Usha Resources Ltd (TSX-V:USHA, OTCQB:USHAF) announced that it has made the first-anniversary payment for the 141 claims comprising the western portion of the White Willow lithium pegmatite project, located 170 kilometers west of Thunder Bay in Ontario.
The lithium-focused explorer said it paid $20,000 and issued an aggregate of 200,000 shares priced at $0.075 to vendors 2758145 Ontario Ltd, Peter Gehrels, and Allan George Onchulenko.
Since acquiring the project in March 2023, Usha Resources has completed 19 weeks of fieldwork at the 22,000-hectare project.
Deepak Varshney, CEO of Usha Resources, expressed his pleasure over the company’s accomplishments during its first year at White Willow.
"With a budget of $400,000, we were successful in expanding a small locality of tantalite to a 44-kilometre-plus trend comparable in size to Patriot Battery Metals' Corvette project,” he said.
“Lithium pegmatite swarms occur in clusters and with over 10 existing primary target areas already identified, we are very excited to advance White Willow in 2024 as we move towards our planned maiden drill program of 4,000 metres.”
He added that Phase 4 of fieldwork is now underway to further define the “drill-ready” Maple Leaf and Bingo dykes ahead of the maiden drill program in the Spring, with the company set to share further updates from its exploration program in the coming weeks and months.
“The findings thus far strongly validate our belief that Willow is a flagship asset where Ontario's next major lithium discovery will occur,” Varshney said.