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Usha Resources Acquires Drill-Ready Lithium Project in Nevada
VANCOUVER, BC / ACCESSWIRE / March 31, 2022 / Usha Resources Ltd. ("USHA" or the "Company")...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Acquires Drill-Ready Lithium Project in NevadaVANCOUVER, BC / ACCESSWIRE / March 31, 2022 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSX-V:USHA)(OTCQB:USHAF) is pleased to announce that it has entered into a mineral property option agreement (the \"Option Agreement\" or \"Transaction\") with Ares Strategic Mining Inc. (the \"Vendor\") of Vancouver, British Columbia, whereby the Company has been granted the exclusive option to acquire a 100% interest in 140 mineral claims located in Jackpot Lake, Clark County, Nevada (the \"Property\").The Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a \"playa\" which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle's Silver Peak Nevada Lithium Mine which has operated continuously since 1966, and Iconic Mineral's Bonnie Claire Project, which recently released a Preliminary Economic Assessment report (PEA) that indicates 40-year mine with an after-tax NPV8% of 1.5 billion, 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.Figure 1 - Left, location of Jackpot Lake. Right, aerial image of the \"playa\".The project is considered to be \"drill-ready\" based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body o...