Usha Resources Ltd (TSX-V:USHA) has said it is determined to meet North America's lithium needs, following Chile's announcement of a new National Lithium Policy (NLP) which indicates the country will allow only public-private partnerships with state control for future lithium contracts.
Chile is one of three countries with free-trade agreements with the US, making it a major supplier of lithium to the country, and the NLP move has intensified the need for North America to develop its domestic lithium production capabilities, Usha noted.
In a statement, Deepak Varshney, CEO of Usha Resources, said the company's mission is to make a tangible, positive impact on the environment, the economy, and society.
"By enhancing domestic lithium production capabilities, we will support the rapid growth of the electric vehicle and renewable energy industries while ensuring a secure, domestic supply chain contributing to greater energy security and independence," he added.
Usha is currently advancing its Jackpot Lake Lithium Brine Project and the White Willow Lithium Pegmatite Project, located in Nevada and Ontario, respectively.
The company is leveraging innovative extraction techniques and environmentally friendly practices to bolster domestic lithium production, reduce dependence on imports and create local jobs.
Usha has also acquired the Nym Property, which is contiguous with the recently acquired White Willow Lithium-Tantalum Property. The acquisition expands the existing 712-claim block to a total of 720 claims, adding 170 hectares to the 15,510 hectares the company has already optioned.
The property is approximately 500 metres along strike from the Maple Leaf Dike on the White Willow Property.
Similar to White Willow, the property is under-explored, with only three of 119 mapped pegmatites assessed in the limited modern exploration completed to date.
"We are very pleased to add the Nym Project to our growing portfolio of hard-rock lithium assets," said Varshney.
With a strong commitment to sustainability, innovation, and domestic production, the company said it believes it is poised to become a significant player in the lithium market, driving progress towards a more sustainable future.
Contact the author at jon.hopkins@proactiveinvestors.com