Usha Resources Ltd (TSX-V:USHA) has said it is poised for the start of the maiden Jackpot Lake lithium brine project drill program in Nevada, USA in a bid to define a 43-101 resource.
"Site preparation is well underway, and we're taking swift but measured steps with respect to seeing this drill program succeed," said Deepak Varshney, the CEO of Usha in a statement, noting that contractor Harris Exploration has joined the company's technical team onsite.
"Lithium is the metal of the future and represents an essential transitioning resource, especially in North America, where demand growth is strong, but supply constraints are notable. It's clear that a few juniors need to step up and be successful in order to keep pace with projected lithium needs. USHA's team has an exceptionally strong grasp of the Jackpot Lake project, and we are committed to following proper protocol to make this maiden drill program a success," Varshney added.
Modelling has indicated that the target at the project comprises all of the company's claim block, which spans 2,800 acres, or 11.3 square kilometres and is open in all directions.
READ: Usha Resources says drill contractor completes site visit at Jackpot Lake lithium brine project in Nevada
The target is shallow, predominantly above bedrock depths of 625 metres (m) and is around 450m thick. It also has a geologic setting similar to that of Albemarle's Silver Peak Nevada lithium mine, the only producing lithium mine in North America.
Usha noted that 129 core samples collected by the company at the project had shown an average lithium value of 175 parts per million (ppm) with a high of 550 ppm. The present average grade for Albemarle's project is around 121 ppm.
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.
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