Usha Resources Ltd USHA

FinancialNewsMedia.com News Commentary

PALM BEACH, FL, Oct. 17, 2023 /PRNewswire/ -- The automobile industry is currently dominated by fossil fuel consumption but is increasingly moving toward becoming an alternate source of energy, such as lithium-ion-backed battery technology. The increasing demand for EVs and the shift toward clean energy will drive the product demand in the coming years. A report from Fortune Business Insights projected that the Global Lithium market size is expected to grow to $516.22 million in 2028, growing at a CAGR of 6% during forecast period from 2021-2028.  The report said: "Electric vehicle companies and carmakers are changing their preferences depending on the cathode characteristics regarding safety, stability, life, cost, and energy density. EVs are promoted as a sustainable transportation choice on a life-cycle basis, as they emit less GHG than conventional vehicles. For instance, Tesla is planning for next-generation EV batteries that would focus on introducing Li-iron phosphate batteries to the market. This will cut the vehicle costs, extend the vehicle range up to 400 miles or more, and enable the batteries to last as long as 1 million miles. Additionally, the company plans to implement a high-speed, heavily automated battery manufacturing process designed to increase mass production and reduce labor costs."  Active mining companies in markets include:  Usha Resources Ltd. (OTCQB: USHAF) (TSX-V: USHA), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Piedmont Lithium Inc. (NASDAQ: PLL), Standard Lithium Ltd. (NYSE American: SLI) (TSX-V: SLI), American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI).

Fortune Business Insights continued: "Asia Pacific is estimated to hold the largest lithium market share, owing to widespread product usage in the industrial and commercial sectors, including power, consumer electronics, chemical, industrial, general manufacturing, and others. Asia Pacific is rapidly developing due to various government initiatives and increasing foreign investments in the industrial sector. The easy availability of raw materials is considered one factor supporting the market growth. Additionally, the presence of a large number of lithium and its derivatives-producing companies in emerging countries such as India, Taiwan, Japan, South Korea, and China is surging the product demand. China is one of the largest producers of electronic components such as fuel cells, batteries, and capacitors. There has been advancement in fuel cell technologies for electric vehicles to aid the rules set by the government to reduce the pollution that occurs due to the burning of petrochemicals and gasoline.  The market in North America is likely to rise considerably during the lithium market forecast period. The increasing adoption of cleaner energy sources due to stringent regulatory rules is surging regional growth. The Environmental Protection Agency (EPA) has various schemes and funding programs that support the usage of green and sustainable sources of energy like solar, wind, geothermal, and others. The increasing adoption of solar panels has created a substantial demand for cells and batteries to store energy."

Usha Resources Ltd. (OTCQB:USHAF) (TSXV:USHA) BREAKING NEWS:  Usha Resources Commences Phase Three Program to Build on Ten Key Drill Targets Across 25 Kilometre Strike at the White Willow Lithium Pegmatite Project –

Highlights:

• The Company has completed 5 weeks of fieldwork, expanding the lithium-cesium-tantalum ("LCT") pegmatite trend on the property to a potential strike length of >25 km open at both ends. Phase 3 will consist of two (2) teams deployed onsite for up to six (6) weeks to maximize the mapping, sampling and prospecting that can be completed prior to initiating drilling.
• Assays from 618 samples have delineated 10 high-priority drill targets with potassium/rubidium ratios (K/Rb) below 30. K/Rb is a key tool in identifying potentially spodumene-bearing dykes; to–date; 10 pegmatites have been identified with K/Rb ratios <30 with a low of 7.5. Values below 30 are indicative of rare-earth pegmatites, 20 of spodumene-subtype pegmatites, and those below 10 are often associated with economic spodumene pegmatites.
• The Company intends on drilling each of the 10 target pegmatites as part of its maiden drill program.
• Highlight results include up to 0.5% Li₂O (2,310 ppm), 1,833 ppm cesium, 120,000 ppm tantalum and 3,540 ppm rubidium.

Usha Resources Ltd., a North American mineral acquisition and exploration company, is pleased to provide this update on its on-going field program at the White Willow Lithium Pegmatite Project ("White Willow" or the "Project") located 170 km west of Thunder Bay, Ontario.

The Company has completed 5 weeks of fieldwork this season, with data compilation complete for 618 samples that have delineated 10 high-priority drill targets for its planned maiden drill program.

The focus of the third phase of fieldwork will be to complete a detailed follow-up of the targets at Bingo and Maple Leaf and to further prospect and assess the ground between these two lithium-cesium-tantalum (LCT) pegmatite swarms. Two (2) teams will be deployed onsite for up to six (6) weeks, one at each swarm, to maximize the mapping, sampling and prospecting that can be completed prior to initiating drilling.

"We are thrilled with the findings from the initial programs at White Willow and are very excited to continue to build on our success," said Deepak Varshney, CEO of Usha Resources. "As seen at Patriot Battery Metals' Corvette Project, which has over 20 kilometres of trend, lithium pegmatite swarms occur in clusters, each of which has the potential to become a deposit. We now have 10 primary target areas across our 25 kilometre plus trend that include two highly evolved LCT pegmatite swarms at Bingo and Maple Leaf. With significant ground remaining between Bingo and Maple Leaf for further exploration and follow-up, we intend on maximizing the remaining time in the field season before commencing preparations for maiden winter drill program. The findings thus far strongly validate our belief that Willow is a flagship asset where Ontario's next major lithium discovery will occur."

The Company is presently compiling the remainder of the assays collected from the earlier fieldwork and will release them upon completion.

A key mineralogical finding to-date is the identification of holmquistite within the host rock at Bingo. Holmquistite is a mineral alteration that typically occurs on the margins of lithium-rich pegmatites and suggests that the dykes at Bingo have a strong potential to be spodumene-bearing.  CONTINUED… Read the full Press Release for Usha Resources Ltd. at:  https://www.financialnewsmedia.com/news-usha/     

Other active mining companies in the markets this week include: 

Lithium Americas Corp., now Lithium Americas (Argentina) Corp. (TSX: LAAC) (NYSE: LAAC) and a new Lithium Americas Corp.  (TSX: LAC) (NYSE: LAC) recently announced the completion of the reorganization of Lithium Americas into two independent publicly traded companies, implemented by way of statutory plan of arrangement (the "Separation").

"We look forward to seeing these two market-leading companies thrive independently," said Jonathan Evans, President and CEO of Lithium Americas (NewCo) and former President and CEO of Lithium Americas. "The Separation offers investors two unique and highly focused pure-play lithium companies with world-class assets in our respective regions of operation."

"I am extremely proud of the Lithium Argentina and Lithium Americas (NewCo) teams for their hard work and dedication in redesigning these companies with the right management teams and resources to flourish independently," said John Kanellitsas, Executive Chairman, President and Interim CEO of Lithium Argentina and former Executive Vice Chair of Lithium Americas. "The closing of this Separation is a pivotal moment in allowing each company to sharpen its focus and pursue independent and unique growth opportunities within the lithium industry."

Piedmont Lithium Inc. (NASDAQ: PLL), a leading global supplier of lithium resources critical to the U.S. electric vehicle supply chain, recently announced a strategic investment in a large prospective lithium project in Newfoundland, Canada. Piedmont has agreed to pay C$2 million for a 19.9% equity interest in Vinland Lithium Inc. ("Vinland Lithium"), a new entity established with Sokoman Minerals Corp. "Sokoman Minerals") (40.1%) and Benton Resources Inc. ("Benton Resources") (40.1%). The Company also may earn up to a 62.5% equity interest in Killick Lithium Inc., a wholly-owned subsidiary of Vinland Lithium holding a 100% interest in the Killick Lithium Project ("Killick Lithium" or the "Project"), through a staged investment agreement. Piedmont will be entitled to 100% marketing rights and a right of first refusal on 100% offtake rights to any lithium concentrate produced by the Project on a life-of-mine basis at competitive commercial rates. 

Patrick Brindle, Chief Operating Officer for Piedmont Lithium, said the partnership supports the Company's strategy to grow its hard rock lithium resource base with a focus on large targets in attractive locations and furthers Piedmont's plans to be a major producer of lithium hydroxide for the North American market. "The Killick Lithium Project comprises a vast land package in an attractive jurisdiction.

American Lithium Corp. (NASDAQ: AMLI) (TSX-V: LI) recently announced a new lithium discovery from the initial drill hole completed at one of the key discovery targets previously identified from 2021 field work conducted near the Community of Quelcaya. Further holes have been drilled near this discovery with identical geology to the discovery hole and full assays expected shortly.

The Quelcaya exploration project comprises 3 areas of mapped surface lithium mineralization located 5.5 to 11 km west of the Company's Falchani lithium deposit near the village of Quelcaya in Puno, southeastern Peru (see Figure 1 – Quelcaya – Falchani Drill Platform Location Map, below). Quelcaya was the first of three exploration drilling permits submitted by the Company, which was granted by the Peruvian Ministry of Energy and Mines (MINEM) in May 2023. Drilling continues in and around Quelcaya with 6 drill hole platforms planned in total, each with multiple holes.

Standard Lithium Ltd. (NYSE American: SLI) (TSXV: SLI), a leading near-commercial lithium company, recently announced it has drilled and sampled, to the best of its knowledge, a new highest confirmed lithium grade brine in North America, with a grade of 663 mg/L lithium. The results reflect lithium sample analyses from a newly drilled well from the Company's significant expansion work in the East Texas Smackover region.

Dr. Andy Robinson, President and COO of Standard Lithium commented, "We continue to be very excited by the quality and scale of the lithium brine assets we're adding in East Texas. The lithium sample analysis from a newly-drilled well delivered, to the best of our knowledge, a new highest-grade lithium brine concentration in North America and confirmed that we are securing the highest-grade lithium brine resource outside of Chile and Argentina. We continue to expand our footprint in the East Texas Smackover and de-risk the opportunity with additional drilling, sampling and definition work." 

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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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