Usha Resources Ltd (TSX-V:USHA) said a two-day site visit to its Mead lithium pegmatite project in Ontario identified beryl-pegmatites confirming the presence of a lithium-cesium-tantalum (LCT) system.
In a statement, the North American mineral acquisition and exploration company also announced that it has received its exploration permit for the Mead Project from the Ontario Ministry of Mines.
The company said the presence of beryl confirms the potential for Mead to contain highly evolved LCT-pegmatites that could bear spodumene, the key lithium-bearing mineral in pegmatites.
"Due to snow cover, at the time, there was very limited exposure of pegmatite outcrops, so we are thrilled with the findings from our initial visit,” Usha Resources CEO Deepak Varshney said.
“This success validates our strategy and belief in building out our lithium pegmatite portfolio.”
Usha recently optioned the Mead Project for $5,000 and 50,000 shares and has the right to earn 100% through a total payment of $62,500 and 412,500 shares over three years.
It noted that the project is adjacent on both its east/west boundaries to Brunswick Resources' Hearst Project, where an ongoing drill program is assessing the spodumene-bearing Decoy pegmatite and other pegmatites along trend to the west/southwest towards the Mead Property up to 2 kilometres from the claim boundary.
Next steps
The company said plans on making exploration at Mead a focus with a comprehensive range of fieldwork activities, including prospecting, mapping, soil and further visible outcrop sampling that will ultimately lead into its now permitted drill program.
"Our focus has always been to acquire quality projects at the right price and to be able to add an asset like Mead and turn it into a drill-ready lithium project this quickly is a testament to the quality of our technical team,” Varshney added.
“We firmly believe every asset we acquire has the ability to be the next major discovery in Ontario's growing lithium hotbed and we look forward to advancing this ourselves or as part of a potential partnership beneficial to our shareholders.”
Contact the author at stephen.gunnion@proactiveinvestors.com