Usha Resources narrows company focus to zero in on exploring for lithium
September 07, 2023 at 06:00 pm
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Usha Resources CEO Deepak Varshney joined Steve Darling from Proactive to share news the company has announced that following a comprehensive review of its portfolio, it has elected to not proceed with the Lost Basin Copper-Gold Project in alignment with its 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.
Varshney told Proactive that Usha Resources will continue to explore projects like White Willow, where it recently announced a lithium-cesium-tantalum project with a potential strike length of greater than 25 km, and its flagship lithium brine project at Jackpot Lake.
Varshney also told Proactive the company 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.
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Usha Resources Ltd. is a mineral acquisition and exploration company. It is focused on the development of lithium metal properties that are drill-ready with high-upside and expansion potential. Its portfolio of properties provides target-rich diversification and includes Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario that is the flagship among its portfolio of hard-rock lithium assets. The Jackpot Lake Lithium Brine Property located within Clark County, about 35 kilometers (km) northeast of Las Vegas, Nevada, consists of 140 mineral claims that total 2,800 acres. Spanning 15,680 hectares, the White Willow Lithium-Tantalum Property is situated 170 km west of Thunder Bay. It has the option to acquire a 100% interest in five lithium pegmatite projects located in Ontario: the Lee Lake, Mead, Bluett, Gathering Lake and Triangle Lake projects. It also has the option to acquire a 100% interest in the Abiwin lithium pegmatite property.