CEO Deepak Varshney discusses the company’s three key projects, touching on its new option for 100-percent acquisition with Ares Strategic Mining, representing 140 claims at the Jackpot Lake property in Nevada. Varshney says, “It’s a really exciting milestone for our company. So it’s a lithium brine project in Nevada, it’s right off the highway, and it’s drill ready which means we can get to work right away.”
The second property, Nicobat, is in the Rainy River District in Northwestern Ontario, which Varshney cites as the company’s first project. He notes, “It’s a nickel-copper-cobalt project, and has had 15,000 meters of work done historically, with 4,000 meters recently done. There’s a high grade feeder zone that we’re looking forward to exploring. We’ve got a hole with 64 meters at one percent nickel with 10 meters at two percent at the bottom.”
Varshney expands on Usha Resources’ portfolio with its Arizona project, noting, “We think it is becoming a very hot camp now. It’s a gold-copper project where we have some really good neighbours.”
On a financial note, Varshney says, “We’re in control of our destiny, and we have the cash to stay in control of our destiny. I think if we’re able to go out and demonstrate value we’ll be able to raise, and potentially do it ourselves down the road, which then brings more value to investors.” As for Usha Resources’ next steps, Varshney notes, “We’re looking forward to getting going at Jackpot Lake — one thing I really liked about that property is that, as brine, we’re able to get to a resource very quickly. So our goal is to deliver a resource by the end of the year. In Arizona, we’re looking to get going with our maiden drill program, and really uncover what we think is a great gold story. And then, in Ontario, we’re going to be spinning out that property to give our shareholders a dividend of effectively 20 percent share dividend at the time, the record date.”
Varshney highlights Usha Resources as an active company with great projects, having recently begun trading on the Frankfurt Stock Exchange. He notes, “We’re going to be working on all of our properties with projects that are ready to go drill. All that is in a seven million market cap, which I think is very hard to find out there, so that makes us very unique.”