How Has the Paradox Lithium Project Expanded Under Anson Resources' Management?

Anson Resources' Strategic Expansion in Mineral Exploration: A Detailed Overview

Anson Resources Limited, a diversified minerals development company, has recently provided an update on its activities as of December 31, 2023. Leading with its core asset, the Paradox Lithium Project in Utah, USA, Anson is advancing towards becoming a significant lithium producer.

Paradox Lithium Project, Utah: Acquisition and Resource Upgrade

Anson successfully completed the purchase of the lithium brine project from Legacy Lithium Corporation, leading to an 8% increase in the Paradox Lithium Project's land area, totaling 231. 35 km². This strategic acquisition has unified the project into one contiguous mineralized block.

Major JORC 2012 Mineral Resource Upgrade

The upgraded JORC Mineral Resource highlights a significant increase in resources:

Lithium Carbonate Equivalent (LCE): 1. 504Mt
Bromine: 7.

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61Mt

This upgrade represents a 45% increase in lithium resources and a 44% increase in bromine resources compared to previous reports. The breakdown includes an Indicated Resource of 366,737 tonnes of LCE and 1,910,000 tonnes of bromine, alongside an Inferred Resource comprising a larger portion of the total.

Geotechnical Engineering Study and Processing Plant

A geotechnical engineering study confirmed the suitability of a proposed site for the Direct Lithium Extraction (DLE) processing plant at the Paradox Project. Recommendations for site preparation were also provided.

Green River Lithium Project, Utah: Future Development Plans

Anson plans to initiate a new JORC Mineral Resource drilling program at three priority targets at the Green River Project. All necessary proposals for this drilling program have been submitted.

Processing Plant Location and Engineering Study

Anson has identified a suitable location for a lithium extraction and production facility on a privately owned, industrial-use land at Green River. An engineering study affirmed the site's suitability for constructing the processing plant’s foundations.

Hooley Well Project, Western Australia: Rare Earth Element Targets

Anson has identified two large Rare Earth Element (REE) targets at the Hooley Well Project. These targets show a radiometric signature similar to nearby significant REE projects. Additionally, reconnaissance sampling has revealed widespread pegmatite outcrops, suggesting extensive mineralization potential.

Ajana Base and Precious Metals Project, Western Australia: Drilling Initiatives

Anson commenced drilling at two high-priority targets – Ethel Maude and Surprise – at its Ajana Project. The Ethel Maude target is being explored for shallow high-grade zinc, lead, and silver, while the Surprise target focuses on high-grade lead, copper, and silver. Both areas are open for further exploration in multiple directions.

Corporate Finances

Anson reported a strong financial position with $22. 5 million in cash on hand at the end of the quarter. Additionally, an amended equity placement facility of $30 million has been agreed upon, bolstering the company’s financial capability for ongoing and future projects.

Anson Resources Limited’s comprehensive update reveals a strategic and well-planned expansion in mineral exploration and development. The company is not only advancing its core Paradox Lithium Project but also diversifying its portfolio with projects targeting a variety of in-demand minerals, including rare earth elements and base and precious metals. Anson's robust financial health and strategic acquisitions position it favorably for significant growth in the minerals sector.

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