Usha Resources Announces Completion of Site Visit by Drill Contractor at the Jackpot Lake Lithium Brine Project
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Usha Resources Announces Completion of Site Visit by Drill Contractor at the Jackpot Lake
Lithium Brine Project
Vancouver, British Columbia / November 21, 2022 – Usha Resources Ltd. ( “ U S H A ” o r t h e
“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 Harris Exploration, the drill contract or, has completed a site visit to review drill
locations and has informed the C ompany that they will shortly m obilize their drill rig and commence
construction of access roads and drill pads in preparation for the start of drilling for the Company’s near-
term drill program at its Jackpot Lake lithium brine project (the “Project”) in Nevada.
The Company has permitted 2,700 metres over 6 holes with the goal of defining a 43-101 resource through
drilling the geophysical target at Jackpot Lake where historica l work suggests the presence of a highly
concentrated brine. The Project’s geologic model 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 evaporation and concentration events.
Deepak Varshney, CEO of Usha Resources stated: “W e are very excited to begin exploration at Jackpot
Lake and look forward to the start of drilling. With our geographical advantage on US soil, we believe that
this project is part of the journey we will need to take in North America to secure a domestic supply of
lithium and commencing exploratory drilling is the next step in achieving our Company goal to become a
top-tier North American lithium producer. With a well-funded treasury, we anticipate the coming months
to be extremely active and we look forward to a busy and productive field season at Jackpot Lake as we
also proceed with our other catalysts including the Nicobat Nickel spinout.”
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).
The geologic model 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 ro cks accumulate and fill the d eposit leading to a potential concentration
of lithium brine due to successive evaporation and concentration events.
The Company has permitted 2,700 metres over 6 holes and intends on commencing its maiden drill program
with the goal of defining a 43-101 resource.
The project target comprises the entirety of the Company’s clai m block and is an approximately 11.3 km 2
anomaly, open in all directions for expansion, that has been id entified based on the following work that
suggests the presence of a highly concentrated brine with the potential to contain lithium:
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 lith ium mineral deposits. The pres ent average grade for Albemarle’s
project is approximately 121 ppm.
Gravitational surveying which h as identified a closed basin, cr itical for ensuring brines remain
within the basin without dilution from external water sources.
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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.
Figure 1 – Topographic map of the Jackpot Lake Lithium Brine Pr oject with MT survey results o verlain. 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 an d approved by Mr. Seth Cude, P.G., RM,
M.Sc., CASS, a qualified person as defined by National Instrume nt 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, the OTCQB Exchange under the sy mbol USHAF and the Frankfurt
Stock Exchange under the symbol JO0.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call Tyler Muir, Investor Relation s, 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 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.