Issued on behalf of Usha Resources Ltd.
VANCOUVER – Energy Metals News – Meeting the world’s climate ambitions will demand unprecedented investment, with Wood Mackenzie projecting a jaw-dropping US$78 trillion will be required to achieve net-zero emissions by 2050. This year’s COP29 climate summit hosted by the United Nations has zeroed in on battery storage and the bold goal to triple renewable energy capacity by 2030, both pivotal challenges for the global energy shift. Essential metals like copper and lithium are taking center stage, with industry experts from Sprott warning of a widening supply gap. Across the sector, advancements are being made in sourcing these critical resources, with active contributions from key explorers and producers such as Usha Resources Ltd. (TSXV:USHA) (OTC:USHAF), Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF), Lundin Mining Corporation (TSX: LUN) (OTCPK: LUNMF), Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC).
The article continued: According to S&P Global, Europe’s battery sector is facing mounting hurdles in its race for self-sufficiency, largely due to a limited supply of regional critical raw materials. As the United Nations underscores, these crucial energy transition minerals not only pave the way for cleaner energy but also hold the potential to foster shared global prosperity.
Usha Resources Announces Plans for Induced Polarization Grid at the Drill-Ready Southern Arm Property
Usha Resources Ltd. (TSXV: USHA) (OTC: USHAF), a North American mineral acquisition and exploration company, announced today that it has finalized its plans for an Induced Polarization (IP) survey at its Southern Arm polymetallic VMS property located in mining-friendly Quebec’s Abitibi greenstone belt, a prime exploration site with significant potential for copper, gold, and other valuable metals
The area is home to a 7.3-kilometer conductive trend along the Bapst Fault, a major geological feature known for hosting rich deposits of metals. Nearby, the historic Selbaie mine produced 53 million tonnes of ore containing copper, zinc, gold, and silver, while the Abitibi B26 deposit holds an impressive copper equivalent resource.
Usha has engaged Geophysique TMC to conduct an Induced Polarization (IP) survey over the Hollywood trend within the Southern Arm claim block. This advanced survey will help identify chargeability and resistivity anomalies linked to sulphide mineralization at depths exceeding 350 meters. Field crews will arrive in mid-November to begin the survey, with results integrated alongside findings from the previously released biogeochemical survey results. These combined datasets will guide the selection of high-priority targets for Usha's extensive 3,000+ meter drill program planned for winter 2024-2025.
“We are excited to apply the experience of international geophysical experts at Geophysique TMC to our exploration program at the Southern Arm property” said Deepak Varshney, CEO of Usha Resources. “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.”
With Geophysique TMC’s help, Usha Resources is leveraging cutting-edge technology to uncover the potential of Southern Arm, by conducting a 3D Induced Polarization (IP) survey, which can detect signs of massive or disseminated sulphides—key indicators of valuable mineralization—at depths of over 350 meters. This survey, combined with earlier biogeochemical sampling results, will help identify top-priority drill targets for Usha’s ambitious 1,500+ meter drill program set to begin this winter.
The area’s rich geology includes felsic volcanic rocks and regional faults similar to those that supported the Selbaie mine. Although past exploration in this region was limited by overlying glacial deposits, Usha’s advanced techniques are designed to overcome these challenges and could position Southern Arm as a major discovery in one of Canada’s most prolific mining regions.
Other recent industry developments and happenings in the market include:
Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF), a miner primarily focused in Africa exploring and developing platinum, palladium, nickel, copper, gold, rhodium, zinc and more, recently announced record copper production of 41,800 tones, and a combined monthly milling record of 1.2 million tonnes at its Kamoa-Kakula Copper Complex in the DRC in October. The increased production came as a result of efforts at its Phase 1, 2, and 3 concentrators, which on October 12, 2024 in particular milled a combined 50,253 tonnes of ore to produce a record 1,720 tonnes of copper.
"In October we reached a remarkable milestone by exceeding the annualized production rate of 500,000 tonnes of copper, placing us among the top-tier of copper producers globally,” said Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. “Our successful three-phase delivery of the world's newest and greenest tier-one copper mining complex was consistently achieved ahead of schedule ... a triple-crown achievement that is a pink unicorn in our industry... Ivanhoe's growth story is just beginning… We're nearing completion of the engineering for Kamoa-Kakula's Phase 4 expansion and making significant strides across our Western Foreland exploration licenses with 11 drill rigs turning."
Lundin Mining Corporation (TSX: LUN) (OTCPK: LUNMF), a diversified base metals mining company that produces copper, zinc, gold, nickel and molybdenum, recently shared its Q3 2024 results, which highlighted how the company produced nearly 100,000 tonnes of copper in Q3, along with 46,610 tonnes of zinc, 893 tonnes of nickel, and 47,000 ounces of gold, generating $1.07 billion in revenue with a realized copper price of $4.29/lb. Lundin Mining also strengthened its growth profile by increasing ownership in the Caserones mine, adding 23,000 tonnes of attributable copper annually, and forming a 50/50 partnership with BHP to develop a world-class mining district with the Filo del Sol and Josemaria projects.
"Our overall performance has contributed to another near record quarter for revenue and copper production for the Company and we are on track to meeting full-year consolidated copper guidance,” said Jack Lundin, President and CEO of Lundin Mining. “Operationally, Candelaria had an excellent third quarter producing 50,000 tonnes of copper driven by planned higher copper head grades. As we enter the final quarter of 2024, we have tightened the production guidance ranges at our sites and are re-affirming our full-year consolidated production guidance for copper and gold. For our other metals, we have marginally reduced our full year guidance for zinc and are maintaining our revised nickel guidance."
Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF), a mining company that primarily explores copper, zinc, gold, and silver deposits, recently announced further copper-rich assay results from two new holes drilled into the Tesla Zone, part of Foran's 100%-owned McIlvenna Bay Property in Saskatchewan. These holes were designed to infill two 200 x 300m gaps in the drill hole spacing near the southern known margins of the Tesla Zone.
The drilling delivered impressive results, including 6.8m grading 3.23% CuEq and 8.4m grading 3.74% CuEq from copper-rich zones, as well as a standout 1.7m interval of 8.90% CuEq from high-grade massive sulphides. These results highlight the potential for significant resource expansion with strong grades across multiple mineralized zones.
"As usual with the Tesla Zone, the surprises keep coming,” said Erin Carswell, Vice President, Exploration of Foran. “In hole TS-24-34, this included the discovery of a new lens of mineralization sitting just below the main Tesla lenses at the southern end of the zone. In addition, the two holes presented in this release demonstrate yet again how robust the Tesla main lenses can be, boasting multiple zones of high-grade copper and high-grade zinc with pleasing thicknesses of mineralization. Recent results at Tesla underscore its remarkable continuity, unlocking possibilities for future value creation for our operations as we continue to explore this promising zone."
Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), a miner engaged in the exploration and development of lithium properties in the USA and Canada, recently shared its Q3 2024 financial and operating results. During the quarter, Lithium Americas secured a $2.26 billion loan from the U.S. Department of Energy to finance the construction of the Thacker Pass Lithium Mine in Nevada, aiming to produce 40,000 tonnes per year of battery-grade lithium carbonate. The company is advancing detailed engineering, awarding procurement contracts, and completing key infrastructure projects, including a Workforce Hub for construction workers.
"This past year has been pivotal in moving Thacker Pass forward toward production, including entering into a new joint venture agreement with GM and closing of the DOE Loan,” said Jonathan Evans, President and CEO of Lithium Americas. “We are working to FID the project by the end of the year to move Thacker Pass into major construction and start executing on the well-detailed plan the team has been focused on for the past year. We are excited to start creating new jobs and bringing economic activity to northern Nevada. There has been a lot of heavy lifting done by our team and we have received a lot of support from our local community and business partners to get Thacker Pass to this advanced stage. We look forward to moving Thacker Pass forward to support a North American lithium supply chain."
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