Anson Resources Limited (ASX: ASN) announced on 3 April 2019, that it has staked 396 lode claims in the Yellow Cat Mining District, Utah for the creation of an extremely potential and contiguous exploration land package, for vanadium and uranium-rich mineralisation in the region.
Vanadium is a commodity of interest because of its use in energy storage, specifically vanadium redox flow batteries (VRFB). It is believed that the prediction of a rise in battery usage for large scale energy storage will pave the way towards a substantial rise in the demand for vanadium.
Uranium’s primary use is in nuclear reactor fuel, resulting in a carbon/zero emissions energy source. Furthermore, the baseload energy source is available 24/7. In China, there are around 40 operational nuclear plants and is getting expanded. Also, above 50 new nuclear reactors are being constructed all over the world.
Yellow Cat Project
The project is based thirty kilometres north of Moab, Thompson District, Grand County, Utah. There are 2 distinct regions in the project known as the Yellow Cat claims and the Yellow Cat West claims. The entire project comprises of 418 Lode claims for an entire 3,307 hectares. The Project area can be reached from Moab through State Highways 191 and 50, and then by country roads.
396 claims had been staked by the ASN, and 22 claims were purchased. During the due diligence on the Project, rock chip samples were gathered and sent for evaluation at certified labs in the USA and Australia. The rock chip samples were up to 13.1% V or 23.38% V2O5.
The Project area has a history of holding vanadium and uranium, which can be traced back to the early 1900s. Hence, the company is positive about the Project to demonstrate high prospects of the mineral resources. Mineralisation is located within the 5 sandstone layers of the Morrison formation.
The Morrison Formation consists of 2 Members (the lower Salt Wash Sandstone and the upper Brushy Basin Shale) and averages 170m in thickness. 4 main sandstone lenses have been identified in the Salt Wash member and one ore lens in the Brushy Basin member. All the deposits discovered in the Brushy Basin Member are near the surface and characterised by oxidised minerals. The ore occurs as interstitial material in the sandstone and as coatings on sand grains and pebbles. Coatings of secondary uranium minerals occur along fractures within ore deposits.
ASN’s, Executive Chairman and CEO, Mr Bruce Richardson said that recognizing and fruitful negotiation on buying vanadium claims, was an outcome of the network of contacts that had been advanced in the mining industry, Utah. He further added that the company’s focus would continue towards its flagship project Paradox Brine Project, and especially on producing lithium carbonate, but ASN would be interested in exploring new opportunities as well. The Yellow Cat Project fits in the bill of representing that opportunity, where the company can augment an array of minerals that it can supply.
Recently, the company had announced assays reporting 91% higher lithium grades at the Skyline Unit 1 well, at its Paradox Brine Project, Utah.
The stock of the company is currently trading flat at A$0.070 (as on 3 April 2019, 3:25 PM AEST). The company has a market capitalization of around A$34.89 million with ~498.36 million shares outstanding.
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