Anson Resources Ltd (ASX:ASN) has revealed a ‘major’ uplift in its mineral resource to 1.5 million tonnes of lithium carbonate equivalent (LCE) at its Paradox Lithium Project in south-eastern Utah, USA.
The resource upgrade comes after the company completed the acquisition of the Green River Lithium Project immediately adjacent to Paradox Project.
This represents a major step-change increase in Anson’s mineral resource inventory at its Paradox Basin lithium assets and a significant milestone in the development pathway of the Paradox Lithium Project.
Notably, the Green Energy Project increases the project area by 8% to a total of 231.35 square kilometres – delivering a 45% increase from the previously reported lithium resource.
$ASN Anson Resources closes in on goal to develop lithium producing operation in Paradox Basin, Utah https://t.co/yTXB2Nu2WW @anson_ir #ASN #ASX #ASXNews— Proactive Australia (@proactive_au) September 22, 2023
Milestone achievement
Anson executive chairman and CEO Bruce Richardson said: “The acquisition of the Green Energy Project from Legacy and the corresponding increase in the JORC Resource estimate is a milestone achievement for Anson.
“The discovery and development of this world-class resource in the United States of America at this point in time is significant and a credit to the whole Anson team and in particular its geologist and consultants.
“This increase in resource has been achieved without needing to re-enter a well and then incur the related expenditure.
“The company is working vigorously to bring the Paradox Lithium Project into production and will continue to provide updates to the market as the Project develops.”
Resource upgrade
The upgrade takes the mineral resource at Paradox to 1,504,237 tonnes of lithium carbonate equivalent (LCE) and 7,608,700 tonnes of bromine, this includes:
- an indicated resource of 366,737 tonnes of LCE and 1,910,000 tonnes of bromine; and
- an inferred resource of 1,137,500 tonnes of LCE and 5,698,700 tonnes of bromine;
Plan shows the mineral resource classification for the Clastic Zone 31 horizon after resource upgrade.
Further resource expansion potential
At the Paradox Lithium Project, future drilling of the ‘Western Strategy’, if successful, would significantly increase the brine tonnages based on the thicknesses of those units, as determined from historical oil exploration drilling in the area.
In addition, the Big Flat Unit 2 well, within the acquired Green Energy Project, has a known historical value of 173ppm lithium for the Clastic Zone 31 horizon.
The re-entry of this well, if successful, would further increase the brine tonnage based on similar thicknesses which would support either an extension of the life of mine or a possible production increase.
An internal review considering these options and whether to continue with further drilling programs in the immediate future to increase the JORC Mineral Resource estimate is currently underway.
Furthermore, Anson plans to kick off a JORC mineral resource definition drilling campaign at its Green River Project.
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