Usha Resources Acquires Drill-Ready Lithium Project in Nevada
Usha Resources Ltd. (“USHA” or the “Company”) (TSX-V:USHA)(OTCQB:USHAF) is pleased to announce that it has entered into a mineral property option agreement (the “Option Agreement” or “Transaction“) with Ares Strategic Mining Inc. (the “Vendor“) of Vancouver, British Columbia, whereby the Company has been granted the exclusive option to acquire a 100% interest in 140 mineral claims located in Jackpot Lake, Clark County, Nevada (the “Property“).
The Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a “playa” which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle’s Silver Peak Nevada Lithium Mine which has operated continuously since 1966, and Iconic Mineral’s Bonnie Claire Project, which recently released a Preliminary Economic Assessment report (PEA) that indicates 40-year mine with an after-tax NPV8% of 1.5 billion, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
Figure 1 – Left, location of Jackpot Lake. Right, aerial image of the “playa”.
The project is considered to be “drill-ready” based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:
- 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.
- Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.
- Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters.
The CSAMT Survey and report was conducted and prepared by Hasbrouck Geophysics, who has extensive experience of both surveying and data processing for brine-bearing basin environments across the southwestern U.S.
Figure 2- Left, gravitational surveying outlined the footprint of the Jackpot lithium brine anomaly. Right, CSMAT survey slices showing a cross-section of the anomaly illustrating the highly enriched brines throughout the property in red.
Based on the above, the Company intends on completing an aggressive exploration program by drilling both shallow and deep holes to test the targets outlined by the CSAMT Survey at possible higher concentration brine zones with the goal of completing a 43-101 resource estimate by Q4 of 2022.
Deepak Varshney, CEO of Usha Resources, stated, “We are thrilled to add Jackpot Lake to our growing portfolio of “green” projects and thank Ares for partnering with us to move this project forward. Our goal is to identify high-quality projects that are near or drill-ready with high-upside that can be achieved through the completion of relatively inexpensive work programs. Lithium brine deposits have a significant cost advantage over lithium clay deposits in that lithium mineralization is much less difficult and much less expensive to process. They can also be explored through smaller drilling programs that can result in the Company identifying resource estimates much more economically. The addition of Jackpot means that 2022 will be an extremely active period for USHA with three planned drill programs giving our shareholders a number of potential catalysts across our various projects.“
James Walker, CEO of Ares Strategic Mining, stated, “We are pleased to have USHA as a partner for Jackpot. Our goal was to find a well-structured and capitalized company that could move the project forward and look forward to supporting USHA as shareholders and strategic partners.”
The Transaction
Under the terms of the Transaction, USHA will be able to acquire a 100% interest in the Property in exchange for the following consideration:
- $75,000 payable within five days from receiving approval from the TSX Venture Exchange (the “Exchange“).
- $500,000 payable in common shares (the “Shares“) of the Company within five days from the date of Exchange approval, to be issued at a deemed value at the greater of the 10-day VWAP or Discounted Market Price;
- $225,000 payable through a combination of cash or Shares of the Company (at the discretion of the Company), up to a maximum of 1,500,000 Shares, on the six-month anniversary date, to be issued at a deemed value at the greater of the 10-day VWAP or Discounted Market Price; and
- $225,000 payable through a combination of cash or Shares of the Company (at the discretion of the Company), up to a maximum of 1,500,000 Shares, on the twelve-month anniversary date, to be issued at a deemed value at the greater of the 10-day VWAP or Discounted Market Price.
Additionally, the Company will be required to complete no less than $1,000,000 worth of Expenditures on the Claims within two years unless the Option has been exercised in full.
The Vendor will return a 1% Gross Overriding Royalty (the “GORR“), subject to a buyback provision by the Company, whereby the Company may acquire, at any time, one-half of the GORR for $1,000,000.
The Option Agreement and the transactions contemplated therein, including the issuance of the Shares, is subject to the approval of the Exchange. All securities issued in connection with the Transaction will be subject to a four-month-and-one-day statutory hold period.
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, 778-228-2314, email info@usharesources.com, or visit www.usharesources.com.
- Published in News Home, Usha Resources
St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to release the initial partial results of its 2021 drilling campaign on its 100% own Manicouagan Project.
St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to release the initial partial results of its 2021 drilling campaign on its 100% own Manicouagan Project.
These are the best sampled values obtained in three different core sections:
Platinum: 2.94 g/t Palladium: 13.85 g/t Nickel : 3.58%
A section of six metres of Hole 21-18 was rushed to ALS Laboratories for testing. The best two-meter results are listed in the table in Figure 1 and compared with historic hole results from 07-17 and 08-02 over similar lengths. The table in Figure 2 provides results over six meters for the Company’s recent hole 21-18 covered in this press release. Results for base metals, platinum, and palladium are disclosed below. Additional results for other precious metals, such as rhodium , osmium, ruthenium, and iridium, are expected within the next six to eight weeks.
Confirmation of a High-Grade Nickel & Palladium Large Trend/Corridor
The Company received partial results from one section of drill hole 21-18 (hole 18) that was sent to ALS Laboratories for rush processing. The initial results reveal the presence of high-grade nickel as well as significant grades of palladium and platinum (see Figure 2) that seem to correlate at depth and along strike with similar historical results in hole 07-17 and hole 08-02 located 179 metres to the west and 174 to the southwest, respectively (see Figure 1 below).
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Figure 1: Results for Hole 07-17, Hole 08-02, and Hole 21-18
Hole 21-18 was drilled to the southeast of the historical Bob Showing, where a 1,070 kg bulk sample was collected this year. ( See St-Georges Press Release from February 10, 2022 : https://webfiles.thecse.com/SX_Press_Release_-_February_10_2022_-_Manic_Bulk_Sample_Material_Contains_Suite_of_Platinum_Group_Metals_Between_2.36_2.92_Nickel.pdf?bCt6DsKbhE6dQV.V4r3Kl3FsUD2ISD15
Click Image To View Full Size
Figure 2: Partial results received to date from hole 21-18. Indicates an average of 6.5 meters grading 1.27% nickel, 0.22% copper, 0.082% cobalt, 0.84 g/t platinum, and 2.80 g/t palladium which includes a 2-meter section averaging 3.23% nickel, 0.44% copper, 0.189% cobalt, 2.11 g/t platinum, and 6.88 g/t palladium. True width has not been determined due to complications with faulting. Nearby historic drill holes encountered similar widths and grades.
The map below (Figure 3) shows the location of hole 21-18 in relation to the bulk sample and two historical holes, 07-17 and 08-02. Two minor faults are reported in the vicinity of these holes.
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Figure 3: Location of hole 21-18 in relation to 2021 bulk sampling and two historical holes nearby .
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Figure 4: Section of hole 21-18 drill core included in this release.
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Figure 5: Hole 21-18 Core from meter 5 to meter 71.
The Company has asked for eight of the higher-grade platinum and palladium samples to be re-assayed for additional PGE minerals based on the recent correlation of osmium, ruthenium, iridium, and rhodium values recovered from the bulk sample collected at surface (See St-Georges Press Release from February 10, 2022). Due to the backlog at the ALS Laboratories, these results are not expected for six weeks or more.
The Company has a large quantity of samples in the process of being analyzed by its independent labs. St-Georges’ geologists are busy processing the last batch of cores that came out of the Manicouagan Project’s camp earlier this month. Assays results will be disclosed over the coming weeks as they become available.
“(…) Because of the strong assays returned, (…) we believe the beginning of a trend or corridor is shaping up. (…) This reason and other available evidence led us to significantly expand our claim position in the area recently. (…) we believe that we now hold all the prospective ground that share similarities with the discovery area. The Company expects to conduct a cursory exploration program on the new land acquired as soon as practical after the snow is gone (…) we expect to leverage the geophysical team that we planned to mobilize for a downhole survey in the area of the Bob Showing and conduct some extensive surface geophysics within the new ground. We will follow up with geological mapping and geochemical sampling of surface outcrops. We plan to exploit this situation to expand the prospective zones on Manicouagan and organically grow the area of interest quickly. (…) The Manicouagan Project has now become our main exploration priority .” commented Herb Duerr, St-Georges Eco-Mining President & CEO
Click Image To View Full Size
ON BEHALF OF THE BOARD OF DIRECTORS
“Herb Duerr”
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
- Published in News Home, St-Georges Eco-Mining
Mosaic Minerals Adds Claims on Gaboury
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “the Corporation”) adds 19 claims covering an area of 791 hectares on the western edge of its Gaboury property, located in Quebec’s Temiscamingue region. This project is now composed of 114 claims for a total area of 6,064 hectares. Thirteen of these new claims were acquired by map staking while the other six were acquired from an independent prospector, in return for a cash payment of $10,000.
No royalty is subject to these new claims.
The Gaboury property contains several nickel, copper, and gold showings. However, the management of the Company is concentrating its activities on the search for nickel along a magnetic anomaly crossing it for nearly 9 km, in its southern part. The presence of a mineralized ultramafic intrusive explains that magnetic anomaly.
Pike Nickel
The Pike Nickel showing, discovered by drilling in 2010, was drilled again in 2021 to test its potential for lateral and depth extension. That program made it possible to retrace the Pike Nickel West and Pike Nickel East extensions located on each side at 1.8 km and 1.4 km from the original showing as well as to intersect it to a vertical depth of nearly 400 meters. These showings remain open both laterally and at depth.
The southern part of the property now contains three significant nickel showings over nearly 3.4 km along a magnetic anomaly of about 9 km. Depending on its financial capacity, the company’s management hopes to test the entire magnetic anomaly by drilling during 2022. A first phase of drilling concentrated in the western part of the magnetic anomaly is planned at the end of the spring thaw period.
“The current geopolitical situation with Russia, which is one of the main producers of refined nickel, demonstrates the importance of projects such as Gaboury located in Quebec. While we want a quick resolution to this terrible conflict, upward pressure on the price of nickel could extend beyond it and potentially affect the value of projects located in stable and predictable mining jurisdictions like Quebec.” Said Jonathan Hamel, President and CEO of the Corporation.
A grade of up to 0.32% Ni over 121.5m along the core including 0.40% Ni over 15m had been intersected in hole GA-21-07 and that hole GA-21-01 had retraced the nickel zone up to 564 meters along core revealing 122m grading 0.21% Ni including 70.9m grading 0.25% Ni (see press release dated January 5, 2022).
In addition, the firm Novatem recently completed a helicopter-borne magnetic survey on the new claims. This will allow the company to define the full drilling program for the current year.
An additional drilling permit application has been filed with the MERN.
Gaboury Project
The Gaboury project, consisting of 114 mining claims totaling 6,064 hectares, is located approximately 150 km southwest of the Rouyn-Noranda mining camp. It is easily accessible year-round by paved and gravel roads. The former Loraine Mine, which produced 600,000 tons of ore grading 0.47% Ni and 1.08% Cu, is located about ten km east of the property (Source: SIGEOM GM 43679). The Loraine deposit consisted of Ni-Cu dominant magmatic mineralization associated with mafic and ultramafic intrusions.
Mosaic has the option to acquire a 60% interest in this project by June 2024 in return for 3M shares and $1M in exploration work. Subsequently, Mosaic may acquire another portion of 20% interest for a total of 80% in consideration of $2.5M in exploration work before June 30, 2028, and the delivery of a first resource estimate. If Mosaic decides not to exercise the second part of its option, the partners will then form a joint venture and Fokus will manage the exploration work.
Nickel Showings
In 2010-2011, Fieldex Exploration now Fokus Mining Corporation drilled the Gaboury property, to test a Maxmin electromagnetic anomaly, which intersected significant nickel grades. The semi-massive sulphide mineralization intersected is hosted in a calcite matrix within fractures in a silicified gabbro. The best results are:
Hole* | From (m) | To (m) | Length (m) | Ni (%) |
GA-10-01 | 36,80 | 124,50 | 87,70 | 0,20 |
including | 36,80 | 46,45 | 9,65 | 0,28 |
including | 72,82 | 83,50 | 10,68 | 0,28 |
GA-10-02 | 117,00 | 132,00 | 15,00 | 0,20 |
including | 151,29 | 168,00 | 16,71 | 0,20 |
GA-11-06 | 190,50 | 274,50 | 84,00 | 0,20 |
GA-11-08 | 313,50 | 394,90 | 81,40 | 0,20 |
including | 364,50 | 379,50 | 15,00 | 0,26 |
*Source: SIGEOM GM 66699
Copper Showings
Also present on the Gaboury property is the Pyke copper showing which is located northeast of the nickel showing. Reported Cu results range from 0.99% to 12.30% Cu in surficial chalcopyrite veins at contact with sheared andesitic volcanic rock. Semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a matrix of calcite. Limited drilling of some electromagnetic conductors did not yield significant copper results. Mosaic management will reassess this area shortly to develop a better understanding of this surface copper showing.
Gold Showings
Within the Gaboury property, the Laverlochere and Brisebois gold occurrences have returned historical gold grades of up to 445 g/t Au in quartz veins ranging from 0.3 to 5 m thick, while another mineralized shear zone ranging in thickness from 2 m to 25 m gave gold grades of up to 8.8 g/t Au. Gold grades of 27.97 g/t Au and 9.51 g/t Au over 0.20 m were intersected in hole G-18 on the Brisebois showing, while selected samples returned grades of 0.71 g/t Au and 1.23 g/t Au. Copper results have also been reported in historical work near these showings.
A new gold showing was also traced in hole GA-21-06, revealing a grade of 2.54 g/t Au over 1.65 m including 4.62 g/t Au over 0.8 m. This showing is located south of the nickel zone.
The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdiere, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE: MOC) now focusing on the exploration for future strategic Copper, Nickel and Zinc deposits in priority on the Quebec Province territory which have a long and successful history of base metal production principally in the Rouyn-Noranda, Matagami, Val-d’Or and Chibougamau mining camps.
Source :
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
514-317-7956
- Published in Mosaic Minerals, News Home
EVSX Commercial Batteries Recycling & Nickel Metal Smelting Operation Update
St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to provide a status update on some of its metallurgical development initiatives.
EVSX’s management has worked on a complete strategic review of its research & development initiatives related to critical minerals production and recovery. A completed hydrogen production strategy is being developed with synergies to St-Georges Eco-Mining initiatives and opportunities for decarbonization initiatives globally. In addition to the hydrogen initiative, the new strategic plan is articulated around the creation of three centers of excellence: nickel, lithium, and fertilizers. These centers of excellence will leverage industries already in place and operating that can be clients and/or suppliers for EVSX. The deliverables and the objectives of the current feasibility study have been augmented to reflect this new reality.
Battery Recycling & Metals Recovery
The initial location proposed for the Company’s first commercial showcase plant in Baie-Comeau has been eliminated. The municipality is working at a fast pace with management to secure an option on two sites that will be part of the independent consultants’ final report. These sites come in at a fraction of the costs of the original proposed site, are better suited for the change in the portion of the process related to metal recovery, and still allow the Company to initiate the commercial operations of its first showcase plant on schedule.
The Company is developing an innovative and industry-disrupting method to produce ready-to-sell nickel ingots from the processing of any type of nickel-cadmium batteries.
EVSX is currently reviewing the front-end operations that result in the recovery of aluminum, steel, copper, and carbon, with the objective to cover operational costs at this stage, leaving the Company with a black mass of nickel, cobalt, and cadmium for which size and recovery data was disclosed in a previous press release disseminated by the Company on January 13, 2022, and titled ” EVSX Nickel-Cadmium Battery Recycling Results”. See Press Release: https://webfiles.thecse.com/SX_Press_Release_-_January_13_2022_-_EVSX_Nickel-Cadmium_Battery_Recycling_Results.pdf?ePe2BnjG0F0iCz5fatl6jgZdBnUJt1H5
Discussions are underway to secure multi-year access to large quantities of nickel-cadmium batteries and work through the current multi-year backlog of this type of battery currently held in storage.
The feasibility study also covers lithium-iron-phosphate (LiFePO 4 ) battery recycling and recovery. It is expected at this point that the original commercial showcase plant will be using a similar process to convert these batteries into black mass. However, the recovery of these metals will be done at a separate location where the Company expects to deploy its lithium center of excellence.
Partners, as well as potential clients and suppliers, are in discussion with management for this initiative. Locations in Saguenay (Ville de La Baie, QC), Contrecoeur (QC), and Hamilton (ON) are being reviewed as potential sites for these operations and are not covered by the current feasibility study.
A cost-benefit analysis for alternate locations for the nickel-cadmium operations is also being conducted by the independent firm doing the feasibility study allowing additional flexibility for the Company and maximizing resource deployment.
EV Batteries Recycling and Metal Recovery
No significant amount of spent EV batteries will be available on the market in the short term. This was stated in the preliminary report related to the feasibility study in June 2021 and confirmed by data obtained from various sources like aggregators, other recyclers, battery manufacturers, and carmakers over the last ten months of interaction.
The EV strategy of the Company is unchanged. The Company will continue to process these batteries in batches as they become available and process the limited quantities at its contracted pilot plant in Val-des-Sources, QC. The now fully commissioned plant should be sufficient for the current volume available and will allow the Company to showcase its capability to industrial partners and clients.
New Provisional Patent and IP Strategy
Four new intellectual property categories should result in the generation of a series of new provisional patents. Some are expected to be filed this month.
The categories cover these topics:
- Nickel-Cadmium battery regeneration;
- LiFe battery regeneration;
- Nickel recovery smelting;
- Battery carbon recovery.
Other Metallurgical Processes Initiatives
A series of tests of the lithium recovery process from refractory material like zinnwaldite is planned for the next quarter of 2022. The source of the material is permitted and located in Quebec. Management believes that unlocking this source of lithium could create an interesting source of royalties for the Company in the future.
Spodumene concentrate is being processed at the Company’s contracted pilot plant in Val-des-Sources, QC. Results from this initiative will be communicated to the public in the coming months.
The lithium-in-clay process is also being completed, with a final report expected by the end of Q2 2022.
“(…) St-Georges is still a small operation working within the restrictions that come with a limited budget (…) over the years this has forced management to be flexible and to constantly be on the look-out for on-the-fly adjustments to its business initiates while keeping an open-minded approach to partnership. (…) we are now experiencing the benefits of this lean culture. The goal is to put a product out in the short term that will be in high demand, like the nickel ingot expected to be produced with the new “cold smoked” process out of the nickel-cadmium batteries (…) our centers of excellence should be seen as optimized green urban mines, taking chemical and mineral by-products of our partners to reduce our operational costs, generating value-added products out of garbage, and limiting transport costs and lag time. (…) The current challenges created by the world economic situation, the transition to a decarbonized economy, the scarcity of workforce, and the constant delays in transportation and supply chain intensive operations have brought the world to us (…) we’ve been configured to shine in this context. (…)” said Frank Dumas, COO of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
Director & COO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
- Published in News Home, St-Georges Eco-Mining
Canada Silver Cobalt Announces $5 Million Marketed Private Placement of Units and Flow-Through Units
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has entered into an agreement with Research Capital Corporation to act as sole bookrunner and together with Canaccord Genuity Corp. as co-lead agents (together, the ” Agents “), in connection with a marketed private placement offering (the ” Offering “) for aggregate gross proceeds of up to $5,000,000 in a combination of: (i) units of the Company (the ” Units “) at a price of $0.25 per Unit, (ii) flow-through units of the Company (the ” FT Units “) at a price of $0.27 per FT Unit, and (iii) Quebec flow-through units of the Company (the ” QFT Units “) at a price of $0.29 per QFT Unit.
Each Unit will consist of one common share of the Company (a ” Common Share “) and one common share purchase warrant (a ” Warrant “). Each FT Unit will consist of one flow-through Common Share (a ” FT Share “) that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one Warrant. Each QFT Unit will consist of one Quebec flow-through Common Share (a ” QFT Share “) that will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Tax Act and section 359.1 of the Taxation Act (Quebec)) and one Warrant. Each Warrant shall entitle the holder thereof to purchase one Common Share (a ” Warrant Share “) at an exercise price of $0.32 per Warrant Share at any time up to 36 months following the closing of the Offering.
The Agents will have an option (the ” Agents’ Option “) to offer for sale up to an additional 15% of the number of Units, FT Units and/or QFT Units sold in the Offering at the Offering Price, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.
The net proceeds from the sale of Units will be used for continued exploration activities, and for working capital and general corporate purposes. The gross proceeds from the issue and sale of the FT Units and QFT Units will be used to incur Canadian Exploration Expenses and “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act and under section 359.1 of the Taxation Act (Quebec) (the ” Qualifying Expenditures “) on the Company’s Castle property and Graal property, which will be incurred on or before December 31, 2022 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units and QFT Units in an aggregate amount not less than the gross proceeds raised from the Offering of FT Units and QFT Units. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Unit and QFT Unit subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.
The Offering is scheduled to close on or about the week of April 13, 2022, or such earlier or later date as agreed upon between the Company and the Agents (the ” Closing “) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The FT Unit and QFT Unit to be issued under the Offering will have a hold period of four months and one day from Closing.
In connection with the Offering, the Agents will receive an aggregate fee equal to 7.0% of the gross proceeds from the Offering (including in respect of any exercise of the Agents’ Option), subject to a reduction for certain orders on a “president’s list”. In addition, the Company will grant the Agents, on date of Closing, non-transferable compensation warrants (the ” Compensation Warrants “) equal to 7.0% of the total number of Units, FT Units and/or QFT Units sold under the Offering (including in respect of any exercise of the Agents’ Option), subject to a reduction for certain orders on a “president’s list”. Each Compensation Warrant will entitle the holder thereof to purchase one Unit at an exercise price equal to $0.25 for a period of 36 months following the Closing.
The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada, and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933 , as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
The Company also has 14 battery metals properties in Northern Quebec where it is currently drilling and the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com .
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, News Home
Usha Resources Secures Drill Contractor for Lost Basin Gold-Copper Project
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has executed a drilling contract for its upcoming maiden drill program at the Lost Basin Gold-Copper Project located in Mohave County, Arizona. The Company intends on completing a reconnaissance visit by its personnel and the drilling contractor in the coming weeks to review drill sites after which it will commence with the construction of access roads and drill pads in preparation for drilling.
The Company has elected to proceed with diamond core drilling for its maiden program to better understand the lithological and structural data at the Site. The Company plans to drill 1,500 metres over two phases with the results of the maiden program being used to delineate a larger follow-up drill campaign.
The first phase of the drilling program will be part of a larger work program that will include trenching, soil sampling, chip sampling, and further prospecting that is anticipated to be completed over approximately 40 days.
The Company’s program will focus on the following key mineralized sections on the property:
- Red Basin: Area where highly anomalous soil samples assayed as high as 11.1 g/t Au and historical sampling has identified shallow intervals as high as 1.7 g/t Au over 26 metres.
- Copper Blowout: A major feature on the property with several copper showings assaying above 1% Cu and as high as 1.53% Cu over 2 metres in chip samples.
- Mallory’s Trench: A historical trench where chip samples collected assayed gold values as high as 2.6 g/t Au over 2 metres.
- 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. “The property is a unique exploration and development opportunity in a top-tier mining jurisdiction that has largely escaped systematic modern exploration. Lost Basin offers a number of compelling attributes that you like to see prior to drilling – favourable geology, strong assays from initial sampling, and participation in what is becoming a very active exploration camp. This program is going to jumpstart what will be a very active year for us across a portfolio that includes copper, nickel, cobalt and gold – it’s going to be a busy and exciting year!”
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, 778-228-2314, email info@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.
- Published in News Home, Usha Resources
Sirona Biochem Subsidiary, TFChem, Awarded Financing in Partnership with French Government
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) (“Sirona“) is pleased to announce that its wholly owned subsidiary TFChem, has been awarded financing to develop an advanced chemistry process that could improve the manufacturing of active ingredients.
The project will be financed in partnership with the French government and will include the University of Rouen in Normandy, the Engineering school INSA of Rouen and the CNRS (The French National Centre for Scientific Research – among the world’s leading research institutions) to develop “flow chemistry”, an advanced technology for multistep syntheses of compounds.
Flow chemistry allows for a continuous flow manufacturing of organic molecules rather than batch type manufacturing. The technology provides several advantages to the process development of Sirona’s compounds and actives by reducing the cost of production, preventing the formation of secondary products and improving the security of certain chemical reactions.
The French government will co-finance and hire a postdoctoral student full time on the project and will allow the free use of a facility at the university as well as access to the specialized equipment required to develop the process. The student will share time between TFChem’s laboratory in Val de Reuil and the Institute of Organic chemistry in Rouen (IRCOF). The contract will be for one year.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
For more information regarding this press release, please contact:
Investor Enquiries:
Jonathan Williams
Managing Director
Momentum PR
Canada
Phone: 1.450.332.6939
Email: jwilliams@momentumpr.com
- Published in News Home, Sirona Biochem
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