Usha Resources Ltd. announced the resumption of drilling activities at its Jackpot Lake Lithium Brine Project ("Jackpot Lake") and the commencement of exploration at each of its six (6) lithium pegmatite projects in Ontario. Highlights: Drilling is anticipated to commence on or about June 1, 2023, with a larger, more powerful drill rig that should allow each of JP22-01 and JP22-02 to be developed and sampled to 2,000 feet in an expanded borehole, something that was not possible using the previous rig. The Company is advancing these holes as part of its fully financed maiden drill program with the goal of delivering a 43-101 resource estimate.

The Company presently has a working capital of approximately CAD 3 million inclusive of drilling costs for JP22-01 and JP 22-02. Drilling to 2,000 feet should allow the Company to greatly expand on the 99-foot and 273-foot intervals of the higher-porosity sand and conglomerate zones where it believes the best potential brines are present. Sampling this zone is a high priority for the project as the coarse-grained basal units are a primary focus for expansion at Albemarle's Silver Peak Lithium Brine Minei, the only domestic supplier of lithium within the US, and at Pure Energy's Clayton Valley Project, where they identified a large volume of brine with superior gradesii.

The work will build on the recent identification of the highest grades of lithium at the project at JP22-02, where grades as high as 820 ppm were identified in shallow soils (<500 ft). With an average of 334 ppm Li in the thirty samples collected, these results confirmed that the soils at Jackpot Lake are highly enriched in lithium. The highest lithium assay results are over four times the reported historical average and compare very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle's Silver peak Lithium Brine Mine.