Usha Resources CEO Deepak Varshney joined Steve Darling from Proactive to share news the company has announced that following a comprehensive review of its portfolio, it has elected to not proceed with the Lost Basin Copper-Gold Project in alignment with its strategic objectives of transitioning to a pure-play lithium explorer.
The termination of the agreement will allow the company to better focus on its growing portfolio of lithium projects in Ontario.
Varshney told Proactive that Usha Resources will continue to explore projects like White Willow, where it recently announced a lithium-cesium-tantalum project with a potential strike length of greater than 25 km, and its flagship lithium brine project at Jackpot Lake.
Varshney also told Proactive the company has entered into negotiations to acquire assets in the Frazer Lake Camp, where a recent significant lithium discovery included a spodumene-rich dyke that graded an average of 6.82% Li2O within a 9 km trend.
Proactive Investors Canada