Usha Resources Confirms Brine-Forming Environment with Second Drill Hole at Jackpot Lake Lithium Brine Project Drilling To-Date Reveals Similar Stratigraphy and Consistent Evaporite Crystallization Across Multiple Drill Holes
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Usha Resources Confirms Brine-Forming Environment with Second Drill Hole at Jackpot
Lake Lithium Brine Project
Drilling To-Date Reveals Similar Stratigraphy and Consistent Evaporite Crystallization Across
Multiple Drill Holes
Vancouver, British Columbia / February 21, 2023 – 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 provide this update on the second drill hole (“JP22-2”) of its maiden drill program at the Jackpot
Lake Lithium Brine Property (“ Project”) located in Clark County, Nevada. The drill is now at the
231-metre level and its exploration team has encountered simila r stratigraphy to the core observed from
first hole (“JP22-1”), where multiple zones of evaporite crysta ls are present as interbeds, veining, and
inclusions within lacustrine sediments comprising clays, silts, and sands.
The presence of evaporite crystals within both JP22-1 and now JP22-2 further supports the presence of a
brine forming environment throughout the Dry Lake Basin as crystallization of evaporites would not occur
in a freshwater system and JP22-2 is located approximately 2.75 kilometres north-northwest of JP22-1.
For information on the results of its first successfully comple ted drill hole JP22-1, please see the
Company’s news release dated February 7, 2023).
Furthermore, based on the eviden ce observed, the Company believ es that there is a strong potential for
similar stratigraphy to be observed within its newly staked cla ims whereby the Company strategically
expanded its control from 140 to 442 claims totalling approximately 35.3 square kilometres or 8,714 acres
(see Usha Resources’ news release dated February 16, 2023).
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Figure 1 – Images of core collected from JP22-2. Multiple zone s of evaporite crystals are present as interbeds, veining, and
inclusions. 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.
“We are pleased with the drilling completed so far in JP22-2” s aid Deepak Varshney, CEO of Usha
Resources. “Demonstrating conti nuity within the first two drill holes of our project is a key finding that
continues to support that Dry Lake, within which Jackpot is hos ted, is a similar geologic setting to that of
Clayton Valley. These evaporites show that the basin has underg one a long geologic period of successive
accumulation and concentration ev ents which is the model for de position at Albemarle’s Silver Peak
Nevada Lithium Mine. The information identified continues to help us build our model of the basin and we
look forward to seeing the stratigraphy within the rest of our second hole as drilling continues.”
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Jackpot Lake Lithium Brine Property
USHA’s Jackpot Lake Lithium Brin e Property is located within Cl ark County, 35 kilometres northeast of
Las Vegas, Nevada, and is comprised of 442 optioned and staked mineral claims that total 8,714 acres
(approximately 35.3 km2).
The Project’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 con tinuously 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 an d concentration events. Considering the
elevated lithium concentrations i dentified in historic soil sam ples, such events could theoretically
concentrate lithium as rainwater passes through these materials, developing enriched brines at depths.
The Company has permitted 2,700 metres over six holes and has commenced a maiden drill program with
the goal of defining a 43-101 resource. The Project target 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.
Samples from the first hole of its drilling program have identified lithium is present at a grade of up to 300
ppm within ten samples collected from shallow surface soils (<4 42 ft). The present average grade for
Albemarle’s project is approximately 121 ppm.
Modelling indicates that the Project target comprises the entir ety of the Company’s core optioned claim
block (2,800 acres; 11.3 km 2) and is open in all directions f or expansion. The target is sh allow,
predominantly above bedrock depths of 600 metres, and is approximately 450 metres thick. The total basin
within which the target is situated is estimated to be approxim ately 10,900 acres of which the Company
now controls 8,714 acres.
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 2 - Conceptual basin model illustrating the theoretical location of borehole JP22-01 with respect to the deposition
anticipated in a geologic setting as that of Clayton Valley. The stratigraphic column on the left, taken from Pure Energy’s
Preliminary Economic Assessment, shows the stratigraphy of borehole CV-8, located in a similar position within the Clayton Valley
basin. The general stratigraphy of CV-8 consisted of lacustrine sediments (clays, silts) overlaying a zone of sand and conglomerate
where superior grades of lithium were identified which is similar to the stratigraphy observed in JP22-01.
Qualified Person
The technical content of this news release has been reviewed an d 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”).
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
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Exchange under the symbol USHA, the OTCQB Exchange under the sy mbol 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.
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.