Anson continues on a tear with news of first lithium product from Utah project
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Anson Resources has produced first lithium carbonate from its Paradox project in Utah – news that sent the company’s shares up another 27 per cent this morning.
Battery-grade lithium carbonate (LCE) is used to make cathode material for lithium-ion batteries.
The junior explorer is up 1700 per cent since mid-August last year. It hit an intraday high of 18.5c this morning before closing Thursday at 16.5c.
Anson (ASX:ASN) told investors it has produced its first LCE product from the Cane Creek 32-1 brine during early precipitation test work.
The company says the data collected will be valuable in fine-tuning the production process to produce a battery grade LCE product and ultimately the production of a final in-field pilot plant design.
Anson used an alternative technology to what was proposed by Outotec and has had positive results.
This alternative production process used a newly developed technology that separated only the lithium from the Cane Creek brine using an absorption method.
Other minerals including boron, bromide, iodine and magnesium are not recovered using this process.
Anson said the alternative lithium extraction process could be used in conjunction with the Outotec process if it can improve production results and be financially beneficial.
This would allow the company to extract the lithium as well as the boron, bromide, iodine and magnesium.
Anson wants to fast track the Paradox project to production.
The company has also just successfully raised $2.5 million. The raise, managed by Hunter Capital, offered shares to new investors at 11c – a 24 per cent discount to the closing price of its shares on Monday.
The cash will be used to fund drilling to define a resource, produce sample product for testing by potential customers and metallurgical test work to determine the production process.