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Highlights:
- Anson has reported a major resource upgrade at Paradox Lithium Project.
- The upgraded mineral resource represents a whopping 324% rise on previously reported Lithium Resource.
- Anson’s ‘Western Expansion’ strategy is also to begin soon.
- Shares of Anson surged more than 17% at around 1:20 PM AEST on Monday (22 August 2022).
Australian-based exploration and development firm, Anson Resources Limited (ASX:ASN), on Monday (22 August 2022), shared via an ASX update, that there has been a significant mineral resource upgrade at Paradox Lithium Project. The company stated that this upgrade will be incorporated in Paradox Project’s DFS (Definitive Feasibility Study) on which Worley is working on currently.
Meanwhile, the shares of Anson Resources were quoted 17.24% higher at AU$0.17 per share at 1:20 PM AEST today.
Highlights from Anson’s upgrade:
- Situated in Utah, USA, Anson’s Paradox Lithium Project has witnessed a major mineral resource update, a significant success in the progress of the project.
- The new upgraded mineral resource features: 788,300 tonnes of lithium carbonate equivalent and 3,523,000 tonnes of bromine.
The earlier mineral resource report was published by the company on 30 March 2021.
Anson informed that the new, upgraded mineral resource was calculated from the company’s recent drilling and sampling at the Long Canyon No.2 well. The resource expansion drilling campaign also included drilling at the Cane Creek 32-1 well. Results of this drilling are not yet shared.
Anson shared that it will be starting its ‘Western Expansion’ strategy by re-entering drillholes in the Project’s western areas. This can result in a major rise in the block model grades and ultimately the product tonnages for the clastic zones, and also the new Mississipian units where there are little previous recorded assays.
Anson expects to include the results of both these target areas in next mineral resource upgrades.
About Paradox Lithium Project:
The Paradox Lithium Project is located inside a oil and gas district with brines that has high published concentrations of –lithium.
The Paradox Formation is a Pennsylvanian aged evaporite sequence which has deposited as a result of transgressive cycles. After the deposition, the basin went through structural alteration due to further basin development. Now, the deep structures created this time, develop a conduit for rising heated fluids. The Paradox Formation presents the factors needed for making of a brine hosted lithium deposit.
Share price movement of Anson Resources:
Anson shares, in last one month, have gained 30.77%. In last six months, the share price has gone up 54.55% and in last one year, the stock has gained 112.50%.
