Usha Resources Receives Approval of Notice of Intent to Drill Jackpot Lake Nevada Lithium Brine Project

Rhea-AI Summary

Usha Resources Ltd. (TSXV:USHA, OTCQB:USHAF) has received a Notice of Intent approval from the U.S. Bureau of Land Management for its Jackpot Lake lithium brine project. The approved drill program includes 6 holes and 2,700 meters of drilling aimed at identifying lithium-rich brines.

A US$45,985 bond has been submitted for site reclamation. The project is strategically located near Las Vegas, with existing data suggesting a highly concentrated brine presence. Usha aims to define a 43-101 resource and is gearing up for an active operational season.

Positive

• USHA received Notice of Intent approval from BLM, enabling drilling at Jackpot Lake.
• The project is strategically positioned near Las Vegas, enhancing its potential marketability.
• Drilling program will consist of 6 holes over 2,700 meters, targeting lithium-rich brines.
• Previous geological work indicates a promising presence of lithium brine.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 12, 2022 / 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 that it has received a letter of approval under 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 depth of approximately 600 metres and focuses on the most prospective lithium brine targets as defined 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: "USHA 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 total 2,800 acres. 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.

SOURCE: Usha Resources Ltd.

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FAQ

What does the Notice of Intent approval mean for Usha Resources (USHAF)?

The Notice of Intent approval allows Usha Resources to commence drilling at its Jackpot Lake lithium brine project, advancing its exploration efforts.

How much is the bond submitted for the Jackpot Lake project?

Usha Resources submitted a US$45,985 bond to cover the reclamation of 1.27 acres of permitted disturbance.

When will the drilling program at Jackpot Lake begin?

The drilling program is set to commence in the fall, as Usha prepares for mobilization.

What are the key objectives of the Jackpot Lake drilling program?

The main objective is to identify and define a 43-101 resource of lithium-rich brine.

What is the location of the Jackpot Lake lithium project?

The Jackpot Lake project is located approximately 35 kilometers northeast of Las Vegas, Nevada.