Usha Resources Ltd (TSX-V:USHA) revealed its progress at the Jackpot Lake lithium brine property, with the second hole of its drill program having reached the 1,755 feet level.
Usha’s exploration team has reported a high-porosity zone of sand followed by conglomerate which has been identified beginning at 1,533 feet, according to a statement.
Additionally, the company said that it is also “actively reviewing opportunities” to acquire and develop new lithium projects with a focus on Ontario and Quebec.
READ: Usha Resources confirms brine-forming environment with second drill hole at Jackpot Lake lithium project
As for exploration, Usha said it continues to encounter similar stratigraphy to the core observed from the first hole with the identification of a partially cemented sand zone beginning at 1,533 ft and a conglomerate zone beginning at 1,697 feet.
Reaching this sand-conglomerate zone is a high priority for the program as it should contain the greatest porosity within the basin aquifer, the company told shareholders.
Similar to the Preliminary Economic Assessment (PEA) completed by Pure Energy Minerals for its Clayton Valley project, their sand and conglomerate zone was identified to contain a large volume of brine with superior grades, Usha said.
Usha CEO Deepak Varshney told investors that the company is pleased with the drilling completed so far in JP22-2, its second hole.
"Demonstrating continuity within the first two drill holes of our project is a key finding that continues to support that Dry Lake, within which Jackpot is hosted, is a similar geologic setting to that of Clayton Valley,” Varshney said.
“The information identified continues to help us build our model of the basin and we look forward to seeing the stratigraphy within the rest of our second hole as drilling continues."
New acquisitions on the horizon
Meanwhile, Usha’s acquisition strategy is continuing. The firm said it is reviewing opportunities in Ontario and Quebec that, if completed, would be complementary to Jackpot Lake as they would add "hard-rock" lithium assets to its portfolio.
Advanced negotiations are taking place for specific projects in proximity to both Green Technology Metals' Seymour Lake lithium deposit - which is estimated to contain 2-3 million tons of 1.25% lithium, and the prolific CV Lithium Trend which contains Patriot Battery Metals' Corvette lithium discovery in the James Bay District of Quebec, the company told investors.
"Ontario and Quebec are rapidly emerging as major centres of lithium exploration and development comparable to some of the largest districts globally based on the occurrence of several deposits and recent discoveries," Varshney added.
"We believe there is a high probability that there will be additional discoveries throughout the province given the early stage of exploration in most areas. We believe we are well-positioned to participate in this emerging sector of exploration in North America and accordingly, we have undertaken a review of properties that are of interest."
Vancouver-based 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 Angela at angela@proactiveinvestors.com
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