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Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce the strategic expansion of the Paradox Lithium Project (the Project) in the Paradox Basin, in south- eastern Utah, USA.
Highlights:
- Anson has expanded its flagship Paradox Lithium Project in Utah via the strategic addition of 586 claims that abut the north-western edge of the Project area
- The new claims increase the Project area by 28% to 214km2 of contiguous tenure highly
- prospective lithium-rich brines
- Expand Anson’s large footprint over the lithium-rich aquifers in the northern area of the Paradox Basin
- Anson has already confirmed the presence of lithium-rich supersaturated brines in the area
- New claims are to be included in the Western Strategy Resource drilling program and based on the area of influence, are expected to deliver an increase to the Indicated Resource and Inferred category in the planned upgraded Resource Model
Anson’s wholly-owned Utah based subsidiary, A1 Lithium Inc., has staked an additional 586 placer claims immediately adjacent to the north-western extent of the Paradox Project area. The new claims abut the Petro, Cloud III and MP claims and increase the Project’s footprint by 28%, to a contiguous ground holding of 214km2 which is highly prospective for lithium rich brines (Figure 1).
The expanded Project area is planned to be included in Anson’s Western Strategy Mineral Resource drilling program, which is due to start in the near future (ASX announcement, 4 May 2023).
The presence of lithium-rich supersaturated brines has been confirmed in the area, and it is anticipated that the new claims may increase the Indicated and Inferred JORC categories of the Mineral Resource based upon the area of influence of the drilling program, if successful, on re- entering the Mineral Canyon well (Figure 2).
A successful Western Strategy drilling program is part of Anson’s plan to continue to increase the Project’s JORC Mineral Resource estimate, both vertically and horizontally. Drilling of the two target wells in the Western Strategy drilling - the Mineral Canyon and Sunburst wells - will deliver a large amount of additional data that will be used to upgrade and expand the existing JORC Resource.
The assaying and flow testing of the brines would result in the areas surrounding the wells being included in the JORC Indicated and Inferred categories.
Figure 1: Plan showing the new claims pegged in relation to the State Parks to the south.
Figure 2: Possible JORC Area of Interests (AOI) after Western Strategy drilling program.
Figure 3: Looking north towards the newly stake claim area
This announcement has been authorised for release by the Executive Chairman and CEO.
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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.*