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Highlights:
- Anson has successfully completed drilling the Cane Creek 32-1 well at its Paradox Lithium Project and has received the preliminary assay result.
- The results have confirmed the resource expansion property of the project.
Mineral resource explorer Anson Resources Limited (ASX:ASN), on 14 September 2022, announced that it has successfully completed the Cane Creek 32-1 well drilling at its Paradox Lithium Project. The company has also received the preliminary assay results from the drilling at Paradox Project. The assay results have confirmed the further resource expansion potential of the project.
The preliminary assay result has signified that Anson’s drilling at Cane Creek has targeted additional Clastic Zones 43, 45, 47, 49 and 51, and the Mississippian units approximately 500m below the clastic zones.
Anson is yet to receive the final assay results from the remaining Clastic Zones and Mississippian units, which might as well provide a significant further potential resource upgrade at the Paradox Lithium Project.
Meanwhile, Anson’s shares have opened trading significantly lower on ASX today. The mineral resource explorer’s share price was quoted at AU$0.390 per share after dropping 7.142% as of 10:18 AM on Wednesday morning.
Details of the first assay results from Cane Creek 32-1 at Paradox Lithium Project:
The first assay result from Anson’s Paradox Lithium Project was collected from Clastic Zone 43. The thickness of this zone is 29.6m or 97ft. As per the assay result, this zone returned 108ppm lithium, up 40% from the average grade of Clastic Zones 17,19,29 and 33 included in the company’s recently reported upgraded JORC resource at the Paradox Project.
As per Anson’s update today, the remaining assay results from the other clastic zones and Mississippian units at the Cane Creek 32-1 of Paradox Lithium Project are still pending. Anson also mentioned that these additional clastic zones are thicker than the zones that were evaluated before and used in the recent JORC resource upgrade.
The company believes that this extra thickness in the new clastic zones signifies the ability of these zones to deliver a large increase in the next planned mineral resource upgrade, which will include results from the Cane Creek drilling.
Anson further added that the assay data and samples collected from these areas would provide additional geological information on the brine horizons at the Paradox Project area. It can also be sampled in future exploration programs.
Summary of Anson’s share price movement on ASX:
In last one year, Anson’s share price increased significantly by 345% on ASX. Furthermore, Anson’s YTD-based share price also appreciated by almost 218% on ASX (as of 11:25 AM AEST today).
