Usha Resources - Now Drilling Jackpot Lake!

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2022Dec 8

Drilling is underway at Usha Resource's Jackpot Lake Project in Nevada. See more information below! 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). USHA'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. With its goal of sourcing a new domestic supply of lithium, USHA's six-hole, 2,700-metre program will focus on prospective targets that geophysical surveying suggests are highly concentrated brines located relatively near the surface. The project target comprises the entirety of the Company's claim block and is an approximately 11.3 km2 anomaly, open in all directions for expansion, that has been identified based on the following work that suggests the presence of a highly concentrated brine with the potential to contain lithium:

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. The present average grade for Albemarle's project is approximately 121 ppm.
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.

The technical content 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").