recent airborne geophysical survey work (Geotech's Helicopter Borne VTEM) has delineated a series of high-priority electromagnetic anomalies within the Property (often indicative of sulphide mineralization), and numerous major and minor structures, which require follow-up exploration and possibly drilling. The Company's plan over the...