Usha Resources Closes Abiwin Transaction, Expands Strike of the White Willow Project to 44 Kilometres

The Company also wishes to clarify that an aggregate of 1,000,000 Shares will be payable by the Company to the Vendors in accordance with the terms of the Option Agreement. The Option Agreement remains subject to the final approval of the TSX Venture Exchange (the “Exchange”). The Shares are subject to the applicable hold periods in accordance with securities laws in Canada and the Exchange policies.

Abiwin Property Highlights:

Preliminary prospecting resulted in the discovery of 29 pegmatite dykes

Muscovite geochemistry in these pegmatites indicates a highly fractionated signature

LIBS i analyses return up to 6,700 ppm rubidium (Rb) and a K/Rb ~13 (potassium/rubidium ratios); indicative of spodumene-subtype pegmatites

Extends strike length of the White Willow LCT pegmatite field to ~44 kilometres

Adds additional target pegmatites to the existing 10 targets identified for Usha’s planned maiden drill program

Hosts ultramafic “Quetico intrusions” from which historic assessment work reports up to 33 g/t Pt+Pd and 3% Cu in grab samples and up to 0.72% Zn over 2 metres in chip samples.

Deepak Varshney, CEO of Usha Resources, commented: “The Abiwin claims are an exciting addition to our growing portfolio of critical metal assets in Ontario, and the preliminary results from the pegmatites highlight the potential for new discoveries within this rapidly expanding White Willow LCT pegmatite district. The claims are located within an excellent setting for spodumene-type pegmatites, situated within the metasedimentary rocks of the Quetico subprovince and only 3 kilometres from the district-scale Quetico Fault and have a tremendous exploration upside for not only lithium, but a wide range of critical metals.”

Mr. Varshney continued: “With almost 22,000 hectares now secured, Usha controls a significant portion of a new lithium district where we and many others have continued to find success. With Phase 4 of our field program underway, we look forward to sharing updates as we build-up to our maiden drill program at White Willow.”

The Abiwin mining claims are geologically similar to the White Willow property and situated along trend from the Maple Leaf pegmatite, as well as the corridor of fractionated pegmatite identified on the White Willow property (Fig. 1; Usha Resources Press Release, Apr. 1, 2024). Preliminary mapping on the Abiwin claims documented 29 pegmatites dykes, and LIBS analyses of muscovite from these dykes returned up to 6,700 ppm Rb, 527 ppm Sn, and K/Rb ratios as low as 13, indicating a high degree of fractionation in the pegmatites ii . K/Rb is a key tool in identifying potentially spodumene-bearing dykes. Values below 30 are indicative of rare-earth pegmatites, 20 of spodumene-subtype pegmatites, and those below 10 are often associated with economic spodumene pegmatites.

The fractionated pegmatites of the Abiwin claims are ~44 kilometres from the western-most rare-element pegmatites identified to date on the White Willow property, (the Bingo pegmatite swarm) and extend the already immense strike length of the pegmatite field. (Fig. 1). The Abiwin claims are accessible via Crooked Pine Lake Road.

The Abiwin claims are also host to the ultramafic “Quetico Intrusions”, which are the target of Ni-Cu-PGE exploration efforts on Rio Tinto’s adjacent JR property (Fig. 1). Historic grab samples from these intrusions on the Abiwin claims are reported to return up to 33 g/t Pt+Pd*, 3% Cu* and historic surface trenching yielded chip strings of up to 0.72% Zn over 2m (Puumula, 1992)*. The company intends to prioritize expenditures on the exploration for spodumene-bearing pegmatites, however the claims remain highly prospective for base and precious metal mineralization.