Highlights:
- The Company has completed a 3-week visit. 287 rock samples were collected and submitted for laboratory analysis.
- A new highly evolved LCT swarm, “Bingo”, has been identified that is over ~2 km in length that includes 2 large pegmatites that outcrop 600 and 450 metres in length, respectively, and are up to 75 metres in width. If connected, they would form a single large dyke over ~1.2 km in length.
- Bingo is highly evolved with excellent geochemical (low K/Rb and Nb/Ta ratios) and mineralogical (spessartine garnets, blue-green apatite, lithium amphiboles) indicators for a potential spodumene‑bearing system.
- Usage of a LIBS (laser-induced breakdown spectroscopy) analyzer on samples indicated lithium values within Bingo up to ~6,000 ppm (~1.3% Li2O) and ~3,000 ppm (~0.65% Li2O) within the host rock. A LIBS analyzer is a portable device that provides semi-quantitative assessments of geochemical concentrations in real-time. These readings should not be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. LIBS readings are not representative of the whole core and represent purely a concentration measured at a single point.
- The Company is also pleased to announce that it has expanded the basal sand and conglomerate zone at its Jackpot Lake Project to a depth of approximately 1,950 feet through drilling, increasing the previously identified zone from an interval of 273 feet to a total of 423 feet. The Company is now working towards completing and developing a well for sampling.
Vancouver, British Columbia / August 3, 2023 – 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 discovered a second significant lithium-cesium-tantalum (“LCT”) pegmatite dyke swarm, “Bingo”, at its White Willow Lithium Pegmatite Project (“White Willow” or the “Project”). The findings build on the initial visit completed in June and have over tripled the LCT pegmatite trend on the property to a potential strike length of >25 km that is open at both ends.
The property is situated 170 kilometres west of Thunder Bay 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.
“We are thrilled with the findings from the initial programs at White Willow,” said Deepak Varshney, CEO of Usha Resources. “As seen at Patriot Battery Metals’ Corvette Project, which has over 20 kilometres of trend, lithium pegmatite swarms occur in clusters, each of which has the potential to become a deposit. With the discovery of the highly evolved pegmatite system at Bingo, we now have four primary target areas in our 25 kilometre plus trend, with significant ground remaining between Bingo and Maple Leaf for further exploration and follow-up on the initial LCT-pegmatites identified in between. With numerous potential spodumene-bearing targets, we believe Willow to be a flagship asset where Ontario’s next major lithium discovery will occur.”
The Company completed a three (3) week site visit with its technical team where it split its program between further assessing the area in the vicinity of the Maple Leaf Dyke Swarm, which has a strike of >8 km, and the newly identified Bingo Dyke Swarm. 287 rock samples were collected and submitted for laboratory analysis.
Key findings at Bingo include:
- The swarm is over ~2 km in length and open in both directions. There are 2 large pegmatites within the field that are on trend with one another. The pegmatites outcrop 600 and 450 metres in length, respectively, and are up to 75 metres in width. If connected, they would form a single large dyke over ~1.2 km in length.
- Excellent geochemical indicators based on the limited data received so far indicating that the dyke swarm is highly evolved, with K/Rb ratios below 25 and ore-grade tantalum (248 ppm) with a Nb/Ta ratio of 0.41.
- Excellent mineralogical indicators indicating that the dyke swarm is highly evolved and potentially spodumene-bearing, with spessartine garnets, blue-green apatite, tantalite and lithium amphiboles (holmquistite) identified.
- Beryl was not identified, indicating that the zone being assessed is within the core/intermediate/inner zone of a fertile LCT-system which is where spodumene, if present, is anticipated to occur.
- Feldspar crystals up to a metre have been identified indicating the potential for coarse-grained spodumene, if present, to exist at Bingo.
- Usage of a LIBS (laser-induced breakdown spectroscopy) analyzer on samples indicated lithium values within Bingo up to ~6,000 ppm (~1.3% Li2O) and ~3,000 ppm (~0.65% Li2O) within the host rock. The latter is of particular note as the introduction of lithium within the host rock is a result of enriched lithium‑bearing fluids being introduced into the system and strong evidence for the system to be very enriched in lithium if confirmed by assays.
A LIBS analyzer is a portable device that provides semi-quantitative assessments of geochemical concentrations in real-time. These readings should not be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. LIBS readings are not representative of the whole core and represent purely a concentration measured at a single point.
Following the identification of Bingo, the Company’s technical team traced back along trend towards Maple Leaf and identified several beryl and tantalite-bearing pegmatites between the two swarms. These areas, in addition to Maple Leaf and Bingo, will now be the focus for a more comprehensive field program in the Fall following the receipt of all analytical results.
Figure 2 – Top, aerial view of the Bingo Dyke. The swarm is over ~2 km in length with a potentially single large dyke over ~1.2 km in length if connected under cover. Bottom left, tantalite crystal with a spessartine garnet inclusion. Bottom right, holmquistite alteration within the country. The tantalite, spessartine garnet, and holmquistite indicate that the system is highly evolved and potentially spodumene-bearing.
Jackpot Lake Exploration Update
The Company is also pleased to announce that it has expanded the basal sand and conglomerate zone to a depth of approximately 1,950 feet through drilling, increasing the previously identified zone from an interval of 273 feet to a total of 423 feet. Assessing this zone is a primary objective of the program at Jackpot Lake as it is a potentially pumpable aquifer into which fluids from the zones above should drain. Coarse-grained basal units are a primary focus for expansion at Albemarle’s Silver Peak lithium brine mine[i], the only domestic supplier of lithium within the United States, and at Pure Energy’s Clayton Valley project, where it identified a large volume of brine with superior grades[ii]. The Company is now working towards completing and developing a well for sampling.
Property Acquisition
The Company is also pleased to announce that, subject to the approval of the TSX Venture (the “Exchange”), the Company has executed an option (the “Option Agreement”) with 2758145 Ontario Ltd., Peter Gehrels, and Allan George Onchulenko (the “Vendors”) of Atikokan, Ontario, for the right to purchase an undivided 100% interest in 141 unpatented mining claims located in the Thunder Bay Mining Division of Ontario adjacent to the White Willow property.
Pursuant to the Option Agreement, the Company may acquire a 100% interest in the Property by paying a total of $100,000 and issuing an aggregate of 800,000 common shares in the capital of the Company as indicated in the table below;
| Payment | Cash | Shares |
| Signing | $15,0001 | 200,0001 |
| 1st Anniversary | $20,000 | 200,0002 |
| 2nd Anniversary | $25,000 | 200,0002 |
| 3rd Anniversary | $40,000 | 200,0002 |
| Total | $100,000 | 800,000 |
| Notes | Payable within fifteen (15) days from receipt of approval to the Agreements from the Exchange (the “Approval”). Shares of the Company are to be issued at a deemed value based on the Discounted Market Price at the time of issuance. | |
The Company has granted to each of the Vendor and Assignor a 2% net-smelter returns royalty (the “NSR”). The Company may purchase two-thirds of the net-smelter returns royalty (the “NSR”) from the Vendor and Assignor at any time for consideration of $1,000,000.
Additionally, the Optionor will be entitled to a bonus payment of $1,000,000 in cash and/or shares at the election of the Optionee should the Optionee delineate an inferred 43-101 resource (or higher resource classification) totalling at least 10 million tonnes at a minimum grade of 1% Li2O. Shares, if issued, will be issued according to the value determined by the greater of the 10-day VWAP or discounted market price as per TSX-V policies.
The Option Agreement remains subject to the approval of the Exchange.
Qualified person
The technical content of this news release relating to the Jackpot Lake Project has been reviewed and approved by Mr. Seth Cude, P.G., CPG. RM, M.Sc., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The technical content of this news release relating to the White Willow Project has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious 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 consist of Jackpot Lake, a lithium brine project in Nevada; White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets; and Lost Basin, a gold-copper project in Arizona. 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 Tyler Muir, Investor Relations, at 1-888-772-2452, email [email protected], 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.