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

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% Li 2 O (2,310 ppm), 1,833 ppm cesium, 120,000 ppm tantalum and 4,100 ppm rubidium.