Usha Resources Ltd (TSX-V:USHA) has announced the resumption of drilling activities at its flagship Jackpot Lake Lithium Brine Project and the initiation of exploration at its six lithium pegmatite projects in Ontario.
The company said it plans to commence drilling on June 1, 2023, using a larger and more powerful drill rig, which will allow for deeper exploration and sampling.
The drilling program aims to develop and sample each of the JP22-01 and JP22-02 holes to a depth of 2,000 feet, expanding on the previously identified higher-porosity sand and conglomerate zones believed to contain potential brines.
Usha Resources is focused on sampling these zones, as they are essential for the expansion of lithium resources at Albemarle's Silver Peak Lithium Brine Mine and Pure Energy's Clayton Valley Project.
Recent soil samples collected at JP22-02 have shown the highest grades of lithium at the project, with grades reaching as high as 820 parts per million (ppm) in shallow soils. The average lithium content of the thirty samples was 334 ppm, confirming the high enrichment of lithium in the project area.
These results are significantly higher than the historical average and compare favorably to the lithium content in the Esmeralda Formation, a potential source of lithium enrichment in the Clayton Valley.
Deepak Varshney, CEO of Usha Resources, expressed excitement about the resumption of drilling operations with the larger rig, highlighting the importance of exploring to a depth of 2,000 feet to enhance the understanding of the mineral potential at Jackpot Lake.
In addition to the Jackpot Lake project, Usha Resources said it has initiated exploration activities at its six lithium pegmatite projects in Ontario. The exploration program includes prospecting, mapping, and sampling to identify priority targets for a future drilling program.
CEO Varshney noted that the Ontario lithium pegmatite projects offer significant exploration potential, being situated in geological settings known for hosting substantial lithium mineralization. Usha Resources is committed to exploring and developing these promising lithium pegmatite projects in Ontario.
The Vancouver-based company is focused on acquiring and developing battery and precious metal properties with high-upside potential. Its portfolio includes projects in Nevada, Ontario, and Arizona.
Contact the author at jon.hopkins@proactiveinvestors.com