Anson has an exclusive and binding agreement to form a joint venture with Canadian based Voyageur Industrial Minerals Ltd, the owner of the project.
The ULI Lithium Project is located near Moab in Grand County, Utah and consists of 89 mineral claims covering 720.3 hectares.
Historic fluid analysis shows up to 1,700 ppm lithium within 1 kilometre of the ULI Project area, which is located on a highly prospective geological structure known as Roberts Rupture.
The agreement with Voyageur will allow Anson to earn up to 70% of the project and the option to purchase the remaining 30%.
With the technical and legal due diligence completed, Anson is now finalising the agreement to complete the transaction, upon signing of which Anson will earn its initial 10% interest in the project.
The ULI Lithium Brine Project complements Anson’s existing Ajana Graphite Project in Western Australia and will form a key pillar of the company’s near-term growth strategy.
Earlier this month, Anson reached a major milestone by producing battery grade spherical graphite from the Ajana project.
Importantly, the company was able to produce 99.97% TGC (total graphitic carbon) purity graphite from Ajana.
Anson’s share price has increased by 36% during the past one month, last trading at $0.034.