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Anson's shares spike on continued progress at lithium project in the U.S.

The company remains on schedule to start drilling in the December quarter.

Paradox Lithium Project in the U.S. state of Utah.
Chinese company is interested in the project

Anson Resources Ltd’s (ASX:ASN) shares closed circa 27% higher on Thursday as it continues to make progress at its Paradox Lithium Project in the U.S. state of Utah.

Earlier this week, the company executed a Memorandum of Understanding (MoU) with Zhongfan Group, a large scale international enterprise group based in Shanghai, China.

READ NOW: Anson Resources aims to fast-track Paradox Lithium Project with the help of Zhongfan Group

Zhongfan integrates resource development, mineral trading and new material technology development, and has over US$2 billion in annual turnover.

The agreement provides scope for Anson and Zhongfan to work towards a binding agreement whereby Zhongfan may invest to facilitate the funding of Anson’s Stage 3 development.

Anson remains on schedule to commence drilling in the December quarter 2017, and the company plans to re-enter the historic Gold Bar Unit 2 oil well to test super saturated brines for lithium.

Zhongfan were particularly attracted to Anson’s target to produce lithium carbonate equivalent (LCE) from a pilot plant linked directly to the brine from the planned exploration and sampling program which will take place.

The Chinese company indicated that it has interest in entering into negotiations to participate in the funding of the in-field pilot plant through equity investment, convertible notes or a pre-paid offtake agreement for the supply of LCE.

Quick facts: Anson Resources Ltd

Price: 0.029 AUD

ASX:ASN
Market: ASX
Market Cap: $22.72 m
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