Usha Resources Ltd (TSX-V:USHA) said it has staked 302 claims totalling 5,914 acres surrounding the 140 optioned claims at its Jackpot Lake Lithium Brine Property, effectively more than tripling the total land it controls within the Dry Lake basin.
The total footprint of the project now comprises 442 mineral claims with a total area footprint of approximately 35.3 square kilometres (km2) or 8,714 acres.
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.
READ: Usha Resources starts drilling second hole at Jackpot Lake Lithium Brine Project
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 km2) 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 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.
Usha is now drilling the second hole of its program 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, its sand and conglomerate zone was identified to contain a large volume of brine with superior grades.
In a statement, 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," he added.
Usha’s Jackpot Lake Lithium Brine Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada. 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 parts per million (ppm) with a high of 550 ppm.
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.
Usha Resources 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.
Contact the author at jon.hopkins@proactiveinvestors.com