All Approvals Received For Western Strategy Resource Drilling At Paradox Lithium Project

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that all approvals have been received for the Company’s Western Strategy Mineral Resource drilling program at its Paradox Lithium Project (Project) in the Paradox Basin in south-eastern Utah, USA.

Highlights:

• Final approval received for the commencement of the Western Strategy Resource expansion drilling program at the flagship Paradox Lithium Project in Utah, USA
• Reclamation bond is the final step of the approval process and has been paid
• Anson will now commence its re-entry drilling and sampling program at the Mineral Canyon Fed 1-3 well and Sunburst 1 well
• The Western Strategy program is designed to deliver a substantial increase to the Paradox
• Project’s existing JORC Mineral Resource
• Drilling will target the lithium-rich brines of the Mississippian and Pennsylvanian aquifers

Anson advises that the requisite Reclamation Bond has been paid to the Utah State Treasurer, Division of Oil, Gas and Mining. This is the final approval required for the commencement of the Company’s Western Strategy drilling at Paradox, which will target the re-entry of the Mineral Canyon and Sunburst wells, see Figure 1, within the Project area.

Figure 1: A plan showing the Mineral Canyon and Sunburst wells in relation to known lithium values.

The Western Strategy drilling program is designed to convert the existing Inferred Resource and Exploration Target in the western region of the Project to Indicated and Inferred Resources (ASX announcements of 26 July 2021 and 26 January 2023).

Subject to favourable results, the re-entry program is expected to deliver a significant expansion of the Paradox Project’s existing JORC Mineral Resource of 1.04 Mt of Lithium Carbonate Equivalent (LCE) and 5.27 Mt of Bromine, (ASX announcement, 2 November 2022).

Background to the Western Strategy Resource Expansion Program

Sampling of the supersaturated brines from the Mineral Canyon well and Sunburst well in the Western region of the Project (Figure 1) will be tested for lithium (Li) and other minerals including bromine (Br), iodine (I) and boron (B), from the thick Missississippian limestone units and the shallower clastic horizons 33, 31, 29, 19 and 17.

Both wells are located less than 1,000m from known lithium-rich brines previously sampled in the “Big Flat” area during historic oil and gas exploration programs (Figure 1). All clastic zone and Mississippian horizons are continuous from those sampled during the successful initial Eastern Strategy drilling program.

Background to the Western Expansion Area Exploration Target

Anson has defined a significant Exploration Target for the Western Strategy at the Paradox Project. This was recently upgraded for both the Mississippian Units and the Pennsylvanian Paradox Units, based on the exploration program proposed and recently completed drilling (ASX announcement, 25 January 2023). The upgraded Exploration Target is shown below:

The Exploration Target for the Paradox Lithium Project’s Western Strategy consists of 2.10Bt – 2.56Bt of brine grading 108 – 200ppm Li and 2,000 – 3,000ppm Br.

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