Issued on behalf of Usha Resources Ltd.
VANCOUVER – Energy Metals News – The rapid growth of Artificial Intelligence (AI) is driving increased demand for key commodities, with copper emerging as a major beneficiary. AI infrastructure, particularly massive data centers, is pushing copper prices higher as tech companies prepare to invest over $1 trillion in infrastructure and power grids. A well-known French oil hedge fund manager predicts copper could reach $40,000 per tonne within the next four years. Analysts at UBS anticipate a significant supply deficit, estimating a shortfall of over 200,000 tons by 2025, while S&P Global Market highlights the long timelines for developing copper mines, averaging 24 years. As demand accelerates, companies like Usha Resources Ltd. (TSXV: USHA) (OTC: USHAF), Ero Copper Corp. (NYSE: ERO) (TSX: ERO), Freeport-McMoRan Inc. (NYSE: FCX), Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM), and Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF) are making notable progress.
The article continued: Earlier this year, the International Energy Forum reported that 1.1 new copper mines, each producing an average of 472,000 metric tons annually, must be brought online every year through 2050 to meet demand. Last week, copper prices rose more than 2% overnight after China’s politburo signaled a shift away from its long-standing “prudent” monetary policy stance, marking the first change of this kind since 2008.
Usha Resources Announces Receipt of Intervention Permit for Upcoming Drill Program at the Southern Arm Copper-Gold VMS Property
Usha Resources Ltd. (TSXV: USHA) (OTC: USHAF), a North American mineral acquisition and exploration company, today announced that it has been granted an Intervention Permit for Mining Activities by the Ministere des Resources Naturelles et des Forets (MRNF) at its Southern Arm polymetallic VMS property (“Southern Arm” or the “Property”), in the northwest Abitibi subprovince. This document permits the Company to begin access and drill pad preparations in advance of the company’s planned maiden drill program in the winter of 2025. Usha has already entered into an option agreement to earn 100% of Southern Arm over 2 years from Abitibi Metals.
“Receiving this permit is a key milestone as we progress towards our maiden drill program at Southern Arm,” said Deepak Varshney, CEO of Usha Resources. “With results of our Phase 1 field program and IP survey anticipated to be received by end of year, Usha will commence a drill program targeting the highest priority zones early in 2025.”
The project is located in a region well-known for its rich deposits of precious and base metals. Notable nearby projects include the B26 deposit, just 16 km away, which holds an indicated resource of 11.32 million tonnes (Mt) grading 1.23% copper (Cu), 1.27% zinc (Zn), 0.46 g/t gold (Au), and 31.9 g/t silver (Ag). Also nearby is the historic Selbaie mine (15 km away), which produced 53 Mt at 0.96% Cu, 1.9% Zn, 0.58 g/t Au, and 40.7 g/t Ag, and the Fenelon Gold Project (15 km away), hosting an indicated resource of 2.4 million ounces (Moz) of gold and an inferred resource of 1.7 Moz.
“With negotiations for the Jackpot Lake transaction continuing, our focus in the field will remain on Southern Arm,” added Varshney. “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.”
The property itself features a 7.3 km conductive trend along the regional Bapst fault, an area linked to zinc, lead, silver, molybdenum, and copper occurrences, with geology and alteration suggesting potential for polymetallic VMS-style mineralization. Drill targets along this trend will be finalized based on results from the black spruce bark sampling program and the ongoing Induced Polarization (IP) survey. Results for both programs are expected by year-end.
Located in the Abitibi greenstone belt, the Southern Arm project features a 7.3-kilometre copper-gold trend along the Bapst fault, an area with proven potential for polymetallic deposits. Nearby successes include the historic Selbaie mine and the B26 deposit. The property's volcanic geology, similar to these major sites, shows signs of copper, zinc, gold, and silver mineralization. Usha Resources is using modern exploration techniques, including induced polarization surveys and black spruce bark sampling, to pinpoint high-priority drill targets for its upcoming 3,000-metre drill program planned for winter 2025.
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:
Ero Copper Corp. (NYSE: ERO) (TSX: ERO), a high-margin, high-growth copper producer with operations in Brazil, recently announced an update of its NI 43-101 compliant mineral reserve and resource estimates for its Xavantina Operations, located in Mato Grosso State, Brazil. Ero reported a 19% increase in proven and probable copper reserves over 2023, including a 24% boost at the Santo Antônio Vein, with resources growing 26% overall. With 25% excess mill capacity, the site offers strong potential for near- and medium-term expansion.
“Our ongoing exploration program at the Xavantina Operations continues to deliver exceptional results," said David Strang, CEO of Ero Copper. "When we acquired this asset in 2016, it had no mineral reserves, no mine life, and annual production of just 25,000 ounces. We have since transformed it into a robust operation with nearly 600,000 ounces of measured and indicated resources, including 459,000 ounces of proven and probable reserves. The successful completion of our NX 60 Initiative in 2023, highlighted by first production from the Matinha Vein, was a major milestone, positioning Xavantina to sustain annual production of approximately 55,000 to 60,000 ounces in the years ahead.”
Taseko Mines Limited (NYSE-American: TCB) (TSX: TKO), a leading international metals company with the objective of being foremost in copper, recently provided a progress update for construction activities at its Florence Copper project. The project was 40% complete as of September 30, 2024, with first copper production on track for the fourth quarter of 2025. Key milestones include 75% completion of earthworks, 50% completion of concrete foundations, and the start of process equipment installation and structural steel assembly.
“We are pleased with progress through the first nine months of construction,” said Stuart McDonald, President and CEO of Taseko. “With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original US$232 million estimate. The project remains on track for first copper production in late 2025, which will be a transformative event for our Company.”
Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM), a diversified mining company focused on properties in North and South America, recently released its Q3 2024 financial results and operations update. HudBay reported 31,354 tonnes of copper production in Q3 2024, maintaining steady performance, while strong cost control measures lowered cash costs to $0.18 per pound, an 84% improvement from the previous quarter. With increased efficiencies and higher-grade ore expected in Q4, HudBay reaffirmed its full-year copper guidance, anticipating production at the lower end of the range.
“The third quarter demonstrated Hudbay’s unique copper and gold diversification, providing attractive free cash flow generation and strong leverage to higher metal prices,” said Peter Kukielski, President and CEO of HudBay. “New quarterly record throughput levels were achieved at the New Britannia mill, higher throughput rates were realized at Constancia, and Copper Mountain delivered record high copper recoveries.”
Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF), a mining company primarily focused on assets in Africa, recently announced that Kamoa-Kakula Copper Complex in the DRC set a new monthly production record of 45,019 tonnes of copper in November, processing 1.2 million tonnes of ore at an average grade of 4.58% copper. Year-to-date production now totals 390,061 tonnes, with the newly ramped-up Phase 3 concentrator achieving recovery rates nearing its design target.
"Kamoa-Kakula's production continues its acceleration into year-end, following the completion earlier this quarter of the ramp-up of the Phase 3 concentrator,” said Rovert Friedland, Founder and Executive Co-Chairman of Ivanhoe. “November was another remarkable milestone with the delivery of a further 10% month-on-month increase in copper production, taking the annualized production rate to approximately 550,000 tonnes of copper… and November was a short month of 30 days. There is more copper to come from this world-leading mining district as the growth story is only just beginning as we grow into a production capacity of 600,000 tonnes per annum. We are the unicorn of our industry… it was only three and a half years ago that we first produced copper from this vast, multi-generational copper complex."
Source: https://energymetalnews.com/2023/02/28/charging-along-the-highway-towards-domestic-lithium-dominance/
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