{kanada_flagge}Lithium explorer Usha Resources Ltd (TSXV: USHA; OTCQB: USHAF; FSE: JO0) has apparently bought into the right projects in the Thunder Bay mining district of Ontario. The Usha exploration team has now confirmed potentially spodumene-bearing systems on three projects at the start of the season after brief visits to each, most recently the Gathering Lake project, where exploration is ongoing.
{kanada_flagge}Lithium explorer Usha Resources Ltd (TSXV: USHA; OTCQB: USHAF; FSE: JO0) has apparently bought into the right projects in the Thunder Bay mining district of Ontario. The Usha exploration team has now confirmed potentially spodumene-bearing systems on three projects at the start of the season after brief visits to each, most recently the Gathering Lake project, where exploration is ongoing.
Geologists there have found beryl and tantalum within pegmatites, suggesting the existence of a mature lithium-cesium-tantalum (“LCT”) system. Because tantalum occurs primarily in more highly evolved phases within an LCT system, geologists suspect that the system may contain spodumene, the principal lithium-bearing mineral in pegmatites. The Gathering Lake project is considered highly prospective for the discovery of new LCT pegmatites because systematic exploration and drilling using modern exploration methods has never been conducted there. The project was recently optioned for CAD 12,000 and 50,000 shares and the Company has the right to acquire 100% through a total payment of CAD 69,500 and 412,500 shares over three years.
The Gathering Lake project is located east of Rock Tech Lithium’s Georgia Lake deposit with an indicated resource of 10.6 Mt at 0.88% Li2O and an inferred resource of 4.22 Mt at 1.04% Li2O. Another reference in the region is Imagine Lithium’s Jackpot discovery, which identified 25.5 meters at 1.21% Li2O. The lithium occurrences in this field trend along a primary fault that crosses Triangle Lake and is adjacent to Gathering Lake (see Figure 1).
Figure 1: The Triangle and Gathering Lake projects cover 8,938 hectares within the prolific Georgia Lake pegmatite field.
Developed LCT systems have also recently been confirmed by Usha during the initial site visit to the Mead Project (see news release dated June 1, 2023). Similarly, a high-grade, coarse-grained tantalite occurrence at 14.64% Ta2O5 has been confirmed at the White Willow project. This mineralization is previously known only from one other location in Ontario, the North Aubrey pegmatite at Green Technology Metals’ (GT1) Seymour Lake project, where GT1 has identified a resource of 9.9 Mt at 1.04% Li2O.
Deepak Varshney, CEO of Usha Resources stated, “We are excited by these initial results at Gathering Lake. With three confirmed LCT systems, we are in the process of building a portfolio of strong properties that will drive value for our shareholders. We strongly believe that each property we acquire has the potential to be the next great discovery in Ontario.”
Summary: Usha Resources Ltd. is one of a small group of lithium explorers with both lithium hard rock projects and a prospective lithium brine project in its portfolio. In the Thunderbay region of Ontario, Usha has secured no less than 300 km² of licenses at extremely attractive terms. In addition, there is the flagship Jackpot Lake project just outside Las Vegas, which is to be re-drilled shortly with a larger drill rig. It is expected that the first resource estimate for Jackpot Lake can be published as early as this year. Geologists see Jackpot as a geological counterpart to Silver Peak (Allbemarle) and Pure Energy in Nevada. Parallel work in Ontario and Nevada offers the advantage of diversification by geography and deposit type. The most important advantage, however, is that the Usha is much less subject to seasonality as are companies that operate exclusively in Canada’s north.
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