Usha Resources Ltd (TSX-V:USHA) said it has streamlined its existing project portfolio to support its transition to a pure-play lithium explorer.
The company said it will focus on advancing its lithium portfolio which includes two flagship assets. They are the Jackpot Lake lithium brine project, which has a geologic system present similar to the lithium-rich Clayton Valley in Nevada, and the White Willow lithium pegmatite project, where Usha recently announced a lithium-cesium-tantalum discovery with a potential strike length of greater than 25 kilometres that is open at both ends.
The company has also entered into negotiations to acquire assets in the Frazer Lake Camp, where it noted a recent significant lithium discovery included a spodumene-rich dyke that graded an average of 6.82% lithium oxide within a 9-kilometre trend.
Usha said it is in the advanced stages of negotiations for specific projects in proximity and adjacent to the project hosting this discovery and further updates will be provided as the talks progress.
To align with its strategic objectives, the company said it has elected to not proceed with the Lost Basin copper-gold project.
"We will continue to concentrate our efforts on our core projects at Jackpot Lake and White Willow but also look to expand in Ontario and Quebec where recent discoveries highlight the potential for these jurisdictions as emerging centres of lithium exploration and development comparable to some of the largest districts globally,” Usha CEO Deepak Varshney said in a statement.
“We believe there is a high probability that there will be additional discoveries throughout the province given the early stage of exploration in most areas.”
Usha is a North American mineral and exploration company focused on the development of quality lithium metal properties that are drill-ready with high-upside and expansion potential.
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