Anson Resources Ltd (ASX:ASN) has been as much as 25% higher after identifying three major targets at The Bull Project in Western Australia, which adjoins the high-grade Julimar nickel-copper-PGE discovery made by Chalice Gold Mines (ASX:CHN).
These new targets, which are up to 1400 metres in length and 800 metres in width, will be tested in a rock sampling program targeting nickel-copper-platinum group elements (PGE) mineralisation.
Results of the sampling are set to guide a systematic geochemical sampling program and ground electromagnetic survey to provide future drill targets.
Geophysical consultants were engaged to complete magnetic, radiometric and digital terrain data processing of open file geophysical data.
Magnetic targets are being interpreted for geological and geochemical testing.
Shares have increased by as much as 25% to 4.5 cents intra-day.
Rock chip samples from outcrop and sub-crop will be collected from topographic highs.
Other areas in the tenement comprise paddocks with little to no outcrop, but float and sub-crop which can be sampled.
Following the sampling program, a series of ground electromagnetic surveys will be completed with a view to identifying EM conductors for future drill testing.
The expected timeframe for the initial field exploration program is dependent on permitting but data compilation, geochemical sampling and some geophysical surveys can be completed.
Anson has a multi-mineral and multi-revenue strategy with the acquisition of The Bull added to Anson’s existing base metal exploration projects in Western Australia where exploration activity is continuing.
More broadly within the portfolio, Anson’s Ajana project has previously had soil sampling programs completed showing lead-copper-zinc-silver anomalies.
Assay results for a previous drilling program at Hooley Well show nickel-chromium-cobalt mineralisation.
While the Paradox Brine Project in Utah, USA, remains a core focus of Anson’s development program, exploration activities are planned at The Bull upon the exploration licence applications being granted, to potentially unlock further shareholder value from these assets.