Join our daily newsletter At The Bell to receive exclusive market insights
- Battery metals explorer Anson Resources (ASN) set to kick off a resource expansion drilling campaign at its flagship Paradox lithium project in Utah this week
- The company says it plans to target the Long Canyon No.2 (LC2) well in the project area given the zone’s potential to deliver a “significant increase” to the overall Paradox resource
- The upcoming drilling marks the start of a major resource expansion program at Paradox ahead of a planned definitive feasibility study (DFS) for the project
- Anson says the drilling results will support the DFS and the development of Paradox into a “substantial lithium producing asset”
- ASN shares steady at 14 cents
Battery metals explorer Anson Resources (ASN) is set to kick off a resource expansion drilling campaign at its flagship Paradox lithium project in the US state of Utah this week.
The company plans to initially target the project’s Long Canyon No. 2 (LC2) well, which it said harboured the potential to deliver a “significant increase” to the overall Paradox resource.
LC2 returned the highest-grade lithium value for Anson to date — at 253 parts per million (ppm) lithium — and the well remains open from previous sampling work.
Anson said the upcoming drilling marked the start of a major resource expansion program at Paradox ahead of a planned definitive feasibility study (DFS) for the project.
The primary objective of the resource expansion program was the coring and sampling of the large Mississippian brine aquifer.
Anson hopes the drilling and sampling data will convert a large portion of the Paradox Mississippian exploration target into an indicated-category resource with an area of interest (AOI) spanning about two kilometres and an inferred resource with an AOI of about 2-4km.
The company said the drilling results would support the DFS and the development of Paradox into a “substantial lithium producing asset”.
The Paradox project covers 95 square kilometres and hosts a current resource estimated at about 186,000 tonnes of lithium carbonate equivalent.
ASN shares were steady at 14 cents at 12:45 pm AEDT.
