Usha Resources Makes Option Payment for the White Willow Lithium Pegmatite Project Following Identification of 10 Priority Drill Targets Across Strike of 44 kilometres

Rhea-AI Summary

Usha Resources has made the first anniversary payments for its White Willow Lithium Pegmatite Project, consisting of $20,000 and 200,000 common shares. The project, located 170 km west of Thunder Bay, Ontario, spans over 22,000 hectares and has identified 10 priority drill targets across 44 km. Usha aims to begin a 4,000-meter maiden drill program in Spring 2024. The White Willow site shows promising lithium-cesium-tantalum systems with significant findings such as 0.5% Li2O, 1,833 ppm cesium, and 120,000 ppm tantalum. These developments position the project to capitalize on the growing lithium and green energy markets in Canada.

Positive

• Completed first anniversary payments of $20,000 and 200,000 common shares for the White Willow Project.
• Identified 10 priority drill targets across a 44-km strike.
• Planned 4,000-meter maiden drill program to commence in Spring 2024.
• Key findings include 0.5% Li2O, 1,833 ppm cesium, and 120,000 ppm tantalum.
• Project spans over 22,000 hectares, indicating significant exploration potential.
• Located in a region known for rich lithium potential with nearby projects like Seymour Lake and Georgia Lake.

Negative

• Project still in early stages; significant financial and operational risks remain.
• Shares issued are subject to a hold period, potentially limiting liquidity.
• Expanding the project required a budget of $400,000, indicating high initial costs.
• Project results are still preliminary and commercial viability is unproven.

VANCOUVER, BC / ACCESSWIRE / May 15, 2024 / 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 made the first anniversary payments for the 141 claims comprising the western portion of the White Willow Lithium Pegmatite Project ("White Willow" or the "Project") located 170 km west of Thunder Bay, Ontario.

A total of $20,000 and 200,000 common shares (the "Shares") in aggregate at a deemed price of $0.075 have been issued to 2758145 Ontario Ltd., Peter Gehrels, and Allan George Onchulenko (the "Vendors"). The Shares are subject to a hold period of four months plus the TSX Venture Exchange hold period.

"We are very pleased with what has been accomplished in our first year at White Willow," said Deepak Varshney, CEO of Usha Resources. "With a budget of $400,000, we were successful in expanding a small locality of tantalite to a 44-kilometre-plus trend comparable in size to Patriot Battery Metals' Corvette Project. Lithium pegmatite swarms occur in clusters and with over 10 existing primary target areas already identified, we are very excited to advance White Willow in 2024 as we move towards our planned maiden drill program of 4,000 metres. Phase 4 of fieldwork is now underway and we look forward to sharing further updates in the coming weeks and months. The findings thus far strongly validate our belief that Willow is a flagship asset where Ontario's next major lithium discovery will occur."

White Willow Project Summary

The White Willow Lithium Pegmatite Project is located in the Thunder Bay Mining Division near Atikokan, Ontario, and presents a unique and timely opportunity to capitalize on the rapidly growing lithium metal and green energy markets in Canada.

Spanning over 22,000 hectares, the property is situated 170 kilometres west of Thunder Bay (Figure 1) in proximity to other lithium projects in the region, such as the Seymour Lake Lithium Project, the Georgia Lake pegmatite field, and the Separation Rapids Lithium deposit, showcasing the region's rich lithium potential.

The Property is confirmed to host a fertile lithium-cesium-tantalum ("LCT") system with the presence of two highly evolved LCT-pegmatite dikes, the "Maple Leaf" and "Bingo" dikes, across a >27 km potential strike, still open at both ends.

Since acquiring the Project on March 28, 2023, the Company has completed 19 weeks of fieldwork at the Project. Phase 4 is presently underway with the goal of further defining the drill-ready "Maple Leaf" and "Bingo" dykes prior to commencing its maiden drill program in the Spring. Select highlight results from targets identified to-date include up to 0.5% Li₂O (2,310 ppm), 1,833 ppm cesium, 120,000 ppm tantalum and 4,100 ppm rubidium.

Figure 1 - Property map of the White Willow property and extent of the pegmatite swarm.

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality lithium 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 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 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.

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.

SOURCE: Usha Resources Ltd.

View the original press release on accesswire.com

FAQ

What is Usha Resources' White Willow Lithium Pegmatite Project?

Usha Resources' White Willow Lithium Pegmatite Project is a lithium exploration project located 170 km west of Thunder Bay, Ontario, spanning over 22,000 hectares with identified lithium-cesium-tantalum systems.

When did Usha Resources make the first anniversary payments for White Willow?

Usha Resources made the first anniversary payments on May 15, 2024, consisting of $20,000 and 200,000 common shares.

What are the key findings from the White Willow Lithium Project?

Key findings include 0.5% Li2O, 1,833 ppm cesium, 120,000 ppm tantalum, and 4,100 ppm rubidium.

What is the planned maiden drill program for the White Willow Project?

The planned maiden drill program is 4,000 meters and is set to commence in Spring 2024.

What is the significance of the White Willow Project's location?

The White Willow Project is located in a region known for rich lithium potential, near other projects like Seymour Lake and Georgia Lake, highlighting its strategic importance.