Anson flying towards lithium resource upgrade at Paradox
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Anson’s Long Canyon No.2 well continues to deliver more rewards with testing of the clastic zones returning high concentrations of lithium and bromine.
Results such as 18ft (5.49m) grading 240 parts per million lithium and 4,115ppm bromine in Clastic Zone 31 and 46ft at 114ppm lithium and 4,092ppm bromine in Clastic Zone 17 are similar to previously sampled clastic zones from other wells that are included in the resource estimate for the Paradox lithium project in Utah.
However, the assays from the five clastic zones tested in the Company’s current drilling campaign at Long Canyon No.2 are not part of the existing resource estimate, and are expected to be included in a major upgrade that Anson Resources (ASX:ASN) expects to deliver shortly.
This is especially true as, while the individual clastic zones vary between layers, they are generally consistent across the project area for a particular zone.
The assays add to the well delivering strong flow rates of up 180 barrels of brines per hour – a 165% jump from the original recorded flow rate, which provides further confidence about the project’s ability to produce the lithium-rich brine without the need for pumping.
Free-flowing brines have the potential to not only reduce the cost of extraction but also increase the producible life at Paradox.
The “Eastern” component of Anson’s resource expansion strategy will be completed following its current drilling of Cane Creek 32-1 and Long Canyon No. 2. It then plans to further expand the Paradox resource by re-entering historical holes in the western areas.
These areas are currently under either the initial Indicated category or conceptual exploration target classifications.
Testing the clastic zones in these wells, where there are no recorded assays, could deliver a significant further increase in resource tonnage and grade. Paradox currently has a resource of 186,000t of lithium carbonate equivalent.
The upgraded resources will be included in the definitive feasibility study that is currently being completed.
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.