Vancouver, British Columbia / June 1, 2023 – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery metal projects, is pleased to announce that it has confirmed the presence of a fertile lithium-cesium-tantalum (“LCT”) system at its Mead Project located 25 minutes south of Hearst, Ontario. The Company is also pleased to announce that it has received its exploration permit for the Mead Project from the Ontario Ministry of Mines.
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.”
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha’s portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium brine project in Nevada; White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTC Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email [email protected], or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This news release may include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.