Usha Resources Ltd (TSX-V:USHA) said it has confirmed the presence of a fertile lithium-cesium-tantalum (LCT) system at its Gathering Lake Lithium Pegmatite Project in the Thunder Bay Mining District, Ontario.
During its initial exploration, Usha Resources identified beryl and tantalum within pegmatites, confirming the presence of an evolved LCT-system. The discovery of tantalum, particularly in evolved phases within an LCT-system, suggests the potential presence of spodumene, a key lithium-bearing mineral in pegmatites, it added.
This marks the third project where the company has confirmed a potential spodumene-bearing system, following similar findings at its Mead Project and the White Willow Project. The latter project also showcased a high-grade coarse-grained tantalite showing, a mineralization found only in one other locality in Ontario.
Usha Resources acquired the Gathering Lake Project due to its similarities to Rock Tech Lithium's Georgia Lake Deposit, which hosts a significant lithium resource. The geology and geophysics at Gathering Lake align with the known spodumene pegmatites at Georgia Lake, increasing the potential for a valuable discovery.
In a statement, Deepak Varshney, CEO of Usha Resources, commented: "With three confirmed LCT-systems, we are building a portfolio of strong properties that will continue to deliver shareholder value. The discovery at Gathering Lake further cements the credibility of our technical team in finding low-risk opportunities to drive value to the company."
He 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.”
The company said its technical team is currently on-site for a two-week visit to explore the project. The ongoing site visit will include further prospecting, mapping, and sampling activities.
Usha Resources said it plans to provide additional updates throughout the visit and upon its conclusion.
The company also announced that it recently issued common shares to 2758145 Ontario Ltd as part of the first payment of the option agreements for the acquisition of five additional lithium pegmatite projects in Ontario.
Contact the author at jon.hopkins@proactiveinvestors.com