Anson Resources Ltd [ASX:ASN] has said they’ll be launching a major resource expansion program at their Paradox Lithium project.
Anson Resources is an Aussie-based explorer and developer. Their focus is their Paradox Basin Brine Project located in southern Utah, in the US. Along with Paradox, Anson also has base metals projects in Western Australia.
Anson to start resource expansion program to upgrade Paradox
The main objective of the exploration program is to get a ‘significant’ resource upgrade at the Paradox project during the first six months of 2022.
Anson is looking to increase their current JORC 2012 estimates both vertically and horizontally at current targets, along with including new claims that border the project. This is to support feasibility studies and the development of the resource.
The program will first target the Long Canyon No 2 well. Anson is planning to test lithium grades along with bromine, boron, and iodine grades within the Mississippian units.
The program will also target the Mississippian super-saturated brine that surrounds Long Canyon No 2 well.
How to Limit Your Risks While Trading Volatile Stocks. Learn more.
This target contains between 445Mt and 1,000Mt of brine with a grading of between 70 and 100 parts per million (ppm) of lithium and between 2,000 and 3,000 ppm of bromine.
The company said this exploration target is part of a broader exploration target of 1,300 Mt to 1,800 Mt with grading between 80 and 140 ppm of lithium and 2,000 to 3,000 ppm of bromine.
But, as the company said, this target figure is still conceptual, based on previous oil and gas drilling programs. Since there hasn’t been enough exploration, there’s no guarantees this will end up included as a mineral resource.
ASN Share Price are up 3% after the announcement
Shares for Anson Resources were up over 9% this morning after the announcement. At time of writing, they are trading at 17 cents, roughly 3% higher from yesterday’s close.
Interested in investing in lithium? Check out our complete guide on how to invest in ASX lithium stocks. For more information, click here.
For Money Morning
PS: Our publication Money Morning is a fantastic place to start on your investment journey. We talk about the big trends driving the most innovative stocks on the ASX. Learn all about it here