Usha Resources Announces Arrival of Drill Rig to the Jackpot Lake Lithium Brine Project
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Usha Resources Announces Arrival of Drill Rig to the Jackpot Lake Lithium Brine Project
Vancouver, British Columbia / December 1 , 2022 – 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 drill contractor Harris Exploration has joined USHA’s technical team onsite,
preparing the drilling rig and related equipment for the start of the Jackpot Lake Lithium Brine Project drill
program. Construction of access roads and primary drill pads are also underway.
Highlights:
• The Company has permitted 2,700 metres over six holes and intends to commence its maiden drill
program with the goal of defining a 43-101 resource.
• The Project target has a geologic setting similar to that of Albemarle’s Silver Peak Nevada Lithium
Mine, the only producing lithium mine in North America, and was identified based on geophysical
studies and 129 core samples collected by the USGS with an average lithium value of 175 ppm
with a high of 550 ppm. The present average grade for Albemarle’s project is approximately 121
ppm.
• Modelling indicates that the Project target comprises the entirety of the Company’s claim block
(2,800 acres; 11.3 km 2) and is open in all directions for expansion. The target is shallow,
predominantly above bedrock depths of 625 meters, and is approximately 450 metres thick. The
total basin within which the target is situated is estimated to be approximately 10,900 acres.
• Harris Exploration will carry out the drilling operati ons, having now mobilized o ne drill rig onto
the Property. Harris Exploration has over 60 years of successful drill exploration experience with
particular expertise drilling in Nevada specifically for Clayton Valley -style lithium brines and in
lithium brine testing.
• The Project’s Qualified Professional (QP) is Michael Rosko, a professional geologist with over 30
years of experience, with 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.
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Figure 1 – 3D model of Usha’s Jackpot Lake interpreted lithium brine target. T he interpreted geophysical target with borehole
locations overlain on the local topography produced using Maptek Vulcan. The surrounding formations of the Muddy Mountains
are theorized to be the source of lithium present in the area. The shell shown in yellow comprises geophysical results indic ating
resistivities of <5ohm metres
USHA’s drill program will mark the first drill testing of this property. USHA will be highlighting individual
target areas and keeping investors informed as key milestones are reached throughout the campaign,
expected to last 8 -10 weeks.
“Site preparation is well underway, and we’re taking swift but measured steps with respect to seeing this
drill program succeed. Lithium is the metal of the future and represents an essential transitioning resource,
especially in North America, where demand growth is strong, but supply constraints are notable,” said
Deepak Varshney, CEO of Usha Resources. “It’s clear that a few juniors need to step up and be successful
in order to keep pace with projected lithium needs. USHA’s team has an exceptionally strong grasp of the
Jackpot Lake project, and we are committed to following proper protocol to make this maiden drill program
a success.”
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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Figure 2 – View of road mud system truck to be used for Usha’s drill program at the Jackpot Lake Lithium Brine Project with on-
going pad construction site preparation in the background.
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 (approximately 11.3 km2).
USHA’s geologic setting is similar to that of Albemarle’s Silver Peak Nevada Lithium Mine, the only
producing lithium mine in North America, 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 ev aporation and concentration events. With its goal of
sourcing a new domestic supply of lithium, USHA ’s six-hole, 2,700 -metre program will focus on
prospective targets that geophysical surveying suggests are highly concentrated brines located relatively
near the surface.
The project target comprises the entirety of the Company’s claim block and is an approximately 11.3 km2
anomaly, open in all directions for expansion, that has been identified based on the following work that
suggests the presence of a highly concentrated brine with the potential to contain lithium:
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• 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of
550 ppm and spectrographic and atom ic-absorption analyses of 135 stream sediment samples
confirming the potential for lithium mineral deposits. The present average grade for Albemarle’s
project is approximately 121 ppm.
• Gravitational surveying which has identified a closed basin, critical f or 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.
Figure 3 – Topographic map of the Jackpot Lake Lithium Brine Project with MT survey results overlain. Resistivities of
<2.7 ohm-metres are interpreted to be potentially higher concentration brines and between 2.7 and 5.0 ohm-metres to be potentially
moderate concentration brines.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Seth Cude, P.G., CPG.
RM, M.Sc., a qualified person as defined by National Instrument 43 -101 Standards of Disclosure for
Mineral Projects (“NI 43-101”).
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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 Nev ada; 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 V arshney” CEO and Director
For more information, please call Tyler Muir, Investor Relations, at 1 -888-772-2452, email
[email protected], 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.
Forward-looking statements:
This news release may include "forward -looking information" under applicable Canadian securities
legislation. Such forward -looking information reflects 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. Readers are cautioned that such forward -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, comp etitive, political and social uncertainties, uncertain and
volatile equity and capital markets, lack of available 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 expe nditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, 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 pr ove to be
accurate, and actual results and future events could differ materially from those anticipated in such
statements.