Welcome to our dedicated page for Usha Resources news (Ticker: USHAF), a resource for investors and traders seeking the latest updates and insights on Usha Resources stock.
Usha Resources Ltd. (OTCQB: USHAF) generates news primarily through updates on its North American mineral exploration portfolio, financings and corporate developments. As an exploration-stage company focused on critical metals, its disclosures often centre on technical milestones at its copper-gold and lithium projects and on transactions affecting its property interests.
Recent news releases emphasize work at the Southern Arm copper-gold VMS property in Quebec, where Usha has entered into an option agreement to earn a 100% interest. The company has reported the start and completion of Phase 1 field programs, including a black spruce bark biogeochemical survey and the initiation of an induced polarization geophysical survey along a 7.3 kilometre conductive trend on the Bapst fault. These updates describe how sampling and geophysics are being used to define high-priority drill targets for a planned maiden drill program.
Usha’s news flow also covers its lithium-focused assets. At the White Willow lithium pegmatite project in Ontario, the company has announced the identification of spodumene at the Maple Leaf pegmatite and has discussed the project as its flagship hard-rock lithium asset. Additional releases describe option agreements to potentially divest certain Ontario lithium pegmatite projects to Molten Metals Corp., as part of a stated effort to streamline its portfolio and focus on core assets.
At the corporate level, Usha issues news on non-brokered private placements, including flow-through share financings and unsecured convertible debentures, and on board changes such as the resignation of a co-founding director who continues in an advisory capacity. Investors following USHAF news can expect updates on exploration results and surveys, option and transaction terms for its projects, and financing activities that support ongoing field work.
Usha Resources has entered a Letter of Intent with Stardust Power, giving Stardust the right to earn up to a 90% interest in Usha's Jackpot Lake Lithium Brine Project. The deal could total up to $26,025,000 over five years, including $1,525,000 in cash, $750,000 in stock, and $15,750,000 in cash or stock at Stardust's discretion. Usha will retain 10% of the project and a 2% Net Smelter Royalty. Stardust Power aims to list on NASDAQ by mid-2024 and will develop a lithium refinery in Oklahoma. The Jackpot Lake Project, located in Clark County, NV, encompasses 8,714 acres and has potential for high lithium concentration.
Usha Resources has made the first anniversary payments for its White Willow Lithium Pegmatite Project, consisting of $20,000 and 200,000 common shares. The project, located 170 km west of Thunder Bay, Ontario, spans over 22,000 hectares and has identified 10 priority drill targets across 44 km. Usha aims to begin a 4,000-meter maiden drill program in Spring 2024. The White Willow site shows promising lithium-cesium-tantalum systems with significant findings such as 0.5% Li2O, 1,833 ppm cesium, and 120,000 ppm tantalum. These developments position the project to capitalize on the growing lithium and green energy markets in Canada.
Usha Resources announces the completion of the Abiwin Transaction, expanding the White Willow Project to 44 kilometers. The company issued $15,000 cash and 250,000 common shares to acquire the Abiwin Lithium Pegmatite Property. The property extends the strike length of the White Willow LCT pegmatite field, showcasing significant potential for critical metal assets. CEO Deepak Varshney highlights the exploration upside for lithium and other critical metals in the newly acquired claims.
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