Usha Resources Finalizes Jackpot Lake Lithium Brine Drill Program Team

Rhea-AI Summary

Usha Resources Ltd. (OTCQB: USHAF) has finalized its drilling team for the Jackpot Lake lithium brine project in Nevada, aiming to commence a drill program soon. The program, led by expert geologist Michael Rosko and Harris Exploration Drilling, will focus on defining a maiden resource compliant with 43-101 standards. The Jackpot Lake project consists of 140 mineral claims over 2,800 acres, showing potential for lithium-rich brines based on previous geological assessments. Drilling is expected to begin shortly after Harris' current contract ends.

Positive

• Finalized an experienced drilling team for Jackpot Lake.
• Michael Rosko has over 30 years of expertise in lithium brine projects.
• Harris Exploration has a strong 60-year history in drilling, particularly in Nevada.
• The Jackpot Lake project covers 2,800 acres with evidence of potentially concentrated lithium brines.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 11, 2022 / Usha Resources Ltd. 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 the finalized team for its near-term drill program at its Jackpot Lake lithium brine project (the "Project") in Nevada.

• Qualified Professional: Michael Rosko
• Drilling Company: Harris Exploration Drilling and Associates Inc. ("Harris Exploration")

Michael Rosko is a professional geologist with over 30 years of experience, spending significant time assessing aquifer conditions in arid environments throughout the southwestern United States and South America. He has 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.

Harris Exploration has over 60 years of successful drill exploration experience spanning across the Americas, with particular expertise drilling in Nevada specifically for Clayton Valley-style lithium brines and in lithium brine testing.

Deepak Varshney, CEO of Usha Resources stated: "We are thrilled to partner with Michael Rosko and Harrison Exploration and bring a top-notch team together for Jackpot Lake drilling. Mike brings a wealth of experience with majors including resource estimation at top-tier projects for Millennial Lithium and Lithium Americas. We believe having a team member of his caliber will make a positive impact as we work towards our goal of defining a 43-101 maiden resource at Jackpot Lake. We are also very pleased to welcome and announce Harris Exploration as our drilling partners. Pat Harris has been drilling lithium brine and claystone exploration holes in the Clayton Valley for many years. They are a very well-regarded and experienced company. This is a special program and we have hired the very best there is."

Drilling at the Project is anticipated to begin in the coming weeks and will commence immediately following completion of Harris' current contract for the scheduled rig.

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 (approximately 11.3 km²). 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 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 with 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 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.

Figure 1 - Topographic map of the Jackpot Lake Lithium Brine Project with MT survey results overlain. 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 and approved by Mr. Seth Cude, P.G., RM, M.Sc., CASS, 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.

SOURCE: Usha Resources Ltd.

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FAQ

What is Usha Resources Ltd.'s focus regarding the Jackpot Lake project?

Usha Resources Ltd. focuses on developing drill-ready lithium brine projects, specifically targeting a maiden resource estimate at Jackpot Lake.

When is drilling expected to begin at the Jackpot Lake project?

Drilling at the Jackpot Lake project is anticipated to begin in the coming weeks, following the completion of Harris Exploration's current contract.

Who is leading the drilling team for Usha Resources Ltd.?

The drilling team is led by experienced geologist Michael Rosko and the drilling contractor Harris Exploration Drilling.

What are the key findings at the Jackpot Lake lithium brine property?

Key findings include an average lithium value of 175 ppm from core samples and identification of a closed basin critical for lithium brine concentration.

What is the significance of the 43-101 resource estimate for USHAF investors?

Defining a 43-101 resource estimate is significant for USHAF investors, as it validates the lithium potential of the Jackpot Lake project and can enhance the company's market value.