Anson Delivers Additional High Lithium Results in Drilling at Paradox Lithium Project

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that high concentrations of lithium and bromine have been reported from the recent drilling at the Long Canyon No. 2 well at the Company’s Paradox Lithium Project in Utah, USA (the Project).

Highlights:

• Drilling at the Long Canyon No. 2 well has delivered new, high concentrations of Lithium and Bromine at Paradox Lithium Project in Utah, USA
• New, high Lithium (Li) and Bromine (Br) results comes from the Clastic Zones at Long Canyon No. 2:
  • 97ppm Li, 882ppm Br in Clastic Zone 33 (11ft thick)
  • 240ppm Li, 4,115ppm Br in Clastic Zone 31 (18ft thick)
  • 111ppm Li, 4,112ppm Br in Clastic Zone 29 (18ft thick)
  • 111ppm Li, 4,022ppm Br in Clastic Zone 19 (38ft thick)
  • 114ppm Li, 4,092ppm Br in Clastic Zone 17 (46ft thick)
• The supersaturated brines are similar to those of the previously sampled Clastic Zones from other wells included in the existing Paradox JORC Resource
  
• The assays from the Clastic Zones are not part of the existing Paradox Resource estimate and will be included in the upcoming Resource upgrade
• Anson plans to confirm a major Resource upgrade on completion of its current drilling campaign at the Cane Creek 32-1 and Long Canyon No. 2 wells
• There is also scope for further Resource expansion via targeted drilling in the western areas of the Paradox Project
• The upgraded Resource will be included in the Definitive Feasibility Study currently being completed

These additional lithium and bromine values come from the Clastic Zones 17, 19, 29, 31 and 33 at Long Canyon No. 2, all of these zones have not been previously included in the existing JORC Resource estimate at the Project.

It is anticipated these additional assay results will result in an increase in the Project’s Indicated and Inferred Resources at the southern end of the Project area (see Figure 1).

Assays for the Clastic Zones at the Long Canyon No. 2 well are shown in Table 1, along with assays from the Cane Creek and Skyline wells. Anson plan to use these results from all of the Clastic Zone horizons and the Mississippian Units to upgrade the Project’s existing JORC Resource estimate (see ASX Announcement 11 May 2020).

Table 1: The assay results obtained for the Clastic Zones sampled in the Long Canyon Unit 2 re-entry.

Figure 1: Plan showing the AOI for Indicated and Inferred for the additional Clastic zones that will result from the assay results obtained from the Long Canyon Unit 2 re-entry.

Additional Resource Expansion Potential

Anson’s resource expansion drilling campaign is focused on delivering a significant resource upgrade at the Project and incorporates separate “Eastern” and “Western” expansion strategies.

The completion of the current phase of drilling at the Cane Creek 32-1 and Long Canyon No. 2 wells will constitute the completion in full of the “Eastern” component of the Resource expansion strategy.

The Company then plans to further expand the Paradox Resource by re-entering historic holes in the western areas of the Project, which are currently only classified as Inferred Resources or an Exploration Target (see Figure 1).

The execution of the “Western” expansion strategy has the potential to deliver a significant further increase in Resource tonnages and grades, from the additional Clastic Zones at the wells in this area, where there are no recorded assays.

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