Anson Resources Ltd (ASX:ASN) continues to build anticipation of a drilling program at the Paradox Lithium Brine Project, located in Utah, U.S.
Anson plans to re-enter the historic Gold Bar Unit 2 oil well to test super saturated brines for lithium.
The Gold Bar Unit 2 well has been previously drilled to a depth of 9,862 feet in search of oil.
The Clastic 31 Zone, targeted by Anson, which is known to contain supersaturated brines is located at 7,080 feet.
Historical brine analysis taken within 800 metres of the project produced results ranging from 500 ppm to 1,700 ppm lithium, comparable to the world's highest grades of lithium brine.
Anson's shares have surged another 17.7% to $0.04 in morning trade, with 45 million changing hands.
Go back to mid-August, and shares could have been snapped up for $0.01, making Anson a four-bagger in six weeks.
Why today's price surge
Anson has now cleared the first drilling permitting hurdle.
The company's application to conduct drilling activities at Gold Bar Unit 2 has been accepted by the Bureau of Land Management (BLM).
Anson is now on schedule to commence drilling in the December quarter 2017.
The BLM have completed their review of Anson’s application to drill, and all required information has been provided, enabling Anson to progress to the next stage of the Notice of Intent for Exploration Activity (NOI) application process.
The BLM has also completed a site visit to the Gold Bar Unit 2 area and no issues were identified.
Following the review by the BLM, an Application for Permit to Drill (APD) has now been electronically submitted to the Utah Department of Oil & Gas and Minerals (UDOGM), where approval is expected to take 40 days.
Bruce Richardson, managing director, commented:
"The company is fully funded to conduct the re-entry of Gold Bar Unit 2 and obtain brine samples from several clastic zones for testing for lithium as soon as approval is provided.
"It is pleasing that we are on schedule to commence the re-entry of the oil well on the 100% Anson owned claims.
"We are now designing the brine sampling program with an aim of having confirmed assay results in early 2018."