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Usha Resources Enters Hard-Rock Lithium Space with Acquisition of Significant Ontario Land Package with Highly Evolved LCT-Pegmatites
VANCOUVER, BC / ACCESSWIRE / March 28, 2023 / Usha Resources Ltd. ("USHA" or the "Company...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Enters Hard-Rock Lithium Space with Acquisition of Significant Ontario Land Package with Highly Evolved LCT-PegmatitesVANCOUVER, BC / ACCESSWIRE / March 28, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that, subject to the approval of the TSX Venture (the \"Exchange\"), the Company has executed an option (the \"Option Agreement\") with 2758145 Ontario Ltd. (\"2758145\" or the \"Vendor\") of Atikokan, Ontario, for the right to purchase an undivided 100% interest in 712 unpatented mining claims located in the Thunder Bay Mining Division of Ontario (the \"White Willow Property\" or the \"Property\"). To facilitate the acquisition, the Company has also entered into an assignment agreement (the \"Assignment Agreement\") with Grid Metals Corp. (the \"Assignor\") of Toronto, Ontario, whereby the Assignor permitted the Company to negotiate the Option Agreement in exchange for certain consideration.The White Willow Lithium-Tantalum Property is the first acquisition of Usha's planned expansion into the hard-rock pegmatite space. The Company believes that the acquisition is highly complementary to its 100% owned flagship Jackpot Lake Lithium Brine Project, where it recently tripled its land position (see the Company's news release dated February 28, 2023) and is undertaking its maiden drill program with a goal of defining a 43-101 resource (see the Company's news release dated February 16, 2023), and will be an asset as part of its decision to pursue an listing on the Australian Securities Exchange (see the Company's news release dated March 9, 2023).White Willow PropertyThe acquisition of the White Willow Lithium-Tantalum Property, located in the Thunder Bay Mining Division near Atikokan, Ontario, presents a unique and timely opportunity to capitalize on the rapidly growing lithium metal and green energy markets in Canada. Spanning 15,510 hectares, the property is situated 170 kilometres west of Thunder Bay (Figure 1) in proximity to other lithium projects in the region, such as the Seymour Lake Lithium Project, the Georgia Lake pegmatite field, and the Separation Rapids Lithium deposit, showcasing the region's rich l...