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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 --
InvestorsHub NewsWire -- 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
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 similar stratigraphy to the core observed from
first hole ("JP22-1"), where multiple zones of evaporite crystals
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
completed drill hole JP22-1, please see the
Company's news release dated February
7, 2023).
Furthermore, based on the evidence observed, the Company
believes that there is a strong potential for similar stratigraphy
to be observed within its newly staked claims 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).
Figure 1 - Images of core collected from JP22-2.
Multiple zones 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"
said Deepak Varshney, CEO of Usha Resources. "Demonstrating
continuity within the first two drill holes of our project 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. These evaporites show that the basin has undergone a long
geologic period of successive accumulation and concentration events
which is the model for deposition 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."
Jackpot Lake Lithium Brine Property
USHA's Jackpot Lake Lithium Brine Property is located within
Clark 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 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.
Considering the elevated lithium concentrations identified in
historic soil samples, 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 (<442 ft). The present average grade
for Albemarle's project is approximately 121 ppm.
Modelling indicates that the Project target comprises the
entirety of the Company's core optioned claim block (2,800 acres;
11.3 km2) and is open in all directions for expansion.
The target is shallow, 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
approximately 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 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 and
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 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 tmuir@usharesources.com, 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 information"
under applicable Canadian securities legislation. Such
forward-looking information reflects 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. Readers are cautioned
that such forward-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
available 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 expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, 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 future events could differ materially from those
anticipated in such statements.
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