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Anson Resources confirms anomalous PGEs and ‘upside potential’ at The Bull Project

The initial ground truthing sampling program is the first phase in Anson’s low-cost exploration program at The Bull Project.

Anson Resources Ltd - Anson Resources confirms anomalous PGEs and ‘upside potential’ at The Bull Project
Follow-up exploration work includes rock chip sampling and geological mapping

Anson Resources Ltd (ASX:ASN)(FRA:9MY) has received assays from the initial ground-truthing program completed at the Bull Project in Western Australia, which returned anomalous Platinum Group Elements (PGEs) with associated nickel and copper.

Executive chairman and CEO Bruce Richardson said: “We continue to make significant inroads at The Bull Project and assays from our initial fieldwork programs are clearly demonstrating the significant exploration upside potential of The Bull.

“The objective of this initial reconnaissance sampling program was to confirm the presence of mafic/ultramafic rock within an area previously mapped as granitic and this was successfully achieved.

“Anson has so far identified three major targets at The Bull measuring up to 1,400 metres in length and 800 metres in width, and our team is closely following an exploration pathway proven successful in discovering significant nickel-copper-PGE deposits.”

Similarities to Julimar discovery

The Bull Project, near Chalice Mining Ltd's (ASX:CHN) (OTCMKTS:CGMLF) Julimar discovery, is interpreted as a layered intrusive complex located on the western edge of the Yilgarn Craton.

The anomaly is a strongly magnetic target, similar to the Gonneville Intrusion hosting the Julimar mineralisation, and is being investigated as a potential intrusive hosted magmatic nickel-copper-PGE sulphide target.

The Julimar mineralisation, which remains open in all directions, could point to a regional scale discovery, including The Bull Project area.

Based upon the presence of similar magnetic signatures, similar copper and nickel results and the lack of previous exploration, the company considers The Bull Project highly prospective for nickel-copper-PGE, as it could host extensions or repeat of similar ore bodies as discovered by Chalice at Julimar.

Map of the location of Anson’s and other base metal projects on the Yilgarn Craton margins

Geological mapping and rock sampling

Anson has started the next stage of the program which will include completion of geological mapping and a detailed rock sampling program of the Target 1 area.

The final steps in this initial exploration program are an airborne drone magnetic survey and a ground gravity survey to be completed early next year.

Richardson said: “Our geological team is now in the process of completing further reconnaissance work before we undertake a drone magnetic and ground gravity survey early next year which will aim to generate targets for our initial drilling program at The Bull.”

Focus going forwards

While the Paradox Brine Project in Utah, USA, remains the company’s flagship, Anson plans to conduct further exploration activities at The Bull Project upon the exploration licence applications being granted, to potentially unlock further shareholder value from these assets.

With renewed focus on nickel sulphide mineralisation and associated copper and PGE minerals, Anson’s WA portfolio holds significant potential and is in a favourable position to benefit from the renewed interest in these minerals.

Quick facts: Anson Resources Ltd

Price: 0.067 AUD

Market: ASX
Market Cap: $59.89 m

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