Usha Resources Announces Arrival of Drill Rig to the Jackpot Lake Lithium Brine Project

Highlights:

The Company has permitted 2,700 metres over six holes and intends to commence its maiden drill program with the goal of defining a 43-101 resource.

The Project target has a geologic setting similar to that of Albemarle’s Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America, and 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. 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 claim block (2,800 acres; 11.3 km 2 ) and is open in all directions for expansion. The target is shallow, predominantly above bedrock depths of 625 meters, and is approximately 450 metres thick. The total basin within which the target is situated is estimated to be approximately 10,900 acres.

Harris Exploration will carry out the drilling operations, having now mobilized one drill rig onto the Property. Harris Exploration has over 60 years of successful drill exploration experience with particular expertise drilling in Nevada specifically for Clayton Valley-style lithium brines and in lithium brine testing.

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 1 - 3D model of Usha’s Jackpot Lake interpreted lithium brine target. The interpreted geophysical target with borehole locations overlain on the local topography produced using Maptek Vulcan. The surrounding formations of the Muddy Mountains are theorized to be the source of lithium present in the area. The shell shown in yellow comprises geophysical results indicating resistivities of <5ohm metres

USHA’s drill program will mark the first drill testing of this property. USHA will be highlighting individual target areas and keeping investors informed as key milestones are reached throughout the campaign, expected to last 8 -10 weeks.

“Site preparation is well underway, and we’re taking swift but measured steps with respect to seeing this drill program succeed. Lithium is the metal of the future and represents an essential transitioning resource, especially in North America, where demand growth is strong, but supply constraints are notable,” said Deepak Varshney, CEO of Usha Resources. “It’s clear that a few juniors need to step up and be successful in order to keep pace with projected lithium needs. USHA’s team has an exceptionally strong grasp of the Jackpot Lake project, and we are committed to following proper protocol to make this maiden drill program a success.”

Figure 2 - View of road mud system truck to be used for Usha’s drill program at the Jackpot Lake Lithium Brine Project with on-going pad construction site preparation in the background.

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 km 2 ).

The geologic model 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.

The Company has permitted 2,700 metres over 6 holes and intends on commencing its maiden drill program with the goal of defining a 43-101 resource.

The project target is an approximately 5 x 2 kilometre anomaly identified based on the following work 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. 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.