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Anson Resources moves a step closer to drilling lithium brine project in Paradox Basin

Drilling is expected to commence during the December quarter 2017.

Anson Resources moves a step closer to drilling lithium brine project in Paradox Basin
Utah is a mining friendly jurisdiction

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

SRK Consulting has validated re-entry of the historic Gold Bar Unit 2 well, and now Anson has submitted a Notice of Intent permit application with the U.S. Bureau of Land Management in Utah.

The Gold Bar Unit 2 well is within Anson’s lithium brine project, and 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.

Paradox is located in a resources friendly jurisdiction and is an 11-hour drive to the Tesla Inc's (NASDAQ:TSLA) Gigafactory in the neighbouring state of Nevada.

Anson's portfolio also includes the Ajana Graphite Project and the Hooley Wells Nickel-Cobalt Laterite Project, which are both located in Western Australia.

Quick facts: Anson Resources Ltd

Price: 0.0195 AUD

ASX:ASN
Market: ASX
Market Cap: $15.28 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

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