Usha Resources More Than Triples Land Position at its Jackpot Lake Lithium Brine Project in Nevada

The prospective lithium brine Project target is a strong conductive geophysical anomaly that was identified through gravity and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys. The CSAMT survey defined a strong conductive anomaly that comprised the entirety of the Company’s initial optioned claim block (2,800 acres; 11.3 km 2 ) that was open in all directions for further Project expansion. The target is shallow, predominantly above bedrock depths of 600 metres, and is approximately 450 metres thick. The Company has now staked all strategic available basin acreage surrounding its core claims.

Current drill program findings (see Usha Resources’ news release dated February 7, 202 3) have demonstrated the potential for a significant lithium discovery, subsequently motivating the Company to stake the additional land within the basin to secure the projection of the aforementioned geophysical anomaly.

The Company is now drilling the second hole of its program (see Usha Resources’ news release dated February 14, 202 3) and will incorporate the findings of its initial two holes to help identify and target higher porosity zones comprised of sand and conglomerate within the staked claims. As per the Preliminary Economic Assessment (PEA) completed by Pure Energy Minerals for their Clayton Valley project, their sand and conglomerate zone was identified to contain a large volume of brine with superior grades.

Deepak Varshney, CEO of Usha Resources, commented: “Drilling to date has provided support that the Jackpot Lake lithium brine target is in a similar geologic setting to that of Clayton Valley which hosts Albemarle’s Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America. Considering what we’ve seen from our initial drill hole, and given the fact that an expansive claim block open in all directions is now firmly under our control, we are optimistic in thinking that we may have discovered an untapped lithium deposit. Securing this land quickly, therefore, made strategic sense as it will allow us to drill throughout the basin with a focus on high-porosity sand-conglomerate zones that we believe are potential game changers for our shareholders and for delivering a transformational 43-101 resource.”

All new claims still require final approvals from the Bureau of Land Management.

Jackpot Lake Lithium Brine Property

USHA’s Jackpot Lake Lithium Brine Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 442 optioned and staked mineral claims that total 8,714 acres (approximately 35.3 km 2 ).

The Project’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. Considering the elevated lithium concentrations identified in historic soil samples, such events could theoretically concentrate lithium as rainwater passes through these materials, developing enriched brines at depths. The Company has permitted 2,700 metres over six holes and has commenced a maiden drill program with the goal of defining a 43-101 resource. The Project target 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. Samples from the first hole of its drilling program have identified lithium is present at a grade of up to 300 ppm within ten samples collected from shallow surface soils (<442 ft). 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 core optioned 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 600 metres, and is approximately 450 metres thick. The total basin within which the target is situated is estimated to be approximately 10,900 acres of which the Company now controls 8,714 acres.

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.