VANCOUVER, BC, June 1, 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 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 could 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.
- 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 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 could 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, at the time, 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
tmuir@usharesources.com, 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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SOURCE Usha Resources Ltd.
