Usha Resources Makes Option Payment for the White Willow Lithiu m Pegmatite Project Following Identification of 10 Priority Drill Targets Across Strike of 27 kilometres
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Usha Resources Makes Option Payment for the White Willow Lithiu m Pegmatite Project
Following Identification of 10 Priority Drill Targets Across Strike of 27 kilometres
Vancouver, British Columbia / April 1, 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 anni versary payments for the initial 712 claims
comprising the White Willow Lith ium Pegmatite Project (“White W illow” or the “Project”) located 170
km west of Thunder Bay, Ontario.
A total of $50,000 and 1,000,000 shares have been issued to 275 8145 Ontario Ltd. (“ 2758145” or the
“Vendor”) and Grid Metals Corp. (the “ Assignor”) of Toronto, Ontario. The Shares will be subject to a
hold period of four months and one day from the date of issuance.
“We are very pleased with what has been accomplished in our fir st 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 27-kilo metre-plus trend comparable i n 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 s trongly 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 capita lize on the rapidly growing lithium metal
and green energy markets in Canada.
Spanning over 21,000 hectares across 968 claims, the property i s situated 170 kilometres west of Thunder
Bay (Figure 1) in proximity to other lithium projects in the re gion, such as the Seymour Lake Lithium
Project, the Georgia Lake pegmatite field, and the Separation R apids Lithium deposit, showcasing the
region's rich lithium potential.
The Property is confirmed to host a fertile lithium-cesium-tant alum (“LCT”) system with the presence of
two highly evolved LCT-pegmatite dikes, the “Maple Leaf” and “B ingo” 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 t he Spring. Select highlight results from
targets identified to-date include up to 0.5% Li 2O (2,310 ppm), 1,833 ppm cesium, 120,000 ppm tantalum
and 4,100 ppm rubidium.
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Figure 1 - Property map of the White Willow property and extent of the pegmatite swarm.
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
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
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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.