Anson Resources begins bromine recovery test work
Test work so far has focused on extracting lithium but the extraction of other valuable chemicals such as bromine could increase project economics.
Company
ASX:ASN
Anson Resources Ltd (ASX:ASN) is a junior mineral resources company with a portfolio of minerals projects in key demand-driven commodities. The company's core asset is the Paradox Lithium Project in Utah, in the USA. Anson is focused on developing the Paradox Project into a significant lithium producing operation.
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Test work so far has focused on extracting lithium but the extraction of other valuable chemicals such as bromine could increase project economics.
A lithium carbonate sample has been delivered to a cathode manufacturer for testing in China.
Investments and investor services
The Shanghai-based strategic investor has accumulated a 12.27% stake with a total of 67.5 million shares.
Investments and investor services
The placement of 27.5 million shares priced at 6 cents demonstrates the investor’s support for the company’s lithium strategy.
The resource estimate establishes a foundation to advance the project towards a scoping study.
The Exploration Target is an indication of the project's growth potential.
The in-field pilot will utilise industrial-scale continuous processing equipment which will unlock the company’s ability to achieve high lithium recoveries.
The share purchase plan closed after receiving applications for $608,700 worth of shares.
Multiple forms of funding have been secured in the form of an equity facility, SPP, and placement.
The engineering design of Anson’s brine pre-treatment and lithium carbonation processes at the Paradox Brine Project in Utah has been completed.
The company plans to partly fund the pilot plant from the security purchase plan currently open for participation by eligible shareholders.
The high artesian flow rate supports the theory that no pumping will be required for extraction of brine.
Investments and investor services
The SPP follows a placement to strategic investor Chia Tai Xingye International valued at $1.65 million.
The company has a $1.65 million commitment from a strategic investor and is rattling the tin for a further $1.35 million.
Flow rates have increased “significantly” in the Skyline Unit 1 and Long Canyon No 2 wells with data to be used in a resource estimate.
Funds raised will be used for the design and engineering of an in-field industrial-scale pilot plant as well as general working capital.
The company has recently staked 396 yellow lode claims in the Yellow Mining district in Utah.
The new Yellow Cat Project is prospective for both vanadium and uranium.
The company is fast-tracking a JORC resource estimate using results from drilling of wells at the project along with historical assays.
The company is extracting lithium as well as high-value bromine, iodine and boron in tests at its Utah brines project.