Anson Resources pegs up more land at Paradox lithium brine project in US

Anson Resources ASN drill pad lithium Paradox Brine Project
Drilling pad at Anson's Paradox Brine Project.

Lithium-focussed Anson Resources (ASX: ASN) has pegged more land at its Utah-based Paradox brine project in United States.

The company has staked an extra 217 easily accessible claims at the project equating to an additional 1,756 hectares adjacent to the existing to Paradox’s northern and southern regions.

Including the new tenements, Anson now owns 508 placer claims at Paradox with its project area boosted to 4,091 hectares.

According to Anson, the southern claim block is only 120m south of historical lithium discoveries grading up to 500 parts per million. The block is also 270m from White Cloud No 2 well where lithium grading up to 1,700ppm has been identified.

The company believes its current conceptual resource target up to 40 million barrels of brine grading between 500 and 1,700ppm lithium can be “significantly” increased with the new land acquisitions.

“The strategic importance of staking this additional ground cannot be understated as it provides an opportunity for Anson to conduct and exploration program 120m from an area where world-class grades of lithium brines have been recorded,” Anson managing director Bruce Richardson said.

“The staking of this ground provides targets for a new well or re-entry of an existing well,” he said.

Mr Richardson added the company was fully funded to fast-track drilling of the additional targets to calculate a JORC resource.

In late November, Anson received US Bureau of Land Management permits to begin drilling at Paradox, which is due to kick-off by the end of this month.

Additionally, Anson expects to complete a 20 million share issue to Zhongfan Group by 20 December to raise A$1.76 million.

In the past 12 months, Anson’s market cap has sky-rocketed from around A$5 million to sit just under A$40 million.

By early afternoon trade, Anson’s stock was up more than 10% at A$0.11. In the last month alone, Anson’s share price has surged more than 260% from A$0.03 in late October to today’s A$0.11 price.

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