Usha Resources Expands Strike of the White Willow Project to 44 Kilometres, Acquires Abiwin Pegmatite Group
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Usha Resources Expands Strike of the White Willow Project to 44 Kilometres, Acquires
Abiwin Pegmatite Group
Vancouver, British Columbia / April 17, 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, subject to the approval o f the TSX Venture (the “Exchange”), the
Company has executed an option (the “Option Agreement”) for the right to purchase an undivided 100%
interest in the Abiwin lithium pegmatite property (the “Propert y”) comprised of 38 mineral claims to the
northeast of its flagship White Willow Lithium Pegmatite Project (“White Willow” or the “Project”) located
170 km west of Thunder Bay, Ontario.
Abiwin Property highlights:
Preliminary prospecting resulted in the discovery of 29 pegmatite dykes
Muscovite geochemistry in these pegmatites indicates a highly fractionated signature
LIBSi 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 id entified for Usha’s planned maiden
drill program
Hosts ultramafic “Quetico intrus ions” from which historic asses sment 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 fo r 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 fract ionated 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, indicat ing a high degree of fractionation in the
pegmatitesii. K/Rb is a key tool in identifying potentially spodumene-beari ng dykes. Values below 30 are
indicative of rare-earth pegmatites, 20 of spodumene-subtype pe gmatites, and those below 10 are often
associated with economic spodumene pegmatites.
The fractionated pegmatites of the Abiwin claims are ~44 kilome tres from the western-most rare-element
pegmatites identified to date on the White Willow property, (th e 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.
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Figure 1 - Location Map for the White Willow Project. The Abiwin Block extends the LCT-pegmatite corridor to ~44 km.
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 pegmatite s, however the claims remain highly
prospective for base and precious metal mineralization.
Pursuant to the Option Agreemen t, the Company may acquire a 100 % interest in the Property by paying
the Vendors a total of $100,000 and issuing an aggregate of 600 ,000 common shares (“Shares”) in the
capital of the Company as indicated in the table below:
Payment Cash Shares
Signing $15,0001 250,0001
November 16, 2024 $20,000 250,000 2
November 16, 2025 $25,000 250,000 2
November 16, 2026 $40,000 250,000 2
Total $100,000 1,000,000
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Notes 1. Payable within fifteen (15) days from receipt of approval to the Agreements from the Exchange
(the “Approval”).
2. Shares of the Company are to be issued at a deemed value based on the Discounted Market Price
at the time of issuance.
The Company has granted a 2% net-smelter returns royalty (the “NSR”) to the Vendor. The Company may
purchase one-half of the net-smelter returns royalty (the “ NSR”) from the Vendor at any time for
consideration of $1,000,000.
The transaction contemplated, including the issuance of the Shares, are subject to the final approval of the
Exchange. The Shares will be subject to the applicable hold per iods in accordance with securities laws in
Canada and the Exchange policies.
The Company is also pleased to announce that it has made the first anniversary payments for the 8 mineral
claims (“Nym”) that comprise part of the White Willow Project. A total of $20,000 and 150,000 shares
have been issued to the Vendors. The shares are subject to a ho ld period of four months and one day from
the date of issuance.
The Company announces that, furt her to its news release of Marc h 25, 2024, it has issued 15,000,000
common shares of the Company to t he vendors of the option agree ments entered into on March 23, 2024,
with respect to the Bingo East and Bingo West properties. The s hares are subject to a hold period of four
months and one day from the date of issuance.
Qualified person
The technical content of this news release has been reviewed an d approved by Mr. Adrian Smith, P.Geo.,
a qualified person as defined by National Instrument 43-101. Hi storical reports provided by the Optionors
of the Mineral Claims were rev iewed by the qualified person. Th e information provided has not been
verified and is being treated as historic non-compliant intercepts.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration compan y focused on the
development of quality lithium metal properties that are drill- ready with high-upside and expansion
potential. Based in Vancouver, BC, Usha’s portfolio of strategi c properties provides target-rich
diversification and includes Jackpot Lake, a lithium brine proj ect in Nevada and White Willow, a lithium
pegmatite project in Ontario that is the flagship among its gro wing portfolio of hard-rock lithium assets.
Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the
symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
For more information, please call 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 in formation" under applicable Canadian securities
legislation. Such forward-looking information re flects 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
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forward-looking information. Read ers are cautioned that such forwar d-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 availabl e 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 expenditu res, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermo re, 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 fu ture events could differ materially from those anticipated in such
statements.
i A LIBS analyzer is a portable d evice that provides semi-quantitative assessments of geochemical concentrations in
real-time. These readings should not be considered a proxy or substitute for laboratory analyses where concentrations
or grades are the factor of prin cipal economic interest. LIBS r eadings are not representative of the whole core and
represent purely a concentration measured at a single point.
ii Selway, J. et al. 2005. A Review of Rare-Element (Li-Cs-Ta) Pe gmatite Exploration Techniques for the Superior
Province, Canada, and Large Worldwide Tantalum Deposits. Exploration and Mining Geology, Vol. 14, Nos. 1-4, pp.
1-30.