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Anson Resources raises $2.4 million to accelerate base metals exploration

Funds raised through the placement will be used to accelerate exploration across the company’s base metal portfolio in Western Australia, with a particular focus on The Bull nickel-copper-platinum group elements project.

Anson Resources Ltd - Anson Resources raises $2.4 million to accelerate base metals exploration
Anson is excited by the opportunity to unlock value from its WA portfolio in the near-term.

Anson Resources Ltd (ASX:ASN) (FRA:9MY) has received firm commitments from new and existing sophisticated and professional investors to raise $2.4 million through a placement.

Funds raised will allow the company to accelerate exploration across its base metal portfolio in Western Australia, with a particular focus on its 100%-owned The Bull nickel-copper-platinum-group elements (PGE) project.

Anson is encouraged by work completed to date at The Bull, which has shown it to have similar geological terrane as Chalice Gold Mines Limited’s (ASX:CHN) (OTCMKTS:CGMLF) (FRA:C8U) nearby Julimar nickel-copper-PGE discovery.

While the Paradox Brine Project in the US remains the company’s flagship project and is advancing to the pre-feasibility study (PFS) stage, Anson is excited by the opportunity to unlock value from its WA portfolio in the near-term.

Placement details

The company plans to issue 86,028,572 new fully paid ordinary shares at 2.8 cents per share to raise around $2.4 million.

It will issue 7,683,466 new shares in accordance with Listing Rule 7.1 and 78,345,106 new shares will be issued in accordance with Listing Rule 7.1A.

The issue price meets the requirements of listing rule of being more than 75% of the 15-day volume-weighted average price of Anson shares traded on ASX and the company expects to issue the shares on Monday, November 30, 2020.

EverBlu Capital Pty Ltd acted as lead manager to the placement.

The Bull exploration

Anson’s initial ground-truthing program at The Bull has confirmed the interpreted mafic-ultramafic intrusive complex, with copper values up to 1,845 parts per million (ppm). 

The three major targets identified measure up to 1400 metres in length and 800 metres wide.

Geophysics data shows a large magnetic high and interpretation has identified a potential layered intrusive complex, 7 kilometres in length and 2.5 kilometres wide, in the first target area, increasing the initial exploration target significantly.

Ajana project

Besides The Bull, the company is planning initial low-cost exploration at highly prospective lead-zinc-copper-silver mineralisation targets at Ajana project, which were identified in a review of historical data.

The initial focus will be on historical mines where high-grade mineralisation has been identified and known resources can be quickly increased to support the recommencement of mining to take advantage of current higher prices.

A review of Ajana project data identified shallow historic high-grade mining operations which remain mostly unexplored, representing an opportunity to increase the JORC resource.

The data reviewed by Anson was also correlated with the VTEM targets within the Ajana project, many of which had not been located by the historical surveys.

Anson is confident this represents an opportunity to extend existing known resources, including a possible extension along strike from the historic Mary Springs lead mine.

Quick facts: Anson Resources Ltd

Price: 0.083 AUD

ASX:ASN
Market: ASX
Market Cap: $74.19 m
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