Join our daily newsletter At The Bell to receive exclusive market insights
- Anson Resources (ASN) delivers new high concentrations of lithium and bromine from its drilling at the Long Canyon No. 2 well at the Paradox lithium project in Utah
- The company believes the additional results will increase the project’s indicated and inferred resources
- Once drilling at the Cane Creek 32-1 and Long Canyon No. 2 wells is completed, Anson plans to upgrade the resource which will include the “Eastern” component of the expansion strategy
- The upgraded resource will be included in the definitive feasibility study that is currently being completed
- Shares in Anson are up 9.09 per cent to trade at 12 cents at 10:43 am AEST
Anson Resources (ASN) has delivered new high concentrations of lithium and bromine from its drilling at the Long Canyon No. 2 well at the Paradox lithium project in Utah.
The company anticipates that these additional results will lead to an increase in the project’s indicated and inferred resources at the southern end of the project area.
Best results comes from the Clastic zones include 97 parts per million (ppm) lithium, 88 ppm bromine in Zone 33 at 11 feet thick and 240 ppm lithium, 4115 ppm bromine in Zone 31 at 18 feet thick.
The results are said to be similar to those of the previously sampled Clastic zones from other wells included in the existing Paradox JORC resource.
The resource expansion drilling campaign is said to be focused on delivering a significant resource upgrade and incorporates separate “Eastern” and “Western” expansion strategies.
Anson has planned to update the resource once the current drilling campaign at the Cane Creek 32-1 and Long Canyon No. 2 wells are completed which will include the “Eastern” component of the expansion strategy.
Additionally, the company has planned to further expand the Paradox resource by re-entering historical holes in the western areas of the project.
Anson said the “Western” expansion strategy has the potential to deliver a significant further increase in resource tonnages and grades.
The upgraded resource will be included in the definitive feasibility study that is currently being completed.
Shares in Anson were up 9.09 per cent to trade at 12 cents at 10:43 am AEST.
