Anson Delivers 1Mt LCE Mineral Resource at Paradox Lithium Project

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce a major upgrade to its JORC Code 2012 Mineral Resource estimate (Mineral Resource) at its Paradox Lithium Project (Project) in Utah, USA.

Highlights:

• Major Mineral Resource upgrade confirmed at Paradox Lithium Project;
  • 1,037,900t of Lithium Carbonate Equivalent (LCE) and 5.27Mt of Bromine, including;
    • Indicated Resource of 346,109t of LCE and 1.84Mt of Bromine; and
    • Inferred Resource of 691,800t of LCE and 3.43Mt of Bromine
• The upgraded Mineral Resource represents;
  • 24% increase on previously reported Lithium Resource*; including
  • 31% increase in Indicated Resource on previously reported Resource*; and
  • 33% increase on the previously reported Bromine Resource*.
• Project hosts substantial further Mineral Resource expansion potential;
  • ‘Western Expansion’ strategy due to commence, including newly discovered Mississippian units – results to be included in future Resource upgrade
  • Approval granted by the BLM to re-enter the ‘Western Expansion’ wells

*The Previous Mineral Resource was published on 22 August 2022.

The delivery of the Mineral Resource upgrade represents another significant achievement in the development pathway of the Project. It will be incorporated into the Detailed Feasibility Study (DFS) completed by global engineering group, Worley, and released to the market (see ASX Announcement 8 September 2022).

The new, upgraded Mineral Resource is;

• 1,037,900 tonnes of lithium carbonate equivalent (LCE) and 5,274,900 tonnes of bromine, including;
  • Indicated Resource of 346,109 tonnes of LCE and 1,840,000 tonnes of bromine; and
  • Inferred Resource of 691,800 tonnes of LCE and 3,434,900 tonnes of bromine

The new, upgraded Mineral Resource was estimated from Anson's recently completed drilling and sampling at the Cane Creek 32-1 well, and has been added to its recent Mineral Resource upgrade confirmed from drilling and sampling at the Long Canyon Unit 2 well (see ASX announcement 22 August 2022).

The new, upgraded Mineral Resource represents a;

• 24% increase on the previously reported Lithium Mineral Resource; including
• 31% increase in the Indicated Resource on the previously reported Lithium Mineral Resource; and
• 33% increase on the previously reported Bromine Mineral Resource.

A summary of the JORC 2012 Mineral Resource Estimate is presented in Table 1. Significant amounts of other minerals including Bromine (Br2), Boron (Boric Acid, H3BO3) and Iodine (I2) have also been estimated. A breakdown of the Mineral Resources by aquifer is shown in Table 2. The Resource does not take into account potential replenishment of the brine zones.

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