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Usha Resources Announces Transition to Pure-Play Lithium Explorer, Streamlining of Portfolio
Highlights: The Company has streamlined its existing portfolio, dropping the Lost Basin Gol...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Announces Transition to Pure-Play Lithium Explorer, Streamlining of PortfolioHighlights:The Company has streamlined its existing portfolio, dropping the Lost Basin Gold-Copper Project.The Company will focus on advancing its lithium portfolio which includes two (2) flagship assets, the Jackpot Lake Lithium Brine Project and the White Willow Lithium Pegmatite Project.The Company has also entered negotiations to acquire assets in the Frazer Lake Camp, where a recent significant lithium discovery included a spodumene-rich dyke that graded an average of 6.82% Li2O within a 9 km trend that emphasizes the regions potential for hosting further high-grade lithium mineralization.VANCOUVER, BC /ACCESSWIRE / September 6, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American lithium exploration company, is pleased to announce that following a comprehensive review of its portfolio, it has elected to not proceed with the Lost Basin Copper-Gold Project in alignment with the Company's strategic objectives of transitioning to a pure-play lithium explorer.The termination of the agreement will allow the Company to better focus on its growing portfolio of lithium projects in Ontario which includes White Willow, where it recently announced a lithium-cesium-tantalum (LCT) with a potential strike length of greater than 25 km that is open at both ends, while continuing to develop its flagship lithium brine project at Jackpot Lake, a setting where it has demonstrated the system is analogous to that of Clayton Valley which hosts Albemarle's Silver Peak lithium brine mine, the only producing lithium operation in the United States. A summary of each of these is included below.The Company is also pleased to announce that it has entered into negotiations to acquire assets in the Frazer Lake Camp, where a recent significant lithium discovery included a spodumene-rich dyke that graded an average of 6.82% Li2O within a 9 km trend that emphasizes the regions potential for hosting further high-grade lithium mineralization. The company is in the advanced stages of negotiations for specific projects in proximity and adjacent to the project hosting the discovery and will provide further updates as negotiations progress.\"While Lost Basin presented an interesting opportunity, given our recent advanc...