Usha Resources Discovers Evolved Lithium-Cesium-Tantalum System at the Gathering Lake Lithium Pegmatite Project

Highlights:

The Company has mobilized its technical team onsite for a two (2) week visit. The Project is recognized as being highly prospective for the discovery of new LCT‑pegmatites as it has never been subject to systematic exploration and drilling using modern exploration techniques.

The Company has identified beryl and tantalum within pegmatites within the limited exploration completed to-date during this visit, confirming the presence of an evolved lithium-cesium-tantalum (“LCT”) system. The identification of beryl and tantalum is a key finding that confirms that the Gathering Lake Project has a highly evolved LCT‑system. As tantalum in particular is present in more evolved phases within an LCT‑system, this indicates that the system could contain spodumene, the key lithium-bearing mineral in pegmatites.

This is the third project the Company has optioned where it has confirmed a potential spodumene-bearing system. An evolved LCT-system was confirmed to be present recently through the identification of beryl-pegmatites on its initial site visit at the Company’s Mead Project (see news release dated June 1, 2023 ), and the White Willow Project is documented to have a high-grade coarse-grained tantalite showing with 14.64% Ta2O5, mineralization which is only known to be found at one other locality in Ontario which is the North Aubrey pegmatite at Green Technology Metals (GT1) Seymour Lake Project where GT1 has identified a 9.9 Mt resource at 1.04% Li2O.

The project was recently optioned for $12,000 and 50,000 shares and the Company has the right to earn 100% through a total payment of $69,500 and 412,500 shares over 3 years.

The Company has mobilized its technical team onsite for a two (2) week visit and is pleased to announce that it has identified beryl and tantalum within outcropping pegmatites at the Project within its first two days onsite.

The Company acquired the Project because of its high potential to be prospective for LCT-pegmatites, as the claims shared a number of similar characteristics to Rock Tech Lithium’s Georgia Lake Deposit, which hosts a 10.6 Mt indicated resource at 0.88% Li2O and 4.22 Mt inferred resource at 1.04% Li2O, and is located approximately 10 kilometres to the west:

Lithium occurrences in this field run along a primary fault which runs through Gathering Lake.

The regional airborne total magnetic signature for the Georgia Lake pegmatite field indicates that the spodumene pegmatites occur at the margin of a magnetic high, which is what is observed at the Project.

The regional airborne radiometric potassium intensity signature for the Georgia Lake pegmatite field indicates that the spodumene pegmatites occur in medium low potassium intensity, a finding that is also observed on the Gathering Lake Project.

The fact that the geology and geophysics at Gathering Lake are similar to the known spodumene pegmatites at Georgia Lake and a lack of previous exploration on the property suggested a strong potential for the discovery of an LCT-system. The identification of beryl and tantalum is, therefore, a key finding that confirms the potential for Gathering to be very prospective for spodumene, the key lithium-bearing mineral in pegmatites.

The Gathering Project was recently optioned for $12,000 and 50,000 shares and the Company has the right to earn 100% through a total payment of $69,500 and 412,500 shares over 3 years.

The Company’s initial site visit is on-going, with further prospecting, mapping, soil and outcrop sampling planned, and the Company will provide additional updates throughout the visit and upon its conclusion.

“We are thrilled with these initial findings at Gathering Lake,” said Deepak Varshney, CEO of Usha Resources. “With three confirmed LCT-systems, we are building a portfolio of strong properties that will continue to deliver shareholder value. The discovery at Gathering Lake further cements the credibility of our technical team in finding low-risk opportunities to drive value to the company. 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.”

The Company announces that, further to its news release of May 3, 2023, it has issued 275,000 common shares (the “Shares”) to 2758145 Ontario Ltd. in connection with the first payment of the Option Agreements with respect to the acquisition of five (5) additional lithium pegmatite projects located in Ontario and known as the “Lee Lake”, “Mead”, “Bluett”, “Gathering Lake” and “Triangle Lake” Projects.