Diversified minerals company Anson Resources Limited (ASX: ASN) (Anson, the Company) is pleased to provide the following update on its activities for the period ending 30 June 2022.


Highlights:

Paradox Lithium Project, Utah, USA
  • Drilling at the Long Canyon No. 2 well has delivered new, high concentrations of Lithium and Bromine from the Clastic Zones at Paradox Lithium Project:
    • 97ppm Li, 882ppm Br in Clastic Zone 33 (11ft thick)
    • 240ppm Li, 4,115ppm Br in Clastic Zone 31 (18ft thick)
    • 111ppm Li, 4,112ppm Br in Clastic Zone 29 (18ft thick)
    • 111ppm Li, 4,022ppm Br in Clastic Zone 19 (38ft thick)
    • 114ppm Li, 4,092ppm Br in Clastic Zone 17 (46ft thick)
  • Anson reported an average assay grade of 187ppm Lithium and 3,793ppm Bromine through the entire drilled Mississippian Unit compared to recently reported 100ppm Li collected at the top of the Mississippian Unit.
  • Consistent high pressures (3,785psi) within the priority Mississippian Unit (Leadville and Madison Formations) in its recently completed Resource definition-focused drilling at the Long Canyon No. 2 well.
  • The high pressure, porosity and permeability is expected to deliver continual flow at the extraction well location over the proposed life of mine at Paradox
  • Discovery of historical diamond core now being tested for porosity and specific yield will deliver significant cost and time savings for the planned Resource upgrade as new core will not be required.
  • Recent re-entry logs and historic drilling data will be consolidated into an updated production flow model for the Paradox Project.
  • Drilling has now progressed to the high-priority Cane Creek 32-1 well.
  • Anson plans to confirm a major Resource upgrade on completion of its current drilling campaign at the Long Canyon No. 2 and Cane Creek 32-1wells.
  • Anson has expanded the Paradox Lithium Project via the staking of 556 new claims on the western edge of the Project area. This strategic expansion increases the total Project area by 36% to 167km2 of contiguous tenure.
  • Detailed Feasibility Study for a lithium plant continued to be advanced by Worley and will incorporate the planned Resource upgrade.
Corporate
  • 6,460,780 ordinary shares issued during the quarter following the exercise of unlisted options at $0.08685 per share.
  • Strong balance sheet with $5.72 million cash on hand at the end of the quarter.

Anson has a portfolio of minerals projects in demand-driven commodities, led by its core asset, the Paradox Lithium Project (Project) in Utah, USA. It is focused on developing the Project in to a significant lithium producing operation.

Paradox Lithium Project, Utah

During the quarter, the Company maintained its core focus on its Resource expansion drilling programs, which are designed to deliver a significant resource upgrade at Paradox. This will support a Detailed Feasibility Study (DFS) and the development of the Project into a substantial lithium producing asset. Anson intends to use these results to further discussions with prospective off-take partners.

Resource Expansion Program

Anson’s resource expansion strategy is focused on:

  • increasing the existing JORC 2012 estimates both vertically and horizontally at existing targets across the Project area, and
  • defining resources at new claims to be added adjacent to the Paradox Project.

Click here for the full ASX Release

This article includes content from Anson Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

ASN:AU
Anson Resources

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