New Lithium-Rich Horizons Discovered at Cane Creek 32-1 Well

Anson Resources Limited (ASX: ASN, ASNOC) (“Anson” or the “Company”) is pleased to announce it has discovered multiple new lithium-rich zones in its recently completed resource definition drilling at the Cane Creek 32-1 well at the Paradox Lithium Project in Utah, USA (the Project).

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Highlights:

• New lithium-rich super saturated brines discovered in Clastic Zones 43, 45, 47 and 49 in Resource-definition drilling at the Cane Creek 32-1 well, at the Paradox Lithium Project
  
• The new Clastic Zones were intersected during drilling to the deeper 121m thick Mississippian Units at Cane Creek - results from Mississippian Units are pending
• Assay result from Clastic Zones 43, 45, 47 and 49 average 100ppm Li - ~17% higher than average grade of Clastic Zones 17, 19, 29 and 33 included in the recent Resource upgrade
• The supersaturated brines are chemically similar to those of the previously sampled Clastic Zones in other wells which already have Indicated and Inferred JORC Resources
• Drilling is complete at Cane Creek and assays from the new Clastic Zones plus pending assays from the Mississippian units and are expected to deliver a significant further JORC Resource upgrade

Drilling at Cane Creek intersected lithium-rich brines in the additional Clastic Zones 45, 47, 49 and 51. This is in addition to the recently reported lithium-rich brines in Clastic Zone 43 at Cane Creek (ASX announcement, 14 September 2022).

These new Clastic Zones were intersected during Anson’s drilling to extend the well to the Mississippian units, approximately 500m below the clastic zones, see Table 1. The assay results from the 121-metre-thick Mississippian units at Cane Creek remain pending.

Table 1: The thicknesses & assays of the Clastic Zone horizons intersected at the Cane Creek 32-1 well.

The assay results from Clastic Zones 43, 45, 47 and 49 returned an average of 100ppm Li for the four horizons intersected, see Table 1. This is 17% higher than the average grade of the shallower Clastic Zones 17, 19, 29 and 33 from drilling at the Long Canyon No. 2 well, included in Anson’s recently reported upgraded JORC resource at the Project (ASX announcement, 22 August 2022).

These Clastic Zones are newly discovered as lithium rich supersaturated brines and have the potential to add tonnes to the Indicated and Inferred Resources, see Figure 1. It can be seen in this plan that the new discovery provides significant upside to convert existing Exploration Targets (yellow shade area) to Indicated and Inferred JORC estimates.

It is also be noted that a number of these additional clastic zones are much thicker than the zones previously sampled and used in the recent JORC resource upgrade. The extra thickness in the new clastic zones has the potential to deliver a large increase in a further planned mineral resource upgrade, which will incorporate results from the Cane Creek drilling.

The assay data and samples collected from these horizons, including drill chips collected during the drilling program, will also provide additional geological information on the brine horizons in the Project area which can be used in future JORC resource estimates and form targets for future exploration programs.

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