Usha Resources Begins Drilling and 43-101 Resource Estimation at the Jackpot Lake Lithium Brine Project
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Usha Resources Begins Drilling and 43-101 Resource Estimation at the Jackpot Lake
Lithium Brine Project
Vancouver, British Columbia / June 28, 2023 – Usha Resources Ltd. (“USHA” or the “Company”)
(TSXV: USHA) (OTCQB: USHAF) (FSE: JO0) , a North American lithium exploration company, is
pleased to announce that drilling has commenced for the third hole (“JP23-02”) at the 100%-owned Jackpot
Lake Lithium Brine Property (“ Project”) located in Clark County, Nevada. Drill hole JP23-01 will be
drilled immediately upon hole de velopment and initial sampling of JP23-02. JP23-01 and JP23-02 are
twinning JP22-01 and JP22-02, respectively, conducted to better maintain hole integrity as each hole
advances to its planned 2,000 feet.
The Company is also pleased to announce that it has begun preli minary work on its 43-101 resource
estimate.
The goal of the drill program will be to build on the findings of its initial drilling which supports that the
Jackpot Lake is a similar geologic setting to that of Clayton Valley, hosting Albemarle’s Silver Peak Nevada
Lithium Mine, the only producing lithium mine in North America.
Key findings of the program to-date include:
Soils at the Project are enriched in lithium at a level compara ble to Clayton Valley. Enriched
lithium is present within the holes advanced, with an average of 334 ppm and high of 820 ppm Li
in thirty samples collected from shallow surface soils (<500 ft) within JP22-02.
These results compare very favourab ly to the reported average o f 100 ppm for the Esmeralda
Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton
Valley which hosts Albemarle’s Silver Peak Lithium Brine Mine, the only producing lithium
operation in the United Statesi.
A geologic system is present similar to that of Clayton Valley. Significant evaporitic
crystallization, indicative of a brine-forming environment, is present throughout the holes
advanced, with JP22-02 containing an interval of 146 feet of ma ssive to bedded evaporites with
clay and sand interbeds and cross cutting laminations.
The evaporites sit atop a large zone of higher-porosity sand an d conglomerate, with at least 273
feet of a potentially pumpable aquifer present within JP22-02 i nto which fluids from the zones
above should drain. Coarse-grained basal units are a primary fo cus for expansion at Albemarle's
Silver Peak lithium brine mine, the only domestic supplier of lithium within the United States, and
at Pure Energy’s Clayton Valley project, where it identified a large volume of brine with superior
gradesii.
The stratigraphy at the Site supports a 43-101 resource. Similar stratigraphy has been
encountered in JP22-02 as that in drill hole JP22-01, suggestin g that the favourable stratigraphy
identified in drilling is present throughout the basin as the two holes are 2.75 km apart. Identifying
these similarities, especially in the basal conglomerates and e vaporites, is a key finding that
continues to support that Dry Lake, within which Jackpot is hosted, is a similar geologic setting to
that of Clayton Valley.
A primary objective will be to advance each of JP23-01 and JP23 -02 to 2,000 feet, thereby potentially
greatly expanding on the 99-foot and 273-foot higher-porosity zones already identified where the Company
believes the best potential brines are present. Pending sample results, the Company would then proceed
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with either further drilling or c ompletion of its maiden resour ce estimate, the completion of which would
enable it to join the ranks of a select few companies in the United States.
"We are thrilled to return to Jackpot Lake and resume drilling. ” said Deepak Varshney, CEO of Usha
Resources Ltd. “The work to-date has demonstrated that Jackpot contains the right system for a major
lithium discovery and by exploring to a depth of 2,000 feet, we aim to gather a more comprehensive
understanding of the mineral potential within our project area, further enhancing the overall resource
estimation and project feasibility of Jackpot Lake."
Figure 1 - On-going drilling of JP23-02 at Jackpot Lake
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Figure 2 - Left, evaporite crystallization. Right, conglomerate. The presence of evaporite crystals supports the presence of a
brine forming environment throughout the Dry Lake Basin as crystallization of evaporites would not occur in a freshwater
system. The conglomerate indicates that a high-porosity zone should be present that could contain a significant quantity of brine
as observed at Clayton Valley.
Qualified Person
The technical content of this news release relating to the Jack pot Lake Project has been reviewed and
approved by Mr. Seth Cude, P.G., CPG. RM, M.Sc., a qualified pe rson 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; White Willow, a lithium project
in Ontario; and Lost Basin, a gold-copper project in Arizona. U sha trades on the TSX Venture Exchange
under the symbol USHA, the OTC Exchange under the symbol USHAF and the Frankfurt Stock Exchange
under the symbol JO0.
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.
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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.
i Monk, L. et al. 2011. Geochemistry of Lithium-rich brines in C layton Valley, Nevada, USA. Society of Geology
Applied to Ore Deposits Bi-annual Meeting, Antofogasto, Chile.
ii Pure Energy Minerals, 2018. NI 43-101 Technical Report. Preliminary Economic Assessment (Rev. 1) of the Clayton
Valley Lithium Project. Esmeralda County, Nevada.