Usha Resources Ltd (TSX-V:USHA) said it has identified additional targets at its White Willow Lithium Pegmatite Project, 170 km west of Thunder Bay in Ontario,
The targets are at the Bingo lithium-cesium-tantalum (LCT) pegmatite swarms, with the primary dyke swarm expanded to potentially over 1.8 kilometers in strike length, the company said, adding that there are indications of a fluid-rich and highly fractionated dyke swarm that has a strong potential to be spodumene‑bearing.
Usha now looks to continue beyond the planned six weeks of fieldwork for Phase 3.
Assay highlights so far include lithium oxide (Li2O) values up to 0.5%, with 76 samples containing very anomalous concentrations of lithium; cesium (Cs) values up to 1,730 parts per million (ppm), with 71 samples containing very anomalous concentrations; and tantalum values up to 120,000 ppm Ta, with 82 samples containing very anomalous concentrations.
In a statement, the company also noted high-grade showing of 14.64% Ta2O5 is present at the Maple Leaf Dyke; coarse-grained tantalite is only known to be found at one other locality in Ontario; and rubidium values of up to 3,540 ppm, with 94 samples containing very anomalous concentrations.
Private placement
Usha also said it has closed its non-brokered private placement of $595,000 through the issuance of 5,950,000 units at $0.10 each
No finder's fees were paid and the placement is subject to approval from the exchange. Each unit consists of one common share and one transferable common share purchase warrant exercisable at $0.20 per share for a period of two years from the closing date of the placement.
"Having a fortified balance sheet is critical to the success of every company. With over $1.7 million in working capital, Usha is in a position to accelerate our planned drill programs at Jackpot Lake and White Willow," Deepak Varshney, CEO of Usha Resources, said in a statement.
"With work also proceeding on our secondary listing on the Australian Stock Exchange, we believe we have some very significant catalysts coming over the coming months and look forward to providing updates as we progress towards these milestones,” he added.