• Usha Resources (USHA) announced that drilling is underway at its Jackpot Lake Lithium Brine Property
  • The drill is at the 250-metre level, and the team has found multiple zones of evaporite crystals as interbeds, veining, and inclusions and sandy and gravel zones at depth
  • The team has gathered enough information to conclude that the basin setting and accumulation of minerals is similar to the geologic setting for Albemarle Corp.’s (NYSE:ALB) Silver Peak Nevada Lithium Mine
  • Deepak Varshney, CEO of Usha Resources, sat down with Sabrina Cuthbert to discuss the news
  • Usha Resources Ltd. (USHA) opened trading at C$0.28 per share

Usha Resources (USHA) announced that drilling is underway at its Jackpot Lake Lithium Brine Property.

The drill is at the 250-metre level, and the team has found multiple zones of evaporite crystals as interbeds, veining, and inclusions and sandy and gravel zones at depth. The company believes that evaporite crystals mean this is a brine-forming environment, as the crystallization of evaporites would not occur in a freshwater system. The sandy and gravel intervals are zones of high porosity and have been earmarked as targets for pumping tests for future resource evaluation.

Source: Usha Resources Ltd.

So far, the team has gathered enough information to conclude that the basin setting and accumulation of minerals is similar to the geologic setting for Albemarle Corp.’s (NYSE:ALB) Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America.

Deepak Varshney, CEO of Usha Resources, sat down with Sabrina Cuthbert to discuss the news.

USHA’s Jackpot Lake Lithium Brine Property is located within Clark County, 35 km northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 11.3 km2. Modelling indicates that the project target comprises the entirety of the company’s claim block.

Usha Resources Ltd. is a Canadian mineral acquisition, and exploration company focused on the development of battery and precious metal properties.

Usha Resources Ltd. (USHA) opened trading at C$0.28.


More From The Market Online
Bulldozers building dams at a mine site.

Victoria Gold might never recover from Yukon mine disaster

Victoria Gold will likely be dealing with last month's 300-million-litre cyanide spill at its Eagle mine in the Yukon for years to come.
Hole Ranger 01, core boxes 51 & 52 showing mineralized interval 225.5 to 234.48m of granitoids crosscutting massive gabbrodiorite.

Sienna significantly increases size of Saskatchewan gold project

Sienna Resources (TSXV:SIE) significantly increases its acreage on the Stonesthrow Gold Project in Saskatchewan.
A large mining truck driving out of a tunnel.

Eric Sprott confirms conviction in Jaguar Mining with latest buy

Eric Sprott buys 750,000 Jaguar Mining (TSX:JAG) shares for C$2,625,000, signalling continued conviction in one of his largest investments.