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Anson Resources priority lithium drill target validated by SRK Consulting

Anson is re-entering the well to test super saturated brines for lithium.

Anson Resources priority lithium drill target validated by SRK Consulting
Tesla's Gigafactory is not far away

Anson Resources Ltd (ASX:ASN) is advancing exploration at its lithium brine project located in Paradox Basin, Utah, U.S.

SRK Consulting has validated re-entry of the historic Gold Bar Unit 2 well as Anson’s priority drill target based on geology and the economics of re-entering an existing well - being faster, lower cost and lower risk than drilling a new well.

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.

Share Purchase Plan

Anson currently has a Share Purchase Plan open to raise up to $400,000 before cost, priced at $0.011.

Quick facts: Anson Resources Ltd

Price: 0.025 AUD

ASX:ASN
Market: ASX
Market Cap: $19.59 m
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Anson Resources initiates $3 million fundraising to advance its Paradox...

Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive the firm has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah. Richardson says the funds raised will be used to...

on 17/6/20

2 min read