USHA RES LTD - USHAF STOCK NEWS

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF, FSE:JO0) has significantly expanded its Jackpot Lake Lithium Brine Property by staking 302 new claims, increasing its land position to 442 claims over 8,714 acres. The project reveals a strong geophysical anomaly indicating potential lithium resources, with current drilling suggesting significant lithium presence. CEO Deepak Varshney expressed optimism regarding the strategic expansion, likening the site to the geologic setting of Albemarle's Silver Peak Lithium Mine. Further exploration aims to define a 43-101 resource amid environmental and operational challenges inherent in the mining sector.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has commenced drilling its second borehole, JP22-2, at the Jackpot Lake Lithium Brine Property in Clark County, Nevada. This follows the completion of JP22-1, which confirmed the presence of lithium at grades up to 300 ppm. The drilling program aims to define a 43-101 resource and assess the high porosity zones containing potential lithium brine. The target area comprises 2,800 acres and is similar geologically to Albemarle's Silver Peak Lithium Mine. With a total permitted depth of 2,700 meters, the company is strategically positioned for future expansion.

Usha Resources Ltd. (TSXV: USHA; OTCQB: USHAF) announced successful drilling at its Jackpot Lake Lithium Brine Property, confirming lithium presence in shallow soils and a higher-porosity sand-conglomerate zone. The hole JP22-1 was drilled to a depth of 1,723 feet, with lithium grades up to 300 ppm in surface soils, supported by historical data reflecting an average of 175 ppm. The project is located in Clark County, NV, and spans approximately 2,800 acres. Additionally, evaporitic crystallization was confirmed at depths of up to 1,629 feet, indicating favorable conditions for lithium brine formation. The company is advancing its second drill hole following this encouraging initial outcome.

Usha Resources Ltd. has received final court approval for the spin-out of its subsidiary, Formation Metals Inc. Following a plan of arrangement, USHA shareholders will receive shares of FMI based on their holdings, with completion dependent on certain conditions. Additionally, drilling at the Jackpot Lake Lithium Brine Project is set to resume shortly, aiming for a target depth of approximately 600 meters. Updates on the exploration program are expected in January and February 2023.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) announced that its shareholders have approved the spin-out of its subsidiary, Formation Metals Inc. (FMI), during the annual general and special meeting held on December 16, 2022, with 99.76% voting in favor. Each USHA shareholder will receive one FMI share for every five USHA shares owned. FMI will manage the Nicobat Nickel Project, while USHA focuses on its Jackpot Lake Lithium Brine Project. The transaction awaits final approvals expected in January 2023, which are necessary for completion.

Usha Resources Ltd. (USHAF) announces progress at its Jackpot Lake Lithium Brine Project, with drilling currently at 250 meters. The exploration has revealed zones of evaporite crystals, indicating a brine-forming environment, along with sandy and gravel zones that enhance porosity for potential resource evaluation. Historical soil samples show elevated lithium levels, suggesting high brine concentrations. The project’s geologic setting resembles Albemarle's Silver Peak Mine, boosting USHA's prospects for lithium production as demand increases under the Biden Administration's mineral requirements.

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) announced that drill contractor Harris Exploration has joined its technical team for the Jackpot Lake Lithium Brine Project. The company plans to drill 2,700 meters across six holes, aiming to define a 43-101 resource. The project site, located 35 km northeast of Las Vegas, shows promising geological characteristics similar to Albemarle's Silver Peak lithium mine. With over 60 years of experience, Harris Exploration is set to begin drilling operations within an estimated 8-10 week timeframe.

Usha Resources Ltd. (USHA, USHAF) has filed an information circular for a special meeting on December 16, 2022, to approve a plan of arrangement with Formation Metals Inc. (FMI). Upon completion, USHA shareholders will receive one FMI share for every five USHA shares owned, while retaining their USHA shares. This arrangement aims to separate USHA's interests in the USA from the Nicobat Nickel Project, allowing focused development. The arrangement is subject to shareholder and regulatory approvals. The company anticipates drilling at the Jackpot Lake Lithium Brine Project to begin shortly.

Usha Resources Ltd. has secured an Interim Order from the Supreme Court of British Columbia to hold a special meeting for a proposed Arrangement with Formation Metals Inc. (FMI). This arrangement allows USHA shareholders to receive shares in FMI, contingent upon shareholder approval on December 16, 2022. Upon completion, USHA will focus on its US-based assets, including the Jackpot Lake lithium project, while FMI will prioritize its nickel project in Ontario. Completion relies on conditions including shareholder and regulatory approvals.