Lithium Land: Anson expands its footprint in Utah, Jindalee finds near-surface intercepts at McDermitt
Link copied to
Anson says it has strategically expanded its flagship Paradox Lithium-Brine Project in Utah via the grant of four additional blocks immediately adjacent to the project area by the Utah government.
The company’s subsidiary, A1 Lithium, has been granted four School and Institutional Trust Lands Administration (SITLA) blocks (over a squared area of 8.1km) highly prospective for lithium-rich brines neighbouring the project – that are the target of planned exploration program for future JORC resource upgrades.
The aim is to convert the additional tenure into JORC resources, and ultimately more tons of lithium.
Once drilling programs have been completed, Anson will seek to convert these areas into Indicated resources, starting in the east of the Paradox Project and progressing to the west.
Drilling at Jindalee’s McDermitt project in the US has delivered multiple near-surface lithium intercepts, including 29.0m of 1,801 ppm Li that included a 12.2m wide zone grading over 2,500 Li in drill hole MDRC021.
The company says this intercept is within 25m of surface and highlights the potential for enhancement of project economics through staged production as identified in the preliminary scoping study.
Plus, drill hole MDRC022 also reported a wide, shallow intercept of over 20m of lithium mineralisation, including 1.5m at 3,110ppm Li from surface.
Jindalee expects the results from diamond drilling completed in December to follow later in the quarter, with all results to be used to update the MRE in the June quarter – which currently sits at 1.43 Bt at 1,320ppm Li (0.28% Li2O) for a total of 10.1Mt of lithium carbonate equivalent.
Future RC drilling will focus on investigating the untested mineral potential across the western tenure and baseline environmental studies are expected to kick off in February.
The company has begun trading on the Frankfurt Stock Exchange under the symbol FZG, joining other dual listed lithium companies on the exchange like Neometals (ASX:NMT), European Metals (ASX:EMH) and Vulcan Energy Resources (ASX:VUL).
Executive director Gino D’Anna said the company is pleased to offer investors in Europe another platform on which to trade Askari shares.
“By listing on the FSE, the company intends to broaden its shareholder base and by accessing new markets, increase general liquidity of its shares,” D’Anna said.
Near term catalysts for the company’s lithium assets include initial exploration at the recently acquired Barrow Creek lithium project and the recently staked Yarrie lithium project – as well as continued exploration at the Red Peak lithium project.
The company says that exploration studies at its Dundas project in WA have highlighted “excellent prospectivity” including for lithium.
The project is in the Albany Fraser Orogen (AFO) and interpreted to occur along strike of the well-endowed Boulder Lefroy Fault Zone and the Zuleika Shear.
“Shree considers the Dundas tenements to be ideally located within a major regional structural corridor containing world class deposits of gold and lithium,” executive director Sanjay Loyalka said.
“Prospective mafic and ultramafic rocks and untested gold and base metal and silver drilling intersections and geochemical soil anomalies lay adjacent to major regional structures.”
“Their location in an under explored region leads Shree to rate the exploration potential of the project as very high.”
Liontown’s (ASX:LTR) Buldania Lithium Project is only 25 kms away, and Shree says the structural setting at Buldania resembles the same settings within its tenements, “highlighted by major regional structures, as suggested from aerial magnetic images.”
RAB and aircore drilling is planned in the southern portion of the tenement around and along strike of historical drillholes with recorded pegmatite intervals with RC drilling to follow.
The company has staked an additional 2,700 Ha of claims around its Mavis Lake project in Canada, which it says further validated its aggressive land acquisition strategy.
Critical Resources now holds a total land holding of ~6,500 Ha at Mavis Lake and ~1,600 Ha at Graphic Lake – with the company confident of “strong synergies” between the projects.
“Increasing our landholding around Mavis Lake is part of our strategy , allowing us to conduct additional exploration works, test any continuities in geology and importantly providing the ability to expand our exploration thesis in a highly prospective and emerging lithium region,” MD Alex Biggs said.
“We are excited to begin work at Mavis Lake. An aggressive work program has been planned towards meeting the milestone targets.”
Permitting for exploration at Mavis Lake is now underway.
At Stockhead, we tell it like it is. While Critical Resources is a Stockhead client, it did not sponsor this article.