Anson Resources (ASX:ASN) has opened a Share Purchase Plan (SPP) to raise up to $400,000 before cost, priced at $0.011.
Eligable investors can subscribe for up to $15,000 in shares under the offer, which is priced at the same value of the recent placement which raised $460,000.
Funds will be allocated to the company’s continued exploration and development of its mining projects, which includes drilling at its Gold Bar Unit 2 well, part of the Paradox Brice Project in Utah, U.S.
Importance of Gold Bar
Anson plans to re-enter the historic Gold Bar Unit 2 oil well to test super saturated brines for lithium.
The Gold Bar Unit 2 well has been previously drilled to a depth of 9,862 feet in search of oil.
The Clastic 31 Zone, targeted by Anson, which is known to contain supersaturated brines is located at 7,080 feet.
Historical brine analysis taken within 800 metres of the project produced results ranging from 500 ppm to 1,700 ppm lithium, comparable to the world's highest grades of lithium brine.
Location near Tesla Gigafactory
The Paradox project is located in the resources friendly jurisdiction of Utah and is an 11-hour drive to the Tesla Inc's (NASDAQ:TSLA) Gigafactory in the neighbouring state of Nevada.
It is located 4 kilometres from an operating potash mine and in a semi-desert region that has 300 days of sun per year.
The project covers an 8.9-kilometre strike length along what is known as Robert’s Rupture, a significant rift, thought to be a source of lithium rich brines.
Paradox is one of three projects in Anson’s portfolio that provide exposure to a range of clean energy commodities and geographical locations.
- Paradox Lithium Brine Project (Utah, U.S.);
- Ajana Graphite Project (Western Australia); and
- Hooley Wells Nickel-Cobalt Laterite Project (Western Australia).