Usha Resources Confirms Presence of a Lithium-Cesium-Tantalum System at the Mead Lithium Pegmatite Project and Receives Drill Permit

Highlights:

A two (2) day site visit has been completed which identified beryl-pegmatites confirming the presence of a lithium-cesium-tantalum (“LCT”) system. The identification of beryl is a key finding that confirms the potential for Mead to contain highly evolved LCT-pegmatites that bear spodumene, the key lithium-bearing mineral in pegmatites.

The project comprises 1,001 hectares located adjacent on both east/west boundaries to Brunswick Resources’ Hearst Project, where it has an on-going drill program to assess the spodumene-bearing Decoy pegmatite and other pegmatites along trend to the west/southwest towards the Mead Property up to 2 kilometres from the claim boundary.

An exploration permit has been approved for a five (5) hole drilling program. Based on its initial findings, the project is now considered to be drill-ready.

The project was recently optioned for $5,000 and 50,000 shares and the Company has the right to earn 100% through a total payment of $62,500 and 412,500 shares over 3 years.

The Company completed a successful two (2) day site visit where it identified numerous minerals that would are indicative of an LCT-system including garnet, tourmaline and most importantly, beryl. Given Mead’s location within the same granite-sedimentary belt as Decoy, the identification of beryl is a key finding that confirms the potential for Mead to contain highly evolved LCT-pegmatites that bear spodumene, the key lithium-bearing mineral in pegmatites.

The Mead Project comprises 1,001 hectares located adjacent on both east/west boundaries to Brunswick Resources’ Hearst Project, where it has an on-going drill program to assess the spodumene-bearing Decoy pegmatite and other pegmatites along trend to the west/southwest towards the Mead Property up to 2 kilometres from the claim boundary. The Mead Project was recently optioned for $5,000 and 50,000 shares and the Company has the right to earn 100% through a total payment of $62,500 and 412,500 shares over 3 years.

Based on its successful initial visit, the Company plans on making exploration at Mead a focus with a comprehensive range of fieldwork activities, including prospecting, mapping, soil and further visible outcrop sampling that will ultimately lead into its now permitted drill program.

“Due to snow cover there was very limited exposure of pegmatite outcrops, so we are thrilled with the findings from our initial visit. This success validates our strategy and belief in building out our lithium pegmatite portfolio,” said Deepak Varshney, CEO of Usha Resources. “Our focus has always been to acquire quality projects at the right price and to be able to add an asset like Mead and turn it into a drill-ready lithium project this quickly is a testament to the quality of our technical team. We firmly believe every asset we acquire has the ability to be the next major discovery in Ontario’s growing lithium hotbed and we look forward to advancing this ourselves or as part of a potential partnership beneficial to our shareholders.”