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Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that it has successfully drilled additional new zones at the priority Cane Creek 32-1 well in its ongoing Resource expansion drilling program at its Paradox Lithium Project in Utah, USA (the Project).
Highlights:
- Anson has targeted four additional Clastic Zones at the priority Cane Creek 32-1 well in its ongoing Resource expansion drilling program at the Paradox Lithium Project
- The zones sampled contain supersaturated brines similar to the previously sampled Clastic Zones where a JORC Indicated and Inferred Resource has been confirmed
- Samples have been sent for quick turn-around laboratory analysis
- Results from the sampling of these additional Clastic Zones are to be included in future JORC Resource upgrades
Drilling has sampled additional Clastic Zones 41, 43, 45 and 47 after drilling through the old casing of the Cane Creek 32-1 well while drilling down to the Mississippian unit targets, see results in Table 1.
These additional sampled Clastic Zones have the potential to contribute to the upcoming Resource upgrade at Paradox and deliver new Indicated and Inferred Resources in these horizons which are not previously included in the Project’s existing JORC Resource or Exploration Target.
Table 1: The depths and thicknesses of the newly sampled clastic zones.
The assay results, if favourable, will confirm that multiple additional clastic zones contain lithium- rich supersaturated brines, see Table 2, in addition to the five previously sampled in Anson’s drilling programs (see previous ASX Announcements).
This assay data and rock chip samples from these new horizons will also provide additional geological information on the brine horizons in the Project area, which can be sampled in future exploration programs.
The brine samples have been sent to a nearby laboratory for a quick assay turnaround and have also been sent to SGS North America (Oil, Gas and Chemical Division) in Texas, where all samples from Anson’s previous drilling at the Project had been sent. The SGS laboratory specialises in brines which can be associated with the oil industry. The brine sample is fast-tracked so it can be determined what additional work should be carried out.
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Overview
Electric vehicles (EVs) are undergoing rapid consumer adoption, with a market expected to explode by a 24.5 percent CAGR between 2022 and 2028. Analysts expect EVs to create steadily-increasing lithium demand, with demand outpacing supply in 2022 and creating a deficit of 80,000 megatonnes. Mining companies that produce lithium likely won’t have any problems finding buyers.
The United States and Canada import most of their lithium to meet their ever-increasing needs. But that’s not for lack of deposits; both countries have significant lithium resources that have gone undeveloped. Fortunately, several companies are currently exploring and developing lithium assets in North America’s mining-friendly jurisdictions, such as Utah, USA and Quebec, Canada. Will new lithium producers create a North American supply chain that keeps up with demand?
Anson Resources (ASX:ASN) is an Australian-based mineral resources exploration and development company focusing on the resources necessary to meet the energy demands of the future. The company’s flagship Paradox Lithium project in Utah, a mining-friendly and politically stable jurisdiction, has the potential to become a world-class lithium producer within the massive emerging American EV battery industry. Anson has also expanded its strategic lithium project area in the Paradox Basin of Utah via the pegging of the Green River Lithium Project. It also has a portfolio of exploration assets prospective for nickel, copper and uranium.
Anson’s Paradox Lithium Project proposed extraction and purification plant
The Paradox Project 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 project hosts a substantial JORC mineral resource of 1.04 million tonnes of lithium carbonate equivalent (LCE) and 5.27 million tonnes of bromine. Anson is also undertaking a resource expansion program, and an upgrade to the mineral resource is proposed to be integrated into the Paradox project’s robust definitive feasibility study, which was completed in 2023.
Anson has a binding memorandum of understanding with leading direct lithium extraction (DLE) technology provider Sunresin to use its patented and proven DLE technology, which requires lower energy and water consumption, and in turn boosts the project’s ESG credentials. The agreement involves the development of a full-scale commercial lithium plant at the Paradox project.
The project also contains a significant bromine resource that may be extracted and processed as a valuable secondary product. Anson Resources has a non-binding memorandum of understanding with Tetra Technologies (NYSE:TTI) to help deliver brine production at Paradox.
The company’s management team has extensive relevant experience. Bruce Richardson, CEO and executive chairman, has held senior management positions in the private and public sectors for over 30 years. Greg Knox, executive director, has over 20 years experience as an exploration and mining geologist for companies. Michael van Uffelen, non-executive director, has over 30 years of experience in accounting, investments and corporate finance.
Company Highlights
- Anson Resources is focused on developing the Paradox Lithium Project into a significant lithium-producing operation.
- The project hosts a substantial mineral resource estimate of 1.04 million tonnes of LCE and 5.27 million tonnes of bromine, which will be integrated into the Paradox definitive feasibility study.
- The company is also undertaking a major resource expansion program at the project.
- 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 DLE method is expected to deliver significant ESG benefits.
- A binding memorandum of understanding with Sunresin to develop a full-scale commercial lithium plant using its patented and proven DLE technology at the Paradox project
- In addition, the project’s brine also contains bromine, creating a valuable second potential revenue stream for the asset.
- Definitive feasibility study, released in September 2022, confirms the Paradox project’s outstanding economics and ESG credentials for Phase 1 lithium development.
- Anson Resources has expanded its lithium footprint in the Paradox Basin, in Utah, with the strategic pegging of the Green River Lithium Project, just 50 kilometers from the Paradox Project
- Its 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 goals.
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Developing a Near-Term Clean Energy Project in Utah
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.*