Anson Resources (ASX:ASN) sees 378pc resource upgrade for Paradox project, Utah

• Anson Resources (ASN) posts a major resource upgrade for its Paradox lithium project in Utah
• Drilling at the Long Canyon No.2 well has seen a 324 per cent lithium resource increase, a 378 per cent increase in the indicated resource and a 248 per cent increase in the bromine resource
• Anson says the upgrade is a significant achievement for the company in its development of the project and the results will be incorporated into a detailed feasibility study
• With results pending from the Cane Creek well, and Anson about to begin its ‘Western Expansion’ strategy, a further mineral resource expansion is expected
• Company shares are up 13.8 per cent to trade at 16.5 cents at 10:39 am AEST

Anson Resources (ASN) has posted a major resource upgrade for its Paradox lithium project in Utah.

Following recent drilling and sampling at the Long Canyon No. 2 well, the company has seen a 324 per cent increase in its previously reported lithium resource, a 378 per cent increase in the indicated resource and a 248 per cent increase in the previously reported bromine resource.

The company’s last mineral resource was released in March last year.

The upgraded mineral resource sits at 788,300 tonnes of lithium carbonate equivalent (LCE) and 3,523,000 tonnes of bromine.

This amount includes an indicated resource of 239,200 tonnes of LCE and 1,192,000 tonnes of bromine, and an inferred resource of 549,300 tonnes of LCE and 2,331,000 tonnes of bromine.

Anson said the upgrade is a significant achievement for the company in its development of the project.

The results will be incorporated into a detailed feasibility study which is being finalised by global engineering group, Worley, for release in the near future.

As the latest upgrade only includes results from drilling at Long Canyon no.2, ASN sees potential for further mineral resource expansion.

Results are pending from expansion drilling at the Cane Creek well, and Anson is also set to begin its ‘Western Expansion’ strategy by re-entering historic drillholes.

The company plans to incorporate results from both campaigns into a future upgrade.

Company shares were up 13.8 per cent to trade at 16.5 cents at 10:39 am AEST.