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Usha Resources Announces Issuance of Shares for Jackpot Lake
VANCOUVER, BC / ACCESSWIRE / September 14, 2022 / Usha Resources Ltd. ("USHA" or the "C...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Announces Issuance of Shares for Jackpot LakeVANCOUVER, BC / ACCESSWIRE / September 14, 2022 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, announces that it has issued 745,033 common shares (the \"Shares\") at a deemed price of $0.302 per Share to Ares Strategic Mining Inc. (the \"Vendor\"), which price is based on the Company's 10-day VWAP.The issuance of the Shares to the Vendor represents the second payment required pursuant to the option agreement dated March 17, 2022, as amended, (the \"Option Agreement\") entered into with the Vendor for the acquisition Jackpot Lake, located in Clark County, Nevada. The Shares are subject to a hold period of four months and one day. The Shares issued were fewer than the maximum of 937,500 Shares, being the cap included in the Option Agreement, as the Company's 10-day VWAP of $0.302 was above the 10-day VWAP at the time of signing the Option Agreement. The third payment will need to be made on or before March 17, 2023.The Company intends on satisfying the $1,000,000 work commitment through the expenditures from its upcoming maiden drill program of which USHA is in the final stages of preparing. The Company will provide updates in the coming weeks as the project moves towards drill mobilization.Jackpot Lake Lithium Brine PropertyThe Jackpot Lake Lithium Brine 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, 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.The Company has permitted 2,700 metres over 6 holes and intends on commencing its maiden drill program this fall with the goal of defining a 43-101 resource. USHA's current and ongoing program at Jackpot Lake is operated by Rangefront Mini...