Usha Resources Ltd (TSX-V:USHA) said it has made the first acquisition of its planned expansion into the hard-rock pegmatite lithium space, with the purchase of an option on the White Willow Lithium-Tantalum Property in Ontario
The company has executed an option with 2758145 Ontario Ltd for the right to purchase an undivided 100% interest in 712 unpatented mining claims located in the Thunder Bay Mining Division near Atikokan, Ontario.
In a statement, Deepak Varshney, CEO of Usha Resources commented: “The rising global demand for lithium, driven by the green energy revolution and the exponential growth of electric vehicles, makes the acquisition of the White Willow Lithium-Tantalum Property an attractive investment. This acquisition promises to position the company at the forefront of the burgeoning lithium market, offering significant growth opportunities.”
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He added: “The geological characteristics of the property and the historical data on mineral occurrences make it an exceptional opportunity for exploration and potential development. By making these strategic acquisitions, we are positioning Usha at the forefront of the evolving lithium market, thereby securing a foothold in the rapidly expanding green energy sector.
“Many companies have recently staked properties in Ontario and Quebec based on map geology, but the White Willow property not only has a significant number of mapped pegmatites, it is a confirmed highly evolved LCT-system with high-grade tantalum that shows excellent potential for high-grade lithium-bearing pegmatites. We are very pleased to have been able to assemble this highly prospective land package at a low cost.”
Under the option and assignment agreements, Usha may acquire a 100% interest in the property by paying a total of $220,000 and issuing an aggregate of 3,600,000 common shares in the capital of the company.
To facilitate the acquisition, the company has also entered into an assignment agreement with Grid Metals Corp, whereby the assignor permitted the company to negotiate the option agreement in exchange for certain consideration.
Usha said it believes that the acquisition is highly complementary to its 100% owned flagship Jackpot Lake Lithium Brine Project, where it recently tripled its land position and is undertaking its maiden drill program with a goal of defining a 43-101 resource, and will be an asset as part of its decision to pursue a listing on the Australian Securities Exchange.
Rich lithium potential
Spanning 15,510 hectares, the White Willow Lithium-Tantalum Property is situated 170 kilometres west of Thunder Bay in proximity to other lithium projects in the region, such as the Seymour Lake Lithium Project, the Georgia Lake pegmatite field, and the Separation Rapids Lithium deposit, showcasing the region's rich lithium potential.
Access is excellent with Highway 11 running adjacent to the Property and logging roads present throughout. A main power transmission line runs through the property.
The property is under-explored with over 75 outcropping white pegmatites identified in limited exploration, almost all of which have not been sampled. Indicator minerals such as red and orange garnets, green apatite and beryl have been noted over 8 kilometres in strike length.
The property is confirmed to host a fertile lithium-cesium-tantalum (LCT) system with the presence of two highly evolved LCT-pegmatite dikes, one of which has the 'Maple Leaf Showing' (MLS). These dikes have been the focus of the limited exploration work completed thus far with samples assaying as high as 0.5% Li2O and 14.64% Ta2O5 in and around the dikes.
The LCT-pegmatite dike hosting the MLS appears to be at least 50 metres wide and outcrops for approximately 350 metres along strike. In addition to the tantalite showing with 14.64% Ta2O5, very coarse mineralization is present in its vicinity including up to 100 cm feldspar crystals, 11 cm beryl crystals and the coarse-grained tantalite present at MLS.
Coarse-grained tantalite is only known to be found at one other locality in Ontario which is the Aubrey pegmatite at Green Technology Metals (GT1) Seymour Lake Project where GT1 has identified a 9.9 million tonne resource at 1.04% Li2O.
Usha Resources 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, British Columbia, Usha’s portfolio of strategic properties provides target-rich diversification and consists of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel‑copper‑cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona.
Contact the author at jon.hopkins@proactiveinvestors.com