{kanada_flagge}Encouraged by positive results from its initial drilling, Usha Resources Limited (TSX-V: USHA; OTCQB: USHAF; FWB: JO0), has more than tripled the size of its license for the Jackpot Lake lithium brine project, 35 kilometers northeast of Las Vegas, from 11.3 square kilometers to 35.3 square kilometers. This marks the staking of all strategically available areas of the basin surrounding the core prospecting rights, Usha announced today in a press release.
{kanada_flagge}Encouraged by positive results from its initial drilling, Usha Resources Limited (TSX-V: USHA; OTCQB: USHAF; FWB: JO0), has more than tripled the size of its license for the Jackpot Lake lithium brine project, 35 kilometers northeast of Las Vegas, from 11.3 square kilometers to 35.3 square kilometers. This marks the staking of all strategically available areas of the basin surrounding the core prospecting rights, Usha announced today in a press release.
The Company is currently drilling the second hole (JP22-2) of its six hole total program (see Usha Resources press release dated February 14, 2023). The first hole (JP22-1), analogous to Albemarle’s Silver Peak Lithium Brine Project and Pure Energy’s adjacent project in Nevada, had discovered a potentially pumpable sand and conglomerate zone near the bottom of the closed basin. In addition, recurrent deposits of evaporite salt crusts indicate favorable conditions for lithium brine formation. The water column in the underground lake above bedrock at a depth of about 600 meters was measured at 481 meters.
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Usha intends to jointly evaluate the results of the first two drill holes and will focus on zones of higher porosity. According to the preliminary economic assessment (PEA) conducted by Pure Energy Minerals for its Clayton Valley project, its sand and conglomerate zone contains an extensive volume of brine with excellent grades.
Deepak Varshney, CEO of Usha Resources, said, “Drilling to date has confirmed our view that the Jackpot Lake lithium brine target is in a similar geological setting to Clayton Valley, which hosts Albemarle’s Silver Peak Nevada lithium mine – the only producing lithium mine in North America. We believe we have discovered a new previously unknown lithium deposit at Jackpot Lake. Therefore, quickly securing the larger license area made sense from a strategic perspective.”
Figure 1: Plan view of the Jackpot Lake basin. Usha’s originally optioned license (11.3 km²) in the center is outlined in matte red, while the newly staked prospecting rights are shown in bold red. Also shown are the locations of well JP22-1 to the south and the current well JP22-22.7 kilometers to the north.
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