Anson Paradox extends lithium project tenure by 36%
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With testing confirming the ability of its Paradox project to flow lithium brines without pumping, Anson has moved to expand its footprint by 36% to 167km2.
The staking of 556 new claims on the western edge of the project area comes as the company prepares to execute the western component of its resource expansion strategy by re-entering and drilling the Mineral Canyon Fed 1-3 and Sunburst 1 wells.
Anson Resources’ (ASX:ASN) expansion strategy is aimed at converting existing Inferred resources and exploration targets into Indicated and Inferred resources.
Historical oil drilling has already provided Anson with confirmation that supersaturated brines are present on the western side of the Paradox project area.
The eastern component of its resource expansion strategy is now being completed with the drilling of the Cane Creek 32-1 well.
The newly pegged claims are located west of the Mineral Canyon Fed 1-3 and Sunburst 1 wells and will be included in the planned JORC resource upgrade subject to the success of the re-entry drilling program.
Should the two wells confirm the extension of the lithium-rich brines to the western end of the project, Anson may increase the resource area of influence to 3km in the Clastic Zone 31 and the Mississippian units.
This would deliver a significant milestone to the project resources, and result in a significant part of the project area being classified in the Indicated Resource category.
Recent testing of the Long Canyon No.2 well had delivered strong flow rates of up to 180 barrels of brine per hour, up 165% from the original recorded flow rate, while assays confirmed high concentrations of lithium and bromine from both the Clastic Zone 31 and Clastic Zone 17.
This proves the ability of the brine reservoir to flow without the use of pumping, which has the potential to not only reduce the cost of extraction but also increase the producible life at Paradox.
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.