Usha Resources Announces Issuance of Shares for Jackpot Lake
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Usha Resources Announces Issuance of Shares for Jackpot Lake
Vancouver, British Columbia / September 1 4, 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,
announces that it has issued 745,033 common shares (the “Shares”) at a deemed price of $0.302 per Share
to Ares Strategic Mining Inc. (the “Vendor”), which price is based on the Company’s 10-day VWAP.
The issuance of the Shares to the Vendor represents the second payment required pursuant to the option
agreement dated March 17, 2022, as amended, (the “Option Agreement”) entered into with the Vendor
for the acquisition Jackpot Lake, located in Clark County, Nevada. The Shares are subject to a hold period
of four months and one day. The Shares issued were fewer than the maximum of 937,500 Shares, being the
cap included in the Option Agreement, as the Company’s 10-day VWAP of $0.302 was above the 10-day
VWAP at the time of signing the Option Agreement. The third payment will need to be made on or before
March 17, 2023.
The Company intends on satisfying the $1,000,000 work commitment through the expenditures from its
upcoming maiden drill program of which U SHA is in the final stages of preparing . The Company will
provide updates in the coming weeks as the project moves towards drill mobilization.
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 t otal 2,800 acres. The project is exploring a
“playa” which appears to be within a closed basin that may contain potentially lithium -rich brines. The
geologic model is similar to that of Albemarle’s Silver Peak Nevada Lithium Mine 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.
The Company has permitted 2,700 metres over 6 holes and intends on commencing its maiden drill program
this fall with the goal of defining a 43-101 resource. USHA’s current and ongoing program at Jackpot Lake
is operated by Rangefront Mining Service , a local Nevada firm with personnel that specialize in the
planning and execution of lithium brine exploration, including resource estimation.
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 atomic -absorption analyses of 135 stream sediment samp les
confirming the potential for lithium mineral deposits.
• Gravitational surveying which has identified a closed basin, critical for ensuring brines remain
within the basin without dilution from external water sources.
• Geophysical modelling based upon gra vitational 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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
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Figure 1 – 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., RM,
M.Sc., CASS, 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 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 Nevada; 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 informati on, please call Tyler Muir, Investor Relations, 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.