Anson Resources Ltd (ASX: ASN) Secures Key Approval for Lithium Extraction Project

2 min read | September 12, 2024 08:12 PM PDT | By Team Kalkine Media

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Anson Resources Ltd (ASX: ASN) Secures Key Approval for Lithium Extraction Project — Image source: Shutterstock

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Anson Resources Ltd (ASX:ASN) has recently achieved a significant milestone for its Green River project in Utah. The company, an ASX mining stock, has received final approval from the State of Utah for lithium extraction using brine, marking a pivotal step forward in the project's development.

This approval, granted through the Department of Natural Resources, Division of Water Rights, follows a comprehensive 14-month review process. Notably, this is the first approval in Utah for a large-scale lithium extraction project, underscoring its importance within the industry.

The approved method allows Anson Resources to use brine for lithium extraction at Green River, with a crucial stipulation that the brine, amounting to 19 cubic feet, will be returned to the geological formation from which it was extracted. This process is defined as ‘non-consumptive’ because the returned brine does not deplete natural water resources, but rather re-enters the source formation.

Bruce Richardson, Executive Chairman and CEO of Anson Resources, expressed satisfaction with the approval, noting the company’s commitment to environmental and community engagement. “We always believed we were fully compliant with the requirements for this approval and will continue to work with all levels of government and the community to advance the project,” Richardson stated.

He highlighted that the company’s progress has been facilitated by the acquisition of private land at Green River, where the planned extraction wells will be situated. This land is a brownfields site with existing surface disturbances, minimizing additional environmental impact.

Richardson also emphasized that the Department of Natural Resources confirmed there is no connection between the brine to be extracted and nearby surface waters or groundwater systems. This approval ensures that the lithium extraction process will not involve evaporation ponds, which can have more significant environmental impacts.

Anson Resources Ltd’s shares are currently trading at 9.7 cents, reflecting the market's response to this critical development.

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