Anson beats historic lithium results by 25% with resource expansion nigh at Paradox project
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Anson Resources is one of many companies to enjoy the fruits of this year’s lithium boom, though it has run hardest since the announcement of a massive expansion of its resource at the Paradox Lithium Project in Utah in August.
But more expansion is on the cards after drilling in the Mississippian Units at the Cane Creek 32-1 Well, not included in the current Paradox resource, returned lithium grade 25% higher than historic results.
It sets up Anson (ASX:ASN) to deliver yet another major uptick in lithium resources at Paradox, where it is sourcing lithium and bromine rich salts from brines in a historic oil field.
The most recent results came in at 101ppm lithium and 3294ppm bromine through the entire drilled zone of the Mississippian Units at Cane Creek 32-1 Well.
Average grades from the Eastern Strategy resource expansion drilling at Cane Creek and Long Canyon were 145ppm Li and 3544ppm Br, with the similar grades between these and the Clastic Zones indicating a possible connection between the two.
The brines are similar in nature to those previously sampled from the Clastic Zones, where an indicated and inferred resource has already been estimated.
Paradox contains 788,300t of lithium carbonate equivalent and 3.523Mt of bromine, with 239,000t and 1.192Mt respectively in the higher indicated resource category, an increase of 324% and 378% for each measure.
Results from the Cane Creek expansion program will be used to grow that number even further.
Like the US of A itself, Anson is planning to head west, setting a new exploration target for the Mississippian supersaturated brine for its Western Expansion Strategy at Paradox.
Approval was granted for the drilling program last week to re-enter the Mineral Canyon Fed 1-3 and Sunburst 1 Wells.
Anson has posted an ET of 2.095-2.561Bt of brine at 108-200ppm Li and 2000-3000ppm Br for 1.116-2.723Mt LCE and 4.191-7.684Mt of bromine.
It is believed the supersaturate brines in the Mississippian Units have a similar minerals composition to previously assayed brines in the Paradox Formation clastic zones used in previous resource estimates.
The limestones and dolomites in southeastern Utah are noted for “vuggy”, small cavities in rock, and intracrystalline porosity.
Drilling tools have been lost down cavernous porous zones in drill well files, indicating high porosity zones, something required for the storage of brines.
The massive brine aquifer in the Mississippians Units through the Paradox Project has a thickness of between 70-170m and is around 500m below the clastic zones.
This article was developed in collaboration with Anson Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.