Usha Resources More Than Triples Land Position at its Jackpot Lake Lithium Brine Project in Nevada
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Usha Resources More Than Triples Land Position at its Jackpot Lake Lithium Brine
Project in Nevada
Vancouver, British Columbia / February 16, 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 lithium and other battery and precious
metal projects, is pleased to report that the Company has staked 302 claims totalling 5,914 acres surrounding
the 140 optioned claims at its Jackpot Lake Lithium Brine Prope rty (“Project”), effectively more than
tripling the total land it controls within the Dry Lake basin. The total footprint of the Project now comprises
442 mineral claims with a total area footprint of approximately 35.3 km2 or 8,714 acres.
The prospective lithium brine Project target is a strong conductive geophysical anomaly that was identified
through gravity and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys. The
CSAMT survey defined a strong co nductive anomaly that comprised the entirety of the Company's initial
optioned claim block (2,800 acres; 11.3 km 2) that was open in all directions for further Project expansion .
The target is shallow, predominantly above bedrock depths of 600 metres, and is approximately 450 metres
thick. The Company has now staked all strategic available basin acreage surrounding its core claims.
Current drill program findings (see Usha Resources’ news releas e dated February 7, 2022 ) have
demonstrated the potential for a significant lithium discovery, subsequently motivating the Company to
stake the additional land within the basin to secure the projec tion of the aforementioned geophysical
anomaly.
The Company is now drilling the second hole of its program (see Usha Resources’ news release
dated February 14, 2022) and will incorporate the findings of its initial two holes to help identify and target
higher porosity zones comprised of sand and conglomerate within the staked claims. As per the Preliminary
Economic Assessment (PEA) complete d by Pure Energy Minerals for their Clayton Valley project, their
sand and conglomerate zone was identified to contain a large volume of brine with superior grades.
Deepak Varshney, CEO of Usha Resources, commented: "Drilling to date has provided support that the
Jackpot Lake lithium brine target is in a similar ge ologic setting to that of Clayton Valley which hosts
Albemarle’s Silver Peak Nevada Lithium Mine, th e only producing lithium mine in North America.
Considering what we’ve seen from our initial drill ho le, and given the fact that an expansive claim block
open in all directions is now firmly under our contro l, we are optimistic in thinking that we may have
discovered an untapped lithium deposit. Securing this l and quickly, therefore, made strategic sense as it
will allow us to drill throughout the basin with a fo cus on high-porosity sand-conglomerate zones that we
believe are potential game changers for our share holders and for delivering a transformational 43-101
resource.”
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
Figure 1 - Plan view of the Jackpot Lake basin. Gravity contours are overlain on topography along with the findings of the CSAMT
survey. Usha’s core optioned claims are shown in red while the newly staked claims are in bolded red. JP22-1 was drilled along
Line 2 adjacent to the “south lobe” of the basin; JP22-2 will be drilled along Line 5 within the “north lobe”.
All new claims still require final approvals from the Bureau of Land Management.
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
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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.
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
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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
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.