Usha Resources Discovers Evolved Lithium-Cesium-Tantalum System at the Gathering Lake Lithium Pegmatite Project
Usha Resources Discovers Evolved Lithium-Cesium-Tantalum System at
the Gathering Lake Lithium Pegmatite Project
VANCOUVER, BC
,
June 6, 2023
/CNW/ -
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 Gathering Lake Lithium Pegmatite Project (the "Project") located within the Thunder Bay Mining
District,
Ontario
.
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."
Figure 1 - The Triangle and Gathering Lake Projects comprise 8,938 hectares within the prolific Georgia Lake pegmatite field, east of 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 Imagine Lithium’s Jackpot
Discovery which has identified 25.5 metres at 1.21% Li2O. Lithium occurrences in this field run along a primary fault which runs through Triangle Lake and is
adjacent to Gathering Lake, suggesting that the mapped pegmatites on these properties may be highly fractionated LCT-pegmatites that bear spodumene. (CNW
Group/Usha Resources Ltd.)
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.
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
, 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.
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CNW 07:00e 06-JUN-23