Usha Resources Ltd (TSX-V:USHA) has made an initial payment of $15,000 in cash and 250,000 common shares as part of the Abiwin lithium pegmatite property option deal announced last month.
The agreement gives Usha the right to purchase a 100% interest in 38 mineral claims to the northeast of its flagship White Willow lithium pegmatite project, where the fourth phase of a field program is underway.
Today's payment to the Abiwin vendors is due to be followed by an additional payment of one million shares, which remains subject to TSX Venture Exchange approval.
The Abiwin Property contains 29 pegmatite dykes, featuring spodumene-subtype pegmatite characteristics, as identified by muscovite geochemistry and LIBS analysis, returning up to 6,700 ppm rubidium (Rb).
The property extends the White Willow pegmatite field to 44 kilometers and adds several target pegmatites to Usha's planned maiden drill program.
Deepak Varshney, CEO of Usha Resources, said: "The Abiwin claims are an exciting addition to our growing portfolio of critical metal assets in Ontario, and the preliminary results from the pegmatites highlight the potential for new discoveries within this rapidly expanding White Willow LCT pegmatite district.
"The claims are located within an excellent setting for spodumene-type pegmatites, situated within the metasedimentary rocks of the Quetico subprovince and only three kilometres from the district-scale Quetico fault and have a tremendous exploration upside for not only lithium, but a wide range of critical metals."
The property's ultramafic 'Quetico intrusions' are linked to historic grab samples reporting up to 33 grams per tonne of platinum and palladium, 3% copper, and up to 0.72% zinc over 2 meters in chip samples.
While prioritizing exploration for spodumene-bearing pegmatites, Usha recognizes the potential for base and precious metal mineralization.
Varshney added: "With almost 22,000 hectares now secured, Usha controls a significant portion of a new lithium district where we and many others have continued to find success."