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Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that drilling of the targeted Mississippian Units at the Long Canyon No. 2 well at the Paradox Lithium Project (the Project) in Utah, USA, has delivered a further 87% increase in lithium grade over the most recent reported assays at the Project.
Highlights:
- Anson has delivered a further 87% increase in Lithium assay grade in drilling of the targeted Mississippian Unit at the Long Canyon No. 2 well at its Paradox Lithium Project
- Drilling returned an average assay grade of 187ppm Lithium and 3,793ppm Bromine through the entire drilled zone compared to recently reported 100ppm Li
- Lithium and bromine grades are also significantly higher than the maximum grade range used in the Project’s Exploration Target
- The assay results confirm the Mississippian Units’ massive, supersaturated brine aquifer is lithium and bromine rich
- The brines are similar to those of the previously sampled Clastic Zones where the Project’s existing Indicated and Inferred JORC Resource has been estimated
- Drilling is progressing on the Cane Creek 32-1 well to sample the Mississippian brines, which is designed to increase the JORC resource
- Mississippian Units within historic wells on the western side of the Project (‘western strategy”) are to be re-entered and drilled to further expand the Paradox Resource
Anson recently completed drilling at Long Canyon No. 2 as part of its ongoing resource expansion drilling program at the Project. First assay results from this targeted drilling were announced earlier this month, and returned an assay value of 100ppm lithium – collected at the top of the Mississippian unit (see ASX announcement 11 July, 2022).
The Company is now pleased to advise that results of all four brine samples from the recent drilling into the Mississippian units at Long Canyon No. 2 have been returned and have delivered an average assay value of 187ppm lithium (and 3,793ppm bromine).
See Table 1 for sample assay results from the recent drilling at Long Canyon No. 2.
This assay grade represents an 87% increase on the first assay value from the recent drilling (100ppm lithium), and a 134% increase on the only historical lithium value recorded at the Project (80ppm lithium). They are also higher than the maximum lithium grade range used in the Exploration Target for the Mississippian Units (140ppm) (summarised in Table 2).
Table 1: Assay results from sampling the Mississippian Unit from the Long Canyon Unit 2 well.
The Mississippian Units host a massive brine aquifer with a thickness of between 70m to 170m. It is situated approximately 500m below the clastic zones that have been used to calculate the existing Indicated and Inferred JORC resource estimate.
The ability to now include assay results from the Mississippian Units provides the opportunity to significantly expand the Paradox resource in Anson’s planned upcoming resource upgrade for the Project.
Paradox Exploration Target
The Project has an Exploration Target for the Mississippian supersaturated brines of 1.3Bt – 1.8Bt of brine grading 80 – 140ppm Li and 2,000 – 3,000ppm Br (see ASX announcement April 6, 2021) (summarised in Table 2). The maximum assay ranges in the Exploration Target are 140ppm Li and 3,000ppm Br, which are significantly lower than the latest laboratory assay results reported in this announcement - average grade of 187ppm Li and 3793ppm Br.
The latest assay results may indicate a connectivity between the Mississippian and Paradox Formation Clastic zones due to the Robert’s Rupture geological feature, which has resulted in the Mississippian rocks being faulted against the Paradox salt beds near the Long Canyon No. 2 well.
Table 2: The Mississippian Units Exploration Target Range with brine & grade variables.
The Exploration Target figure is conceptual in nature as there has been insufficient exploration undertaken on the Project to define a mineral resource for the Mississippian Units. It is uncertain that future exploration will result in a mineral resource.
The Mississippian Units for the entire Project area are currently only included as an Exploration Target in the JORC estimate (See Announcement 6 April 2021).
This Exploration Target was calculated by an independent third party and used data generated during previous oil and gas-focused drilling programs. The review identified several wells within the Project area that have been drilled into the Mississippian Units. They included Long Canyon No1, Long Canyon Unit 2, Coors USA 1-10LC, White Cloud 1, Big Flat Unit 5 and Mineral Canyon Fed 1–3, see Figure 2.
In addition to these wells, numerous other wells that abut the project area have been drilled into or through this limestone unit. These include holes such as Big Flat 1, 2 and 3, the locations of which are shown in Figure 1.
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This article includes content from Anson Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
ASN:AU
Anson Resources: Developing a Near-Term Clean Energy Project in Utah
Anson Resources (ASX:ASN) focuses on the resources necessary to meet the energy demands of the future. The company’s flagship project, the Paradox Lithium Project, has the potential to become a world-class lithium producer and is located near Tesla’s massively productive gigafactory in the United States. Additional projects target nickel, copper, and uranium.
The company's flagship Paradox Project is located in Utah, a mining-friendly and politically stable jurisdiction. The asset holds significant lithium brine deposits, and the company has identified an extraction method that has delivered an extraction rate of 91.5 percent. This technique calls for passing the lithium through the resin, which captures the resin, and can then be separated from the resin with water. From that state, it can be processed into lithium carbonate. The company is currently undertaking a major JORC resource expansion drilling program, the results of which will feed into a Detailed Feasibility Study being carried out by global engineering firm, Worley.
Company Highlights
- Anson Resources is focused on developing its flagship project, the Paradox Lithium Project, into a significant lithium producing operation.
- The company is currently undertaking a major JORC Resource expansion program at Paradox, which will form part of a Detailed Feasibility Study which is being undertaken by leading global engineering consultants, Worley.
- The Paradox Project contains multiple lithium brine targets, and the company has identified an extraction method that produces an impressive return rate of 91.5 percent. Also, the project’s Direct Lithium Extraction (DLE) method is expected to deliver significant ESG benefits
- In addition, the project’s brine also contains bromine, creating a valuable second potential revenue stream for the asset.
- Anson Resources’ other projects target nickel, copper, vanadium and uranium. The company aims to supply energy markets with the mineral resources necessary to power the future.
- The company has an experienced management team with a mix of technical, corporate and commercial skills driving the project towards its ambitious goals.
This Anson Resources company profile is part of a paid investor education campaign.*
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
