Issued on behalf of Usha Resources Ltd.
VANCOUVER – Energy Metals News – With the green energy transition gaining momentum, experts are warning that a potential copper shortage could threaten the future of clean, affordable, and reliable energy. A recent forecast by Swiss bank UBS predicts a copper supply deficit exceeding 200,000 tons by 2025. Despite recent price declines, the market remains tight, with the International Energy Forum highlighting the need for 1.1 new copper mines producing an average of 472,000 metric tons annually to come online each year through 2050. The rapid growth of renewable energy and EV markets is expected to wipe out the current global copper supply surplus at an increasing rate. Since copper mines take years to reach production, swift action is crucial, with several exploration and development projects already in motion, including updates from companies such as Usha Resources Ltd. (TSXV:USHA) (OTC:USHAF), Emerita Resources (TSXV:EMO) (OTCQB: EMOTF), Teck Resources Limited (NYSE: TECK) (TSX: TECK-A, TECK-B), Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF), and Solaris Resources Inc. (NYSE-American: SLSR) (TSX: SLS).
The article continued: Meeting global climate goals will require an estimated US$78 trillion investment by 2050, according to Wood Mackenzie. The United Nations has also emphasized the potential for critical energy transition minerals, like copper, to drive shared global prosperity as new supplies are developed.
Usha Resources Announces Initiation of Induced Polarization Survey at the Drill Ready Southern Arm Copper-Gold VMS Property
Usha Resources Ltd. (TSXV: USHA) (OTC: USHAF), a North American mineral acquisition and exploration company, announced that it has started fieldwork on a new survey at its Southern Arm property in Quebec. This survey will help locate the best areas to drill for copper and other valuable metals in one of the most mineral-rich regions of the province. Usha has an agreement to fully acquire the Southern Arm property within the next two years.
Val d’Or-based contractor Geophysique TMC is running the survey, focusing on an area called the Hollywood trend, which shows signs of metal deposits. The survey results will help Usha identify the best spots to drill as it prepares for its first drilling program set for the winter of 2024-2025.
“This work represents an important stage in Usha's exploration strategy at the Southern Arm Property, and we are thrilled to have the experience of the local experts at Geophysique TMC applied to our program,” said Deepak Varshney, CEO of USHA. “We eagerly await the results from this program and plan to apply the results of the complimentary geochemical exploration program at our Hollywood target to further refine our drill targets in the subsurface. The results from these programs will ensure only the highest priority targets are targeted with the diamond drill in our upcoming maiden drill program in the 2024-2025 winter season. 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.”
Now, Usha is using advanced technology, called an Induced Polarization (IP) survey, to map the underground area up to 350 meters deep. This survey will help pinpoint the best spots for drilling by identifying areas likely to contain copper and other valuable metals. Usha plans to start a 3,000-meter drilling program this winter. Alongside the IP survey, the company is also collecting surface samples to create a baseline for future exploration.
The Southern Arm property is located in Quebec’s Abitibi Greenstone Belt, one of the world’s most mineral-rich regions, known for hosting major deposits of copper, gold, and other metals. The property features a 7.3-kilometer conductive copper-gold trend along the Bapst Fault, a key geological structure running through volcanic rock formations that often hold valuable minerals. Historical drilling in the area revealed signs of copper and other metals, but further exploration was limited due to thick soil cover. The property is also near significant deposits like the historic Selbaie mine, which produced 53 million tonnes of copper, zinc, gold, and silver, and the B26 deposit, with an indicated resource of 11.32 million tonnes of copper and gold.
CONTINUED… Read this and more news for Usha Resources Ltd. https://energymetalnews.com/2023/02/28/charging-along-the-highway-towards-domestic-lithium-dominance/
Other recent industry developments and happenings in the market include:
Emerita Resources (TSXV:EMO) (OTCQB: EMOTF), a natural resource company engaged in the exploration and development of European mineral properties, with a primary focus exploring in Spain, recently announced results from its Phase 2 metallurgical testing program on its wholly-owned Iberian Belt West Project for base metals. Phase 2 testing focused on bulk grades at the La Infanta and La Romanera deposits, using Phase 1 data to evaluate potential production areas for future mining. This data will support an updated NI 43-101 mineral resource estimate and further economic analysis, while metallurgical sampling at the El Cura deposit is underway, benefiting from earlier work on the other deposits.
“The results of the testing are positive,” said Jorge Blanco, Director of Metallurgy for Emerita. “This work will provide the parameters for a commercial plant design that can produce three separate concentrates (copper, lead and zinc) with both grades and recoveries that published recoveries and concentrate grades from mining operations in the district.”
Phase 2 metallurgical testing at La Infanta returned strong results, including copper concentrate with 20.2% Cu grade and 42.4% recovery, lead concentrate with 35.5% Pb grade and 78.3% recovery, and zinc concentrate with 52.9% Zn grade and 78.0% recovery. Precious metal recoveries were also notable, with 50.9% for gold and 88.2% for silver.
Teck Resources Limited (NYSE: TECK) (TSX: TECK-A, TECK-B), a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition, recently presented its strategy for generating value for shareholders and stakeholders and lay out the company’s disciplined investment pathway to grow copper production to 800,000 tonnes per year before the end of the decade.
“Teck is uniquely positioned in our industry, with the ability to deliver transformative near-term copper growth while simultaneously returning significant cash to shareholders,” said Jonathan Price, President and CEO of Teck Resources. “We are executing on a disciplined strategy to grow copper production by advancing our portfolio of lower capital intensity, high-returning projects in stable jurisdictions.”
Teck Resources plans to invest $3.2-$3.9 billion over four years to develop four key copper projects, aiming to boost production to 800 ktpa. Highlights include optimizing Quebrada Blanca for a 15-25% output increase, extending Highland Valley Copper’s life to the mid-2040s, advancing the Zafranal copper-gold project in Peru, and progressing the San Nicolás copper-zinc project in Mexico, with major decisions expected by 2025.
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF), an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada, recently provided an update on its ongoing regional diamond drilling program on the Shakespeare Project. The initial drillhole on the Southwest (SW) Copper zone has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, beginning at 64.6 metres downhole.
"Over the course of 2024, we have approached the regional exploration at our Shakespeare Project in a measured, systematic manner,” said Dave King, SVP Exploration and Geoscience at Magna. “This target area was identified early in the year, advanced with surface mapping, sampling and geophysical surveys, to bring it to a point we were confident in drill testing. There are no records of any historical drilling being conducted in this area previously and at this time, the zone is open for expansion in all directions. We are in the early days of defining the significance of mineralization here, however, we are optimistic of the potential and looking forward to continuing to work this target area and testing it further on strike and at depth."
Solaris Resources Inc. (NYSE-American: SLSR) (TSX: SLS), a mining company advancing a portfolio of copper and gold assets in the Americas, recently provided an update on its Warintza Project in Ecuador, including the latest assay results from its ongoing 2024 drilling program, now set to exceed 75,000m, and report on technical programs and early works infrastructure development. In the update, Solaris reported it had surpassed its 2024 drilling goal of 60,000 meters and expects to reach over 75,000 meters by year-end, focusing on extending the current resource and exploring its connection to the Warintza West deposit. Infrastructure and technical programs, including road construction, geotechnical studies, and metallurgical testing, are advancing to support future mining operations, with significant progress on environmental and process plant designs expected by year-end.
Recent drilling continues to enhance the mineral resource estimate (MRE), with SLS-111 yielding 90m of 1.12% CuEq² within 475m of 0.46% CuEq² and SLS-107 returning 96m of 0.82% CuEq² within 543m of 0.51% CuEq², both from surface. Step-out drilling northwest of the MRE, aimed at connecting to the Warintza West deposit, has been completed, with assays pending that could expand the resource.
Source: https://energymetalnews.com/2023/02/28/charging-along-the-highway-towards-domestic-lithium-dominance/
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