Usha Resources Announces Amendment to Jackpot Lake Agreement
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
News Release
Usha Resources Announces Amendment to Jackpot Lake Agreement
Vancouver, British Columbia / April 25, 2022 – Usha Resources L td. (“USHA” or the “Company”)
(TSXV: USHA) (OTCQB: USHAF), 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
further to its news release dated March 31, 2022, it has entere d into an amendment (the “Amendment”) to
its mineral property option agreement (the “Option Agreement”) with Ares Strategic Mining Inc. (the
“Vendor”) to acquire a 100% interest in 140 mineral claims located in Jackpot Lake, Clark County, Nevada
(the “ Property”) following a preliminary review completed by the TSX Venture Exchange (the
“Exchange”).
Pursuant to the Amendment, the Company and the Vendor have agreed to reduce the maximum number of
shares to be potentially issued under the Option Agreement for the 2nd and 3 rd payments from 3,000,000
common shares (the “Shares”) to 1,875,000 Shares. Total consideration for each of the 2nd and 3rd payments
remains the same at $225,000 in cash or Shares at the discretion of the Company.
The amended consideration terms are as follows:
$75,000 payable within five days from receiving approval from the Exchange.
$500,000 payable in Shares of the Company within five days from the date of Exchange approval,
to be issued at a deemed value according to the 10-day VWAP;
$225,000 payable through a combination of cash or Shares of the Company (at the discretion of the
Company), up to a maximum of 937,500 Shares, on the 6-month ann iversary date, to be issued at
a deemed value according to the 10-day VWAP; and
$225,000 payable through a combination of cash or Shares of the Company (at the discretion of the
Company), up to a maximum of 937,500 Shares, on the 12-month anniversary date, to be issued at
a deemed value according to the 10-day VWAP.
All other terms of the Option Agreement remain the same. The Am endment and the transactions
contemplated therein, including the issuance of the Shares, is subject to final approval of the Exchange. All
securities issued in connection with the Amendment will be subject to a four-month-and-one-day statutory
hold period.
The Property
The Property is located within Clark County, 35 kilometres nort heast 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-r ich brines. The geologic model is similar to
that of Albemarle’s Silver Peak N evada Lithium Mine which has o perated continuously since 1966, and
Iconic Mineral’s Bonnie Claire Project, which recently released a Preliminary Economic Assessment report
(PEA) that indicates 40-year mine with an after-tax NPV8% of 1.5 billion, where sediments from lithium-rich
surrounding source rocks accumula te and fill the deposit leadin g to a potential concentration of lithium
brine due to successive evaporation and concentration events.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Figure 1 - Left, location of Jackpot Lake. Right, aerial image of the "playa".
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 at omic-absorption analyses of 13 5 stream sediment samples
confirming the potential for lithium mineral deposits.
Gravitational surveying which h as identified a closed basin, cr itical for ensuring brines remain
within the basin without dilution from external water sources.
Geophysical modelling based upon gravitational and controlled s ource audio
magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provid ed 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 re sistivity – consistent with highly
concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625
meters.
The CSAMT Survey and report was conducted and prepared by Hasbr ouck Geophysics, who has
extensive experience of both surveying and data processing for brine-bearing basin environments
across the southwestern U.S.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Figure 2- Left, gravitational surveying outlined the footprint of the Jackpot lithium brine anomaly. Right, CSMAT survey slices
showing a cross-section of the anomaly illustrating the highly enriched brines throughout the property in red.
Based on the above, the Company intends on completing an aggres sive exploration program by drilling
both shallow and deep holes to test the targets outlined by the CSAMT Survey at possible higher
concentration brine zones with the goal of completing a 43-101 resource estimate by Q4 of 2022.
Qualified Person
The technical content of this news release has been reviewed an d 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 compan y focused on the
development of quality battery and precious metal properties th at are drill-ready with high-upside and
expansion potential. Based in Vancouver, BC, Usha’s portfolio o f 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 Ar izona. Usha trades on the TSX Venture
Exchange under the symbol USHA and the OTCQB Exchange under the symbol USHAF.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phon e Tyler Muir, Investor Relatio ns at 1 (888) 772-2452, email
[email protected], or visit www.usharesources.com.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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.
Forward-looking statements:
This news release may include "forward-looking in formation" under applicable Canadian securities
legislation. Such forward-looking information re flects management's current beliefs and are based on a
number of estimates and/or assumptions made by and information currently available to the Company that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that
may cause the actual results and future events to differ materially from those expressed or implied by such
forward-looking information. Read ers are cautioned that such forwar d-looking information are neither
promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not
limited to, general business, economic, competitive, political and social uncertainties, uncertain and
volatile equity and capital markets, lack of availabl e capital, actual results of exploration activities,
environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company . Exploration is highly speculative in nature,
involves many risks, requires substantial expenditu res, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermo re, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such forward-looking statements will prove to be
accurate, and actual results and fu ture events could differ materially from those anticipated in such
statements.