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 Ltd. has received final approval from the TSX Venture Exchange for its acquisition of 140 mineral claims in Jackpot Lake, Nevada, from Ares Strategic Mining Inc. This agreement, valued at 1,678,062 common shares priced at $0.30 each, positions USHA as a key player in North American battery metals exploration. The company plans an aggressive drilling program aimed at completing a 43-101 resource estimate by Q4 2022, focusing on lithium-rich brines within the property.
Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has amended its option agreement with Ares Strategic Mining Inc. to acquire a 100% interest in 140 mineral claims at Jackpot Lake, Nevada. The maximum potential shares for the 2nd and 3rd payments have been decreased from 3,000,000 to 1,875,000, while cash payments remain unchanged at $225,000 per installment. The project aims to explore lithium-rich brines, with previous surveys indicating significant lithium potential. An aggressive exploration program is planned to explore higher concentration zones and complete a 43-101 resource estimate by Q4 2022.
Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has engaged Red Cloud Securities Inc. for market-making services and TMM Capital Advisory for investor relations, aiming to enhance shareholder communication and market liquidity. Effective April 15, 2022, Red Cloud will provide trading support for a fee of $12,000 per month. Meanwhile, TMM's Tyler Muir will assist in investor communications for a monthly fee of $3,500, which includes a grant of stock options. CEO Deepak Varshney emphasized the company's pivotal growth stage as it develops its portfolio of battery and precious metal projects.
Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has engaged Volt Strategic Partners as its capital markets and communications advisor, with a compensation package of $93,600 and 250,000 stock options. This partnership aims to bolster market awareness as the company transitions into the battery metals space with the acquisition of Jackpot Lake, a lithium project in Nevada. Additionally, Usha has initiated a non-brokered private placement, raising $230,800 by issuing 769,333 units at $0.30 each, with plans to raise up to $300,000 in total.
Usha Resources Ltd. (TSX-V:USHA)(OTCQB:USHAF) has entered into an option agreement with Ares Strategic Mining Inc. to acquire a 100% interest in 140 mineral claims in Jackpot Lake, Nevada. This area may contain lithium-rich brines, similar to established projects like Albemarle's Silver Peak. Usha plans to undertake an aggressive exploration program, including drilling, to confirm the presence of lithium and to complete a resource estimate by Q4 2022. Financial terms include a total of $1 million in payments and a commitment to spend $1 million on exploration within two years.
Usha Resources Ltd. (USHAF) has announced a drilling contract for its maiden program at the Lost Basin Gold-Copper Project in Arizona. The company plans to conduct 1,500 meters of diamond core drilling in two phases, starting with reconnaissance visits for site preparation. Key areas of interest include Red Basin, Copper Blowout, Mallory's Trench, and Ideas Lode West, each showing promising assay results. The project aims to enhance exploration efforts in a mining-friendly jurisdiction and is expected to drive a busy year for Usha Resources as it explores multiple mineral properties.
Usha Resources Ltd. (TSXV:USHA)(OTCQB:USHAF) plans to spin out its Nicobat Nickel property into a new subsidiary, SpinCo, distributing its shares to current shareholders. CEO Deepak Varshney highlighted the opportunity to unlock value amid soaring nickel prices. The transaction is contingent on corporate, legal, and regulatory approvals, as well as financing for SpinCo. The historic Nicobat Nickel Property in Ontario reportedly holds a non-compliant resource of 5.3 million tons at 0.24% nickel. The announcement aims to enhance market recognition and project focus.
Usha Resources Ltd. (TSXV:USHA)(OTCQB:USHAF) has entered into an advertising and investor awareness campaign with Investing News Network (INN), aimed at increasing the company's visibility among investors. The agreement involves a total payment of $29,000, made in monthly installments. INN will utilize various marketing strategies to engage its audience, although it does not provide investor relations services according to TSXV policies. Usha Resources is focused on mineral exploration in Canada and the U.S., targeting nickel, copper, and gold deposits.
Usha Resources Ltd. (TSXV:USHA)(OTCQB:USHAF) has successfully completed the final tranche of its non-brokered private placement, raising $1,024,300.40 from issuing 3,414,335 units at $0.30 each. This brings total funding in the quarter to $1,889,130.80. The proceeds will enhance the company’s balance sheet as it continues exploration at the Lost Basin Gold-Copper Project in Arizona. Usha is also working on acquiring a Copper-Cobalt property in Montana. The deal is subject to the approval of the TSX Venture Exchange.
Usha Resources Ltd. (USHAF) has successfully raised $883,330 from the exercise of 4,207,000 warrants, enhancing its financial stability. This funding, alongside $1,755,130.40 raised this quarter, supports ongoing exploration at the Lost Basin Gold-Copper Project in Arizona. CEO Deepak Varshney highlighted shareholder support and the financial flexibility gained for the upcoming 2022 exploration program. The company remains focused on developing mineral assets while managing inherent risks typical in the mining industry.