Author: Date

(MENAFN– PR Newswire)

VANCOUVER, British Columbia, Nov. 20, 2024 /PRNewswire/ —
Usha Resources Ltd.
(“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF ) (FSE: JO0), a North American mineral Acquisition and exploration company, is pleased to announce that it has finalized its plans for an Induced Polarization (IP) survey at its Southern Arm polymetallic VMS property (“Southern Arm” or the “Property”) in the metal-rich northwest Abitibi subprovince of mining-friendly Quebec. The Company has entered into an option agreement to earn 100% of Southern Arm over 2 years from Abitibi Metals Corp. (AMQ, see news release dated July 17, 2024 ).

Continue Reading

Figure 1 – Bedrock geology and regional mineral occurrences associated with the synvolcanic Brouillan Complex, Geology after SIGEOM, 2024.

Figure 2 – Area map showing local area geology overlain by the location of the IP survey.

Highlights:

Usha has retained Geophysique TMC to deploy the IP survey over the Hollywood trend of metal anomalies within the Southern Arm claim block, which will allow Usha to identify chargeability and resistivity anomalies associated with massive or disseminated sulphides down to a depth of 350+ m.

Field crews will deploy to site mid-November to begin the survey and the results of this 3D survey will be interpreted alongside the results from the
biogeochemical survey announced August 1, 2024, and used to establish high priority targets for Usha’s planned maiden 3,000 metre drill program.

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 6.97
Mt at 1.32 % Cu, 1.89% Zn, 0.60 g/t Au & 43 g/t Ag and inferred resource of 4.41 Mt at 2.03% Cu, 0.22% Zn, 1.07 g/t Au & 9 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

Figure 1 – Bedrock geology and regional mineral occurrences associated with the
synvolcanic Brouillan Complex, Geology after SIGEOM, 2024.
Photo –

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 use of TMC’s IP will allow Usha to identify chargeability and resistivity contrasts associated with massive or disseminated sulphides down to a depth of 350+ m. The results of this 3D survey will be used to establish high priority targets for Usha’s planned 3,000 metre maiden drill program commencing winter 2024 – 2025. The IP survey is being ran in conjunction with a surface biogeochemical sampling survey (see News Release dated November 14, 2024), that will establish a geochemical baseline for future exploration.

Figure 2 – Area map showing local area geology overlain by the location of the
IP survey.
Photo –

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 (approximately 15 kilometres (km) southwest), which produced 53 million tonnes (Mt) at 0.96 per cent copper (Cu), 1.9 per cent zinc (Zn), 0.58 grams per tonne (g/t) gold (Au), 40.7 g/t silver (Ag) and Abitibi’s B26 deposit (approximately 16 km southwest) which hosts an indicated resource of 6.97 at 2.94 per cent copper equivalent (CuEq; 1.32 per cent Cu, 1.80 per cent Zn, 0.60 g/t Au and 43 g/t Ag).

“We are excited to apply the experience of international geophysical experts at Geophysique TMC to our exploration program at the Southern Arm property” stated CEO Deepak Varshney.

He continued: “The lack of outcrop exposures and complex glacial history in the northwest Abitibi make exploration difficult, but we are confident that Usha is applying the optimal techniques to this ground that give us the best chance of turning historic indications into the Abitibi’s next major discovery.”

Qualified person

The technical content of this news release has been reviewed and approved by Mr. James Macdonald, P.Geo., a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionors were reviewed by the qualified person. The information provided has not been verified and is being treated as historic non-compliant intercepts.

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality critical metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha’s portfolio of strategic properties provides target-rich diversification and includes Southern Arm, a copper-gold VMS project in Quebec, Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

USHA RESOURCES LTD.

For more information, please call 778-899-1780, email [email protected]
or visit .

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.

References

Gaillard, N. (2021) Assessment Report, Grasset Property, Biogeochemistry, Summer 2021; Wallbridge Mining, GM72469, 86pp.

St-Cyr, R. (2021) Black Spruce Bark Campaign Report – Adam Project; Midland Exploration, GM72086, 166 pp.

Probe Gold (2024) Probe Metals And Midland Exploration Commence Drilling To Test New High Priority Targets South Of Fenelon On The Detour Gaudet-Fenelon JV Project; Retrieved from < > on July, 29, 2024

Logo –

SOURCE Usha Resources Ltd.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED

MENAFN20112024003732001241ID1108906354

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – November 19, 2024) – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces that it has received approval from the Toronto stock exchange (the “TSX”) of its notice of intention to make a normal course issuer bid (the “NCIB”).

Under the NCIB, Torex is authorized to purchase up to 7,116,777 of its common shares (“Common Shares”), representing approximately 10% of the public float as of November 13, 2024, during the period commencing on November 21, 2024 and ending on November 20, 2025. As of November 13, 2024, Torex had a total of 85,986,971 Common Shares issued and outstanding and a public float of 71,167,776 Common Shares.

Torex believes that the establishment of the NCIB provides the Company with the flexibility to acquire Common Shares from time to time as an effective means of returning capital to its shareholders in accordance with its corporate strategy.

Purchases under the NCIB will be made on the open market through the facilities of the TSX and other alternative trading systems in Canada at a price per Common Share representative of the market price at the time of acquisition. The number of Common Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 66,028 Common Shares (which is equal to 25% of the average daily trading volume of 264,115 Common Shares on the TSX for the six full calendar months ending October 31, 2024), subject to the Company’s ability to make one block purchase of Common Shares per calendar week that exceeds such limits. All Common Shares purchased under the NCIB will be cancelled after their purchase. The Company intends to fund any purchases under the NCIB from its available working capital.

Outside of blackout periods, Common Shares may be purchased under the NCIB based on the discretion of Torex’s management, in compliance with the rules of the TSX and applicable securities laws.

Although Torex has the present intention to acquire its Common Shares pursuant to the NCIB, Torex will not be obligated to make any purchases and purchases may be suspended by Torex at any time. Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth.

ABOUT TOREX GOLD RESOURCES INC.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mine Complex, the Media Luna Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are: integrate and optimize the Morelos Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and build on ESG excellence.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
…

Dan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
…

CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements that: all Common Shares purchased under the NCIB will be cancelled after their purchase; the Company intends to fund the purchases from its available working capital; Common Shares may be purchased under the NCIB based on the discretion of Torex’s management; and Torex’s key strategic objectives are integrate and optimize its Morelos Property, deliver Media Luna to full production, grow reserves and resources, disciplined growth and capital allocation, retain and attract best industry talent, and build on ESG excellence. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “guidance”, “expects”, “planned”, or variations of such words and phrases or statements that certain actions, events or results are “on track to” or “will”, or “is expected to” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties identified in the Company’s technical report (the “Technical Report”) released on March 31, 2022, entitled “NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study”, which has an effective date of March 16, 2022, the Company’s annual information form (“AIF”) and management’s discussion and analysis (“MD&A”) or other unknown but potentially significant impacts. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at and on the Company’s website at .

To view the source version of this press release, please visit

MENAFN19112024004218003983ID1108901311

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

TSXV:OIII|
OTCQX: OIIIF – O3 mining

TORONTO, Nov. 19, 2024 /PRNewswire/ – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF ) (“O3 Mining” or the ” Corporation “) is pleased to announce that it has received the third and final set of assay results from its 28,868 metre drilling campaign completed between January 2024 and
August
2024 on the Malartic H deposit (” Malartic H “) within the Marban Alliance project, in Val-d’Or, Québec, Canada (the ” Marban Alliance Project “).

Highlights:

Continue Reading

Figure 1: Photo of visible gold at 241.9 metres in hole O3MA-24-707 at Malartic H (CNW Group/O3 Mining Inc.)

Figure 2: Marban Alliance Project Map (CNW Group/O3 Mining Inc.)

Figure 3: Malartic H – Significant Intercepts Map (CNW Group/O3 Mining Inc.)

View PDF

Download Press Release (CNW Group/O3 Mining Inc.)

30.0 g/t Au over 3.0 metres in hole O3MA-24-707 at a vertical depth of 241.4 metres, including 101 g/t Au over 0.7 metres on Malartic H


40.2 g/t Au over 1.9 metres in hole O3MA-24-701 at a vertical depth of 141.3 metres, including 151 g/t Au over 0.5 metres on Malartic H


1.8 g/t Au over 39.8 metres in hole O3MA-24-642 at a vertical depth of 55.6 metres

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: “We are pleased to announce the receipt of the final assay results from our infill drilling campaign at Malartic H, completed earlier this year. These results mark the third and final set of assays, following the initial results on April 17, 2024, and the second set of results on July 18, 2024. With the completion of this campaign and the full compilation of assay data, we are now positioned to work on a mineral resource estimate as we focus on upgrading the current inferred resource to the measured and/or indicated categories. We are proud of the progress made at Malartic H, which continues to reinforce our confidence in the strength of the Marban Alliance project and the strategic value Malartic H brings to it.”

The objective of the 2024 drilling campaign on the Malartic H deposit is to upgrade mineral resources that are currently classified as inferred mineral resources in the Corporation’s current mineral resource estimate to the indicated mineral resource category (see news release of O3 Mining dated June 20, 2023 and entitled “O3 Mining Delivers Maiden Mineral Resource Estimate for Malartic H “). The 2024 drilling campaign totaled 143 drill holes of which assay results for 45 drill holes are being reported today (all results received). The results for 56 and then 42 drill holes were previously reported (see news release of O3 Mining dated April 17, 2024, entitled “O3 Mining Intersects 119.1 g7/t Au over 2.5 Metres at Malartic H, Marban Alliance
and the news release of O3 Mining dated July 18, 2024, entitled “O3 Mining Intersects 102.0 g/t Au over 1.5 Metres at Malartic H, Marban Alliance “).

Malartic H Deposit

The Malartic H deposit has a recognized strike length of 950 metres, 300 metres wide and down to a vertical depth of 500 metres. It is located within five kilometres of the proposed processing plant described in the pre-feasibility study published on the Marban Alliance Project in 2022 and approximately one kilometre to the north of the Malartic Hygrade former mine, near the hinge of a regional Z-shaped fold. The mineralized system is partially open laterally and completely open at depth. Notably, the Malartic H deposit is positioned between the northwestern extensions of the Marbenite and Norbenite shears, which host most of the resources of the Marban Alliance Project. At Malartic H, the two shears are northwest-trending and dipping around 70 degrees to the northeast. The deposit is hosted by an alternance of mafic and ultramafic volcanic sequence of the Jacola formation. Similar to the Hygrade area, numerous intermediate to felsic dyke systems are injected in the volcanic sequence. The mineralization occurs as disseminated pyrite with local visible gold in quartz veins and veinlets and disseminated in the host rock. Zones are spatially correlated shears within mafic volcanic units or with the intermediate to felsic dykes. All zones are roughly subparallel.

Figure 1: Photo of visible gold at 241.9 metres in hole O3MA-24-707 at Malartic

Table 1:
Drill Hole Intercepts at Malartic H. Only intercepts with metal factor above 5.0 (g/t Au x metres) are reported, cut-off 0.3 g/t Au and above 200 metres from surface. See Table 2 below for full technical parameters.

True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zones. Assays are uncut except where indicated.

Figure 2: Marban Alliance Project Map

Figure 3:
Malartic H – Significant Intercepts Ma

Table 2: Technical parameters of holes of the 2024 campaign at Malartic H that have received assay results

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Mrs. Fati Cor Seck, Geo (OGQ #1656), Senior Geologist of O3 Mining, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (” NI 43-101 “).

Quality Assurance/Quality Control

Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Half-core samples are shipped to Agat Laboratory located in Val-d’Or, Québec, and Mississauga, Ontario, for assaying. The core is crushed to 75% passing -2 mm (10 mesh), a 250 g split of this material is pulverized to 85% passing 75 microns (200 mesh) and 50 g is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish using a 50 g charge.

Commercial certified standard material and blanks are systematically inserted by O3 Mining’s geologists into the sample chain after every 18 core samples as part of the quality assurance and quality control (” QA/QC “) program. Third-party assays are submitted to other designated laboratories for 5% of mineralized samples. Drill program design, QA/QC, and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About O3 Mining Inc.

O3 Mining Inc. is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support and expertise of a team of industry leaders as it grows towards becoming a gold producer with several multi-million-ounce deposits in Québec.

O3 Mining is well-capitalized and owns a 100% interest in all its properties (127,100 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF ). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at .

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource modelling, the Corporation’s ability to grow the Malartic H deposit and the ability to convert inferred mineral resources to indicated mineral resources. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at Malartic H; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. For further information on O3 Mining, please contact:

SOURCE O3 Mining Inc.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED

MENAFN19112024003732001241ID1108901277

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.