Anson Completes Resource Drilling at Cane Creek 32-1 Well

Anson Resources Limited (ASX: ASN, ASNOC) (Anson or the Company) is pleased to announce that its resource definition drilling at the Cane Creek 32-1 well has been completed at the Paradox Lithium Project in Utah, USA (the Project), and that initial assay results have confirmed the Project’s further resource expansion potential.

Highlights:

• Drilling completed at the Cane Creek 32-1 well and assays are pending
• Initial assay result of 108ppm Li from the 29.6m thick Clastic Zone 43 is 40% higher than average grade of Clastic Zones 17, 19, 29 and 33 included in the recent upgraded JORC resource
• Exploration drilling confirms the additional Clastic Zones contain a supersaturated brine
• Final results from the remaining Clastic Zones and Mississippian units assays are pending and will provide a significant further potential resource upgrade
• The supersaturated brines are similar to those of the previously sampled Clastic Zones where an Indicated and Inferred JORC Resource has already been estimated
• Results from the Cane Creek drilling will be included in a future JORC resource update

Drilling at Cane Creek successfully targeted additional Clastic Zones 43, 45, 47, 49 and 51, and the Mississippian units approximately 500m below the clastic zones.

The drilling program confirmed that the majority of the clastic zones contain lithium-rich supersaturated brines. This will provide numerous targets when further drilling programs commence and provide significant resource upside potential for the project moving forward.

The first assay result was from Clastic Zone 43, which has a thickness of 29.6m (97ft) and returned 108ppm Li (Table 1). This is 40% higher than the average grade of Clastic Zones 17, 19, 29 and 33 included in Anson’s recently reported upgraded JORC resource at the Paradox Project (ASX announcement, 22 August 2022). The assay results from the remaining clastic zones and Mississippian units at Cane Creek are pending.

It is also be noted that a number of these additional clastic zones are much thicker than the zones previously sampled and used in the recent JORC resource upgrade. The extra thickness in the new clastic zones has the potential to deliver a large increase in a further planned mineral resource upgrade, which will incorporate results from the Cane Creek drilling.

The assay data and samples collected from these horizons will provide additional geological information on the brine horizons in the project area which can be sampled in future exploration programs.

Background and Rationale

The supersaturated brine samples from the drilled zone were sent to SGS North America (Oil, Gas and Chemical Division) in Texas, where all the samples from Anson’s previous drilling programs at Paradox have been sent.

This massive brine aquifer in the Mississippian Units have a thickness between 70m to 170m and is situated approximately 500m below the clastic zones. The exploration program at the Cane Creek 32-1 well did not drill completely through the Mississippian units, and at the completion of the drilling program it was still open at 121.3 metres (398 feet).

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