Anson Reports Major Resource Upgrade 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 compliant Mineral Resource estimate (Mineral Resource) for its Paradox Lithium Project (Project) in Utah, USA.

Highlights:

• Major Mineral Resource upgrade confirmed at Paradox Lithium Project;
  • 788,300t of Lithium Carbonate Equivalent (LCE) and 3.523Mt of Bromine, including;
    • Indicated Resource of 239,000t of LCE and 1.192Mt of Bromine; and
    • Inferred Resource of 549,300t of LCE and 2.331Mt of Bromine
• The upgraded Mineral Resource represents;
  • 324% increase on previously reported Lithium Resource*; including
  • 378% increase in Indicated Resource on previously reported Resource*; and
  • 248% increase on the previously reported Bromine Resource*.
• Substantial further Mineral Resource expansion potential;
  • Upgraded Mineral Resource only calculated from drilling at Long Canyon No. 2 well;
  • Resource expansion drilling includs Cane Creek 32-1 well however the well is not included in this upgraded Resource – results to be included in future Resource upgrade; and
  • ‘Western Expansion’ strategy also due to commence, including newly discovered Mississippian units – results to be included in future Resource upgrade
• The Mineral Resource upgrade will be incorporated in the Project’s DFS currently being completed by Worley for release in the near future

*The Previous Mineral Resource was published on 30 March 2021.

The delivery of the Mineral Resource upgrade represents a significant achievement in the development pathway of the Project, and it will now be incorporated into the Project’s Detailed Feasibility Study (DFS) which is being finalised by global engineering group, Worley, for release in the near future.

The new, upgraded Mineral Resource is;

• 788,300 tonnes of lithium carbonate equivalent (LCE) and 3,523,000 tonnes of bromine, including;
  • Indicated Resource of 239,200 tonnes of LCE and 1,192,000 tonnes of bromine; and
  • Inferred Resource of 549,300 tonnes of LCE and 2,331,000 tonnes of bromine

A summary of the JORC Compliant 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 resources by aquifer is shown in Table 2. The Resource does not take into account potential replenishment of the brine zones.

The new, upgraded Mineral Resource represents;

• a 324% increase on the previously reported Lithium Mineral Resource*; including
• a 248% increase on the previously reported Bromine Mineral Resource*.
• a 378% increase in the Indicated Resource on the previously reported Lithium Mineral Resource*; and

*The Previous Mineral Resource was published on 30 March 2021.

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