Nevada Set to Become Lithium Capital of America as Industry Heats Up
FN Media Group Presents USA News Group News Commentary
VANCOUVER, BC, Feb. 8, 2023 /PRNewswire/ -- USA News Group - The domestic lithium scene is heating up in the desert of Nevada, as the state makes a strong pitch to become the Lithium Capital of America. Hundreds of millions of dollars are flowing into the state, including a $700 million government loan into a Nevada lithium mine, and a $650 million investment by General Motors Company (NYSE:GM) into Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) and its upcoming Thacker Pass Lithium Mine. There are several developments occurring at the same time within Nevada's lithium scene, including expansions from Tesla, Inc. (NASDAQ:TSLA) (NEO:TSLA), ongoing production from Albemarle Corporation (NYSE:ALB), and the continual development of the Jackpot Lake lithium brine project of Usha Resources (TSXV:USHA) (OTCQB:USHAF).
Comprised of 140 mining claims totaling 2,800 acres, Usha Resources's (TSXV:USHA) (OTCQB:USHAF) Jackpot Lake project is located only 35km NE of Las Vegas, and was previously classified as a "drill-ready lithium brine project" targeting an underground lake with a total closed basin of approximately 10,900 acres—as identified by gravitational surveying.
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According to 3D modeling contained in a previous statement from the company, Usha's geophysical target is open for expansion in all directions towards the margin of the basin it's situated within—leaving an opportunity for the company to expand its holdings should it see value in scaling up its operation.
Now Usha has announced the completion of its first hole on the project, and confirmed that Jackpot Lake has a similar geologic setting to that of Clayton Valley, which hosts the Silver Peak Nevada Lithium Mine of Albemarle Corporation (NYSE:ALB), which to-date is still the only producing lithium mine in North America.
"The significance of evidence supporting the geologic setting coupled with the geological similarities and notable proximity to the sole domestic producer of lithium in the United States bodes well for USHA's future potential – both near and long-term," said Deepak Varshney, CEO of Usha Resources. "We have been very pleased with the findings of our maiden drilling program."
Usha has essentially just finished drilling a hole that goes 1,723ft deep into the ground that found that there are some special rocks that show that the area used to have a lot of water, known as evaporitic crystallization. The company also found a layer of sand and rocks identified as "higher porosity zone comprised of sand and conglomerate with evaporite crystallization" that have a lot of space for water, and this is an important discovery because it means that water can easily move into this space.
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