Usha Resources Ltd (TSX-V:USHA) announced that its drill contractor, Harris Exploration, has completed a site visit to review drill locations and has told the company that it will mobilize a drill rig shortly and begin construction of access roads and drill pads in preparation for the start of drilling for Usha's near-term drill program at its Jackpot Lake lithium brine project in Nevada.
The mineral acquisition and exploration company noted it has permitted 2,700 metres over six holes with the goal of defining a 43-101 resource through drilling the geophysical target at Jackpot Lake, where historical work suggests the presence of a highly-concentrated brine.
“With our geographical advantage on US soil, we believe that this project is part of the journey we will need to take in North America to secure a domestic supply of lithium and commencing exploratory drilling is the next step in achieving our company goal to become a top-tier North American lithium producer,” Usha Resources CEO Deepak Varshney said in a statement.
READ: Usha Resources begins exploration work at Jackpot Lake lithium brine project in Nevada
“With a well-funded treasury, we anticipate the coming months to be extremely active and we look forward to a busy and productive field season at Jackpot Lake as we also proceed with our other catalysts including the Nicobat Nickel spinout,” Varshney added.
The company added that the project's geologic model is similar to that of Albemarle's Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America, which has operated continuously since 1966, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
Vancouver-headquartered Usha Resources has a portfolio of strategic properties, which comprise Jackpot Lake, a lithium project in Nevada, Nicobat, a nickel-copper-cobalt project in Ontario along with Lost Basin, a gold-copper project in Arizona.
Contact Sean at sean@proactiveinvestors.com