Drilling at Jackpot Lake will use a larger, more powerful drill rig for the first time to deepen successful holes JP22-01 and JP22-02 to bedrock at approximately 600 meters. Usha hopes this will significantly extend the previously measured intercepts of the higher porosity sand and conglomerate zones where it believes the best potential brines are located. The Company notes that it has not yet received further assay results from the first hole and that samples submitted to the assay laboratory are still being analyzed.
The average value of 334 ppm Li in thirty samples collected to date demonstrates that the soils in the Jackpot Lake closed basin are highly enriched in lithium. By comparison, average values in the so-called Esmeralda Formation, which is one of the major sources of lithium enrichment in the Clayton Valley brines, are 100 ppm. Albemarle's Silver Peak lithium brine mine and Pure Energy/Schlumberger's project are located there.
Deepak Varshney, CEO of Usha Resources Ltd commented, "We are very pleased to announce the resumption of drilling with a larger drill rig. By exploring to a depth of 2,000 feet, we aim to gain a more comprehensive understanding of the mineral potential in our project area, further improving the overall resource estimate and feasibility of the Jackpot Lake project."
Six lithium pegmatites in Ontario on the agenda
In parallel with the work in the U.S., the company has begun exploration of its 300 km² lithium pegmatite portfolio in Ontario. The exploration work covers six of the Company's lithium pegmatite projects in Ontario, named White Willow, Lee Lake, Mead, Bluett, Gathering Lake and Triangle Lake, all of which have significant potential for lithium mineralization in the region. The initial focus is to identify priority targets for drilling in the fall, particularly at White Willow, which has been shown to host a prolific lithium-cesium-tantalum system containing coarse-grained tantalite crystallization found only elsewhere in Ontario: the North Aubrey pegmatite at Green Technology Metals' (GT1) Seymour Lake project, where GT1 has identified a resource of 9.9 million tonnes at 1.04% Li2O.
Deepak Varshney, CEO of Usha Resources Ltd. added, "Each of these projects offers significant exploration opportunities as they are located in highly prospective geological areas known to host significant lithium mineralization."
Figure 1: Regional map showing the location of Usha's lithium pegmatite portfolio relative to other significant projects in the region.
Summary: In the future competition for the top ranks among North American lithium explorers, what matters most is size and speed, and good access to capital. Usha Resources is well positioned for this competition: The Jackpot Lake lithium brine project just outside Las Vegas is expected to deliver a maiden resource this year. The project benefits from the increasing visibility of the Clayton Valley lithium brine projects (Silver Peak and Pure Energy) and has the potential for a Clayton Valley 2.0 because of its strong analogues. The project portfolio in Ontario has grown rapidly to a substantial 300 km². All projects have been carefully selected geologically and logistically. Unlike gold deposits, for example, lithium pegmatites can be found quickly and are easy to test. Already first good results could move the share. The first drillings are already planned for fall. We need companies with this speed!
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