- Reviews of historical drilling data have unearthed a new exploration target at Anson Resource’s (ASN) Paradox Brine Project in Utah
- A new brine aquifer — a body of rock holding groundwater — has been located in the Mississippian Leadville Formation within the Paradox Project claims at a depth of approximately 8000 feet
- The explorer says the discovery provides excellent expansion potential at the flagship project and laid new exploration targets as a result
- Anson’s Executive Chairman and Chief Executive Officer, Bruce Richardson, described the expansion as significant
- Anson is up 2.56 per cent trading at 8 cents flat
Reviews of historical drilling data have unearthed a new exploration target at Anson Resource’s (ASN) Paradox Brine Project in Utah.
The studies revealed a supersaturated brine aquifer — a body of rock holding groundwater — sitting in the Mississippian Leadville Formation within the Paradox Project claims, at a depth of approximately 8000 feet.
The exploration target has been sourced based on data generated during previous drilling programmes for oil and gas.
By virtue of its location, Anson has tipped the new target to provide excellent expansion potential at the flagship project.
Accordingly, the company has laid an exploration target for the Leadville supersaturated brine of 1.3 billion tonnes to 1.8 billion tonnes grading at 80–140 parts per million lithium and 2000–3000 parts per million bromine.
Anson heeded however that the target for Leadville is conceptual at this stage, due to insufficient exploration completed to define a mineral resource for the target with no guarantee the target would yield one in the future.
Despite this, Anosn has updated the exploration target for both the Mississippian Leadville and Pennsylvanian Paradox units, which now touts a combined range of 1.7 billion tonnes to 2.5 billion tonnes of brine.
This marks an approximate 230 per cent increase in contained lithium and a 493 per cent increase in contained bromine on the previous exploration target announced in May last year.
Anson’s Executive Chairman and Chief Executive Officer, Bruce Richardson, described the expansion as significant.
“Plans have been finalised and submitted to undertake a low-cost well re-entry programme which will enable our technical team to test this aquifer and its potential to add to our current JORC resource,” he commented.
Anson is up 2.56 per cent on the market this morning, trading at 8 cents flat at 10:42 am AEST.