Usha Resources Announces TSXV Approval to Jackpot Lake Acquisition
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News Release
Usha Resources Announces TSXV Approval to Jackpot Lake Acquisition
Vancouver, British Columbia / May 2, 2022 – Usha Resources Ltd. (“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 releases dated March 31, 2022 and April 25, 2022, it has received the final approval from
the TSX Venture Exchange (the “Exchange”) to its mineral proper ty option agreement dated March 17,
2022, as amended, entered into 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”).
The Company is proceeding with t he first issuance of 1,678,062 common shares (the “Shares”) to the
Vendor at a deemed price of $0.30 per Share, which price is based on the Company’s 10-day VWAP. The
Shares are subject to the Exchange hold period plus a hold period of four months and one day.
Deepak Varshney, CEO of Usha Resources, stated, "The closing of this acquisition is a key transformative
event that firmly establishes the Company as a North American battery metals explorer. We are very excited
to move this project forward and plan on completing an aggressi ve exploration program by drilling both
shallow and deep holes with the goal of completing a 43-101 resource estimate by Q4 of 2022. The addition
of Jackpot means that 2022 will be an extremely active period for USHA with three planned drill programs
and a spinout giving our shareholders a number of potential catalysts across our various projects.”
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.
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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.
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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.
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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.