Usha Resources Announces Issuance of Shares for Jackpot Lake

Usha Resources Announces Issuance of Shares for Jackpot Lake

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, announces that it has issued 745,033 common shares (the "Shares") at a deemed price of $0.302 per Share to Ares Strategic Mining Inc. (the "Vendor"), which price is based on the Company's 10-day VWAP

The issuance of the Shares to the Vendor represents the second payment required pursuant to the option agreement dated March 17, 2022, as amended, (the "Option Agreement") entered into with the Vendor for the acquisition Jackpot Lake, located in Clark County, Nevada. The Shares are subject to a hold period of four months and one day. The Shares issued were fewer than the maximum of 937,500 Shares, being the cap included in the Option Agreement, as the Company's 10-day VWAP of $0.302 was above the 10-day VWAP at the time of signing the Option Agreement. The third payment will need to be made on or before March 17, 2023.

The Company intends on satisfying the $1,000,000 work commitment through the expenditures from its upcoming maiden drill program of which USHA is in the final stages of preparing. The Company will provide updates in the coming weeks as the project moves towards drill mobilization.

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.
Usha Resources Ltd., Wednesday, September 14, 2022, Press release picture

Figure 1 - Topographic map of the Jackpot Lake Lithium Brine Project with MT survey results overlain. Resistivities of

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.



View source version on accesswire.com:
https://www.accesswire.com/716010/Usha-Resources-Announces-Issuance-of-Shares-for-Jackpot-Lake

News Provided by ACCESSWIRE via QuoteMedia

USHA:CA
The Conversation (0)
Usha Resources Logo

Usha Resources

Exploring Battery Metal Assets in Mining-Friendly Jurisdictions

Exploring Battery Metal Assets in Mining-Friendly Jurisdictions Keep Reading...
Bold Ventures Closes $378,000 Non-Brokered Flow-Through Private Placement

Bold Ventures Closes $378,000 Non-Brokered Flow-Through Private Placement

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce the closing of a non-brokered private placement offering of the Company for 4,200,000 Flow Through Units (the "FT Units") at a price of $0.09 per FT Unit (the "FT Offering"). The Offering was fully subscribed for... Keep Reading...
Finlay Minerals Announces Grant of Stock Options

Finlay Minerals Announces Grant of Stock Options

finlay minerals ltd. (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF) ("Finlay" or the "Company") announces that it has granted an aggregate of 2,725,000 stock options of the Company (each, a "Stock Option") to certain directors, officers, employees and consultants of the Company. Each Stock Option entitles... Keep Reading...
Copper Quest Completes Positive Alpine Due Diligence and Increases Private Placement

Copper Quest Completes Positive Alpine Due Diligence and Increases Private Placement

// Not for distribution to the United States newswire services or for dissemination in the United States // Copper Quest Exploration Inc. (CSE: CQX,OTC:IMIMF; FRA: 3MX) (" Copper Quest " or the " Company ") is pleased to announce that it has completed its positive due diligence of the... Keep Reading...
Canadian Investment Regulatory Organization Trade Resumption - SMN

Canadian Investment Regulatory Organization Trade Resumption - SMN

Trading resumes in: Company: Sun Summit Minerals Corp. TSX-Venture Symbol: SMN All Issues: Yes Resumption (ET): 8:00 AM CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and... Keep Reading...
Phase 2 drilling commences at Mt Solitary gold prospect

Phase 2 drilling commences at Mt Solitary gold prospect

Mount Hope Mining (MHM:AU) has announced Phase 2 drilling commences at Mt Solitary gold prospectDownload the PDF here. Keep Reading...
Sun Summit Announces Non-Brokered Private Placement of up to $7 Million

Sun Summit Announces Non-Brokered Private Placement of up to $7 Million

Sun Summit Minerals Corp. (TSXV: SMN,OTC:SMREF) (OTCQB: SMREF) ("Sun Summit" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") of up to 50,000,000 charity flow-through shares of the Company (each, a "Charity FT Share") at a price of $0.14 per... Keep Reading...

Latest Press Releases

Related News