Usha Resources Closes Abiwin Transaction, Expands Strike of the White Willow Project to 44 Kilometres

VANCOUVER, BC / ACCESSWIRE / May 7, 2024 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company, is pleased to announce that, further to its news release of April 17, 2024, wherein the Company announced the execution of an option agreement (the "Option Agreement") for the right to purchase an undivided 100% interest in 38 mineral claims to the northeast of its flagship White Willow Lithium Pegmatite Project, the Abiwin Lithium Pegmatite Property (the "Property"), it has issued the first payment of $15,000 cash and 250,000 common shares (the "Shares") to the Vendors (the "Vendors").

The Company also wishes to clarify that an aggregate of 1,000,000 Shares will be payable by the Company to the Vendors in accordance with the terms of the Option Agreement. The Option Agreement remains subject to the final approval of the TSX Venture Exchange (the "Exchange"). The Shares are subject to the applicable hold periods in accordance with securities laws in Canada and the Exchange policies.

Abiwin Property Highlights:

• Preliminary prospecting resulted in the discovery of 29 pegmatite dykes
• Muscovite geochemistry in these pegmatites indicates a highly fractionated signature
• LIBS[i] analyses return up to 6,700 ppm rubidium (Rb) and a K/Rb ~13 (potassium/rubidium ratios); indicative of spodumene-subtype pegmatites
• Extends strike length of the White Willow LCT pegmatite field to ~44 kilometres
• Adds additional target pegmatites to the existing 10 targets identified for Usha's planned maiden drill program
• Hosts ultramafic "Quetico intrusions" from which historic assessment work reports up to 33 g/t Pt+Pd and 3% Cu in grab samples and up to 0.72% Zn over 2 metres in chip samples.

Deepak Varshney, CEO of Usha Resources, commented: "The Abiwin claims are an exciting addition to our growing portfolio of critical metal assets in Ontario, and the preliminary results from the pegmatites highlight the potential for new discoveries within this rapidly expanding White Willow LCT pegmatite district. The claims are located within an excellent setting for spodumene-type pegmatites, situated within the metasedimentary rocks of the Quetico subprovince and only 3 kilometres from the district-scale Quetico Fault and have a tremendous exploration upside for not only lithium, but a wide range of critical metals."