Usha logo

Usha Resources Announces Warrant Extension

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, announces that subject to the approval of the TSX Venture Exchange (the "Exchange"), it intends to extend the expiration dates by one year on a total of 1,571,135 warrants (the "Warrants") originally issued by the Company on October 21, 2020, November 23, 2020 and December 2, 2020 pursuant to non-brokered private placements.

The Warrants are subject to an acceleration provision that states: The Warrants expire the earlier of October 21, 2022, November 23, 2022 and December 2, 2022, as applicable, or 30 days after the date the Company provides notice to the holders indicating that the Company has determined to accelerate the expiry date of the Warrants, in its sole discretion, upon the common shares having a closing price of $0.75 or greater per common share on the Exchange (or such other exchange on which the Company's common shares may become traded) during any thirty (30) consecutive trading day period at any time subsequent to four months and one day after the closing date (the "Accelerated Expiry Provisions").

The Company wishes to extend the expiry date of the Warrants as set out in the above table, including the Accelerated Expiry Provisions by one year. All other terms and conditions of the Warrants, including the exercise price, remain the same.

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel-copper-cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

Usha Resources LTD.

"Deepak Varshney" CEO and Director

For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source

Click here to connect with Usha Resources Ltd. (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), to receive an Investor Presentation

USHA:CA
The Conversation (0)
Usha Resources Announces Filing of Nicobat Nickel Project 43-101 Technical Report in Preparation for Planned Spinout

Usha Resources Announces Filing of Nicobat Nickel Project 43-101 Technical Report in Preparation for Planned Spinout

Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has filed its 43-101 technical report (the "Technical Report") which has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), on the Company's Nicobat Project, in relation to the proposed spinout of the Company's Nickel-Copper-Cobalt property located in Northwest Ontario

The Technical Report, entitled "NI 43-101 Technical Report on The Nicobat Project" and dated April 19, 2022, has been prepared for the Company by Andrew Tims, P.Geo, who is a "Qualified Person" as such term is defined in NI 43-101. The Technical Report is available on www.sedar.com under the Company's profile.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Usha Resources Finalizes Jackpot Lake Lithium Brine Drill Program Team

Usha Resources Finalizes Jackpot Lake Lithium Brine Drill Program Team

Usha Resources Ltd. Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce the finalized team for its near-term drill program at its Jackpot Lake lithium brine project (the "Project") in Nevada

  • Qualified Professional: Michael Rosko
  • Drilling Company: Harris Exploration Drilling and Associates Inc. ("Harris Exploration")

Michael Rosko is a professional geologist with over 30 years of experience, spending significant time assessing aquifer conditions in arid environments throughout the southwestern United States and South America. He has extensive experience with world-class lithium brine projects including Tier 1 projects such as Galaxy's Sal de Vida Deposit, Millennial Lithium's Pasto Grandes Deposit, and Lithium America Corp's Cauchari-Olaroz Deposit.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Usha Resources Announces Issuance of Shares for Jackpot Lake

Usha Resources Announces Issuance of Shares for Jackpot Lake

Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, announces that it has issued 745,033 common shares (the "Shares") at a deemed price of $0.302 per Share to Ares Strategic Mining Inc. (the "Vendor"), which price is based on the Company's 10-day VWAP

The issuance of the Shares to the Vendor represents the second payment required pursuant to the option agreement dated March 17, 2022, as amended, (the "OptionAgreement") entered into with the Vendor for the acquisition Jackpot Lake, located in Clark County, Nevada. The Shares are subject to a hold period of four months and one day. The Shares issued were fewer than the maximum of 937,500 Shares, being the cap included in the Option Agreement, as the Company's 10-day VWAP of $0.302 was above the 10-day VWAP at the time of signing the Option Agreement. The third payment will need to be made on or before March 17, 2023.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Usha Resources Receives Approval of Notice of Intent to Drill Jackpot Lake Nevada Lithium Brine Project

Usha Resources Receives Approval of Notice of Intent to Drill Jackpot Lake Nevada Lithium Brine Project

Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has received a letter of approval under a "Notice of Intent" ("NOI") from the United States Bureau of Land Management (BLM) for USHA's near term drill program at its Jackpot Lake lithium brine project. A US$45,985 bond has now been submitted to the BLM to cover reclamation of up to 1.27 acres of permitted disturbance

The NOI covers a 6-hole, 2,700-metre program with a maximum depth of approximately 600 metres and focuses on the most prospective lithium brine targets as defined by geophysical work, in addition to drill road access and site preparation.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Usha Resources Initiates Expanded Exploration Program at Jackpot Lake Lithium Brine Project

Usha Resources Initiates Expanded Exploration Program at Jackpot Lake Lithium Brine Project

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has begun exploration work at its Jackpot Lake Lithium Brine Project in Clark County, Nevada . The Company has contracted Rangefront Mining Services to provide geological services and now plans to increase the scope of its maiden drilling program.

The upcoming program is focused on sourcing a domestic supply of lithium in Nevada in line with President Biden's initiative:

"To help make electric vehicles work, we need also to increase the production of lithium-ion batteries and we need responsible and sustainable domestic sourcing of the critical materials used to make lithium-ion batteries such as lithium, cobalt, nickel, and graphite," infrastructure implementation coordinator and senior Biden adviser Mitch Landrieu told reporters on May 2, 2022 .

Program Highlights:
  • Rangefront Mining Services, a local Nevada firm, has been retained to provide geological services
  • Permitting process now underway following a successful site visit from USHA's technical team to review drill sites for the construction of access roads and drill pads in preparation for drilling
  • USHA has increased the anticipated scope of the drill program to 2,700 metres over 6 holes
  • Plans to commence drilling in late summer / early fall (pending permit approvals)
  • Drill program is fully financed as USHA has recently completed an oversubscribed private placement for gross proceeds of $2,895,401 ( https://bit.ly/3tOdqUu )

The Company is pleased to announce that a site visit has been completed at the Jackpot Lake Lithium Brine project and that permitting for its maiden drilling program is underway. The purpose of the visit was to assess the Site to review drill sites for the construction of access roads and drill pads in preparation for drilling.

Rangefront Mining Services (Rangefront), a local Nevada firm, has been selected to provide geological services for the design, execution, and management of exploration work at Jackpot Lake. Rangefront is a comprehensive geology and mining consulting firm with personnel that specialize in the planning and execution of lithium brine exploration, including resource estimation, as the Company works towards its goal of completing a 43-101 resource estimate by Q4 of 2022 ( https://bit.ly/3tD9ndz ).

Furthermore, based on its review and discussion with Rangefront and the successful completion of its oversubscribed private placement for gross proceeds of $2,895,401 , the Company has elected to increase the planned scope of its maiden drilling program from 900 metres over 3 holes to 2,700 metres over 6 holes to better define a 43-101 resource. Pending permit approvals, the Company anticipates commencing drilling in the late summer, early fall.

Deepak Varshney , CEO of Usha Resources stated: "USHA is very excited to have begun our journey at Jackpot Lake and capitalize on our geographical advantage on US soil and to partner with the team at Rangefront. We believe they are the right team to work with and their engagement will provide us with consistency and accessibility to a variety and depth of innovative approaches that will accelerate our goals. With a well-funded treasury, we anticipate the remainder of 2022 to be an extremely active year and we look forward to a busy and productive field season at Jackpot Lake as we also proceed with our other catalysts including the Nicobat Nickel spinout."

Jackpot Lake Lithium Brine Property

The Jackpot Lake Lithium Brine Property is located within Clark County , 35 kilometres northeast of Las Vegas, Nevada , and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a "playa" which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle's Silver Peak Nevada Lithium Mine which has operated continuously since 1966, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.

The project is considered to be "drill-ready" based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:

  • 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.
  • Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.
  • Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters.
Corporate Video

The Company is also pleased to premiere its corporate introduction video, which allows shareholders and the general public to meet Deepak Varshney , CEO of USHA, and learn about the Company and its project. The video can be accessed at the Company's homepage and at the following link: https://youtu.be/3rCA9SjUpps .

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson , P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada ; Nicobat, a nickel‑copper‑cobalt project in Ontario ; and Lost Basin, a gold-copper project in Arizona . Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

Usha Resources LTD.
"Deepak Varshney" CEO and Director

For more information, please call Tyler Muir , Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com , or visit www.usharesources.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Usha Resources logo (CNW Group/Usha Resources Ltd.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/usha-resources-initiates-expanded-exploration-program-at-jackpot-lake-lithium-brine-project-301572695.html

SOURCE Usha Resources Ltd.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2022/22/c1439.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Impact Minerals

World-Leading Low-Carbon Credentials for the Lake Hope High Purity Alumina (HPA) Project, WA

A preliminary study into the potential carbon dioxide (CO2) emissions from Impact Minerals Limited’s (ASX:IPT) Lake Hope High Purity Alumina (HPA) project in Western Australia has shown that Scope 1 and Scope 2 CO2 emissions will likely be significantly lower than incumbent processes that produce HPA, and on par or even much lower than emerging processes, in particular under a 100% renewable electrical energy development scenario (Figure 1).

Keep reading...Show less
Sarama Resources

Sarama Announces Equity Placement of up to A$1M

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce it has received binding commitments to undertake a A$1 million equity placement (the “Placement”).

Keep reading...Show less
Energy storage systems with wind turbines and solar farms.

Decarbonising the Future With High-purity Alumina

Alumina, a compound derived from bauxite ore, plays a significant role driving sustainable industries toward a decarbonised future.

High-purity alumina (HPA) boasts significantly higher purity levels than its conventional counterpart. While common alumina typically features purity levels around 99.5 percent, HPA raises the bar, often surpassing 99.99 percent purity. This exceptional purity translates into enhanced mechanical, thermal and chemical properties, making HPA key to applications that demand performance and reliability.

HPA enables technology that reduces emissions across multiple sectors. Its applications in energy-efficient lighting, electric vehicles (EVs), renewable energy storage and electronics underscore its importance in advancing towards a sustainable and environmentally friendly future.

Keep reading...Show less
  Sierra Nevada Gold

SNX Prepares to Drill Silver Targets at Blackhawk Epithermal Project, Nevada

Previous drilling at Blackhawk returned up to 1,270 g/t Ag (BHD006) beneath the historic Endowment Mine, previous rock chip sampling returned +1% silver from the Morning Star Mine1

Sierra Nevada Gold (ASX: SNX) is pleased to announce it is preparing a drilling program to follow up drill hole BHD006 which returned results including 0.5m at 1,270 g/t Ag and 1m at 823g/t Ag at Endowment Mine, part of its Blackhawk Epithermal project in Nevada, USA.1

Keep reading...Show less

Latest Press Releases

Related News

×