Usha Resources Initiates Expanded Exploration Program at Jackpot Lake Lithium Brine Project
Usha Resources Initiates Expanded Exploration Program at Jackpot
Lake Lithium Brine Project
VANCOUVER, BC
,
June 22, 2022
/CNW/ -
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, is pleased to
announce that it has begun exploration work at its Jackpot Lake Lithium Brine Project in
Clark County, Nevada
. The Company has contracted Rangefront
Mining Services to provide geological services and now plans to increase the scope of its maiden drilling program.
The upcoming program is focused on sourcing a domestic supply of lithium in
Nevada
in line with President Biden's initiative:
"To help make electric vehicles work, we need also to increase the production of lithium-ion batteries and we need responsible and sustainable domestic
sourcing of the critical materials used to make lithium-ion batteries such as lithium, cobalt, nickel, and graphite," infrastructure implementation coordinator
and senior Biden adviser
Mitch Landrieu
told reporters on
May 2, 2022
.
Program Highlights:
Rangefront Mining Services, a local
Nevada
firm, has been retained to provide geological services
Permitting process now underway following a successful site visit from USHA's technical team to review drill sites for the construction of access
roads and drill pads in preparation for drilling
USHA has increased the anticipated scope of the drill program to 2,700 metres over 6 holes
Plans to commence drilling in late summer / early fall (pending permit approvals)
Drill program is fully financed as USHA has recently completed an oversubscribed private placement for gross proceeds of
$2,895,401
(
https://bit.ly/3tOdqUu
)
The Company is pleased to announce that a site visit has been completed at the Jackpot Lake Lithium Brine project and that permitting for its maiden
drilling program is underway. The purpose of the visit was to assess the Site to review drill sites for the construction of access roads and drill pads in
preparation for drilling.
Rangefront Mining Services (Rangefront), a local
Nevada
firm, has been selected to provide geological services for the design, execution, and
management of exploration work at Jackpot Lake. Rangefront is a comprehensive geology and mining consulting firm with personnel that specialize in
the planning and execution of lithium brine exploration, including resource estimation, as the Company works towards its goal of completing a 43-101
resource estimate by Q4 of 2022 (
https://bit.ly/3tD9ndz
).
Furthermore, based on its review and discussion with Rangefront and the successful completion of its oversubscribed private placement for gross
proceeds of
$2,895,401
, the Company has elected to increase the planned scope of its maiden drilling program from 900 metres over 3 holes to 2,700
metres over 6 holes to better define a 43-101 resource. Pending permit approvals, the Company anticipates commencing drilling in the late summer,
early fall.
Deepak Varshney
, CEO of Usha Resources stated: "USHA is very excited to have begun our journey at Jackpot Lake and capitalize on our
geographical advantage on US soil and to partner with the team at Rangefront. We believe they are the right team to work with and their engagement
will provide us with consistency and accessibility to a variety and depth of innovative approaches that will accelerate our goals. With a well-funded
treasury, we anticipate the remainder of 2022 to be an extremely active year 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. 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 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 samples 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 gravitational 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.
Corporate Video
The Company is also pleased to premiere its corporate introduction video, which allows shareholders and the general public to meet
Deepak Varshney
,
CEO of USHA, and learn about the Company and its project. The video can be accessed at the Company's homepage and at the following link:
https://youtu.be/3rCA9SjUpps
.
Corporate Presentation
Click image to play video
Qualified Person
The technical content of this news release has been reviewed and 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 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 Varshney" CEO and Director
For more information, please call
Tyler Muir
, Investor Relations, at 1-888-772-2452, email
, 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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SOURCE
Usha Resources Ltd.
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CO: Usha Resources Ltd.
CNW 07:00e 22-JUN-22