Up to 0.5 % Li2O (2,310 ppm), 1,833 ppm cesium and 120,000 ppm tantalum
Usha Resources Ltd (TSXV: USHA; OTCQB: USHAF; FWB: JO0), is systematically advancing its flagship White Willow lithium project despite the poor stock market environment for lithium juniors. Usha’s geologists have been working on the White Willow lithium pegmatite project 170 kilometres west of Thunder Bay, Ontario for a total of 10 weeks long after the normal end of the season. They were able to produce detailed maps and take 727 samples. The company plans to drill test the new targets as well as the already known 10 pegmatite targets during its first drill programme in the spring. Selected top results from the targets identified to date include up to 0.5% Li2O (2,310 ppm), 1,833 ppm cesium, 120,000 ppm tantalum and 4,100 ppm rubidium.
Geologists focused on preparing the Bingo lithium-caesium-tantalum (“LCT”) pegmatite swarm for drilling and further evaluating the Maple Leaf LCT pegmatite swarm. Field reconnaissance has successfully extended the existing 25 km strike length of fractionated pegmatites by approximately 2 km further west (Figure 1). Preliminary evaluation of pathfinder elements at Bingo shows some particularly striking chemical signatures with promising correlations of niobium (Nb) and tantalum (Ta) or potassium (K) and rubidium (Rb). The K/Rb ratio is an important tool for identifying potentially spodumene-bearing veins. Values below 30 are an indication of rare earth metal pegmatites or below 20 of spodumene subtype pegmatites. The values at Bingo were K/Rb~20; Nb/Ta <1; 4,100ppm Rb; and 954 ppm Cs. Another criterion for spodumene-bearing veins is the degree of fractionation. Both Bingo and Maple Leaf achieve high values here.
Figure 1: Map of the White Willow property showing the extent of the pegmatite swarm. The company has successfully extended the potential strike of the LCT pegmatite trend to approximately 27 kilometres, which remains open at both ends.
Deepak Varshney, CEO of Usha Resources, commented: “We are excited by the results of the latest phase of field work at White Willow. With 10 existing primary target areas already identified along our 27+ kilometre trend, we believe Phase 3 will be instrumental in delineating additional targets for our planned 4,000 metre maiden drill programme. The results to date confirm our belief that Willow is a flagship project where the next major lithium discovery in Ontario will occur.”
Figure 2: Representative structures from the pegmatites at Bingo. The white colour of the beryl indicates a high Cs content and is indicative of crystallisation in a highly developed pegmatite.
Conclusion: Unlike many competitors in the lithium sector, Usha is doggedly pursuing the development of its White Willow lithium pegmatite project. The geologists have even been working "overtime". Although the project is still at an early stage, the newly acquired data with conspicuous pathfinder elements is significant - especially in the eyes of experts. The pegmatites at Bingo show many structural similarities to spodumene-bearing pegmatites in Ontario. The strike length of White Willow is now 27 kilometres. By comparison, Patriot Battery Metals' well-known Corvette project extends over a trend of around 20 kilometres. Even if nobody seems to be interested at the moment, Usha is doing a good job. It should not be forgotten that Usha also owns a lithium brine project in Nevada. Nevertheless, the market only values everything together at CAD 2.9 million and currently CAD 0.05 per share. In the most recent quarterly report for September 2023, the company had around CAD 1,000,000 in cash and cash equivalents. Since then, the company has raised a further CAD 850,000 in a placement.
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the possibility to publish comments, analyses and news on http://www.goldinvest.de. These contents serve exclusively the information of the readers and do not represent any kind of call to action, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. Furthermore, they do not in any way replace individual expert investment advice and do not constitute an offer to sell the stock(s) discussed or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising / journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. There is no contractual relationship between the GOLDINVEST Consulting GmbH and its readers or the users of its offers, because our information refers only to the company, but not to the investment decision of the reader.
The acquisition of securities involves high risks, which can lead to a total loss of the invested capital. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research. Nevertheless, any liability for financial losses or the content guarantee for topicality, correctness, adequacy and completeness of the articles offered here is expressly excluded. Please also note our terms of use.
According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Usha Resources and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time. Furthermore, there is a contractual relationship between Usha Resources and GOLDINVEST Consulting GmbH, which includes that GOLDINVEST Consulting GmbH reports about Usha Resources. This is another clear conflict of interest.
