Usha Resources Receives Approval of Notice of Intent to Drill Jackpot Lake Nevada Lithium Brine Project
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Usha Resources Receives Approval of Notice of Intent to Drill Jackpot Lake Nevada Lithium Brine
Project
Vancouver, British Columbia / September 12, 2022 – 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 announce that it has received a letter of approval u nder a "Notice of Intent" ("NOI") from the
United States Bureau of Land Management (BLM) for USHA's near term drill program at its Jackpot Lake
lithium brine project. A US$45,985 bond has now been submitted to the BLM to cover reclamation of up
to 1.27 acres of permitted disturbance.
The NOI covers a 6-hole, 2,700-metre program with a maximum dep th of approximately 600 metres and
focuses on the most prospective lithium brine targets as define d by geophysical work, in addition to drill
road access and site preparation.
USHA is in the final stages of preparing for the upcoming drill program and will provide updates in the
coming weeks as the project moves towards drill mobilization.
Deepak Varshney, CEO of Usha Resources stated: “U SHA is very excited to have begun our journey at
Jackpot Lake and capitalize on our geographical advantage on US soil. We believe that this project is part
of the journey we will need to take in North America to secure a domestic supply of lithium and commencing
exploratory drilling is the next step in achieving our Company goal to become a top-tier North American
lithium producer. 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 tota l 2,800 acres. The project is exploring a
“playa” which appears to be w ithin a closed basin that may cont ain potentially lithium-rich brines. The
geologic model is similar to that of Albemarle’s Silver Peak Ne vada 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 bri ne due to successive evaporation and
concentration events.
The Company has permitted 2,700 metres over 6 holes and intends on commencing its maiden drill program
this fall with the goal of defining a 43-101 resource. USHA’s current and ongoing program at Jackpot Lake
is operated by Rangefront Mining Service, a local Nevada firm w ith personnel that specialize in the
planning and execution of lithium brine exploration, including resource estimation.
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.
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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.
Figure 1 – Topographic map of the Jackpot Lake Lithium Brine Pr oject with MT survey results o verlain. Resistivities of
<2.7 ohm-metres are interpreted to be potentially higher concentration brines and between 2.7 and 5.0 ohm-metres to be potentially
moderate concentration brines.
Qualified Person
The technical content of this news release has been reviewed an d approved by Mr. Seth Cude, P.G., RM,
M.Sc., CASS, a qualified person as defined by National Instrume nt 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.
Suite #400 – 1681 Chestnut Street, Vancouver, BC V6J 4M6
www.usharesources.com
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.