Anson Resources Ltd (ASX:ASN) is on schedule to commence a fully-funded drilling program before the end of the year at the Paradox Lithium Project in the U.S.
Environmental, cultural and paleontological studies have been accepted by the Bureau of Land Management, and Anson is fully permitted to drill.
Anticipation is building and Anson's shares have rallied to $0.14. Three months ago shares could be snapped up for close to $0.01.
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Bruce Richardson, managing director, commented:
"It is pleasing that Anson is on track to commence drilling the Utah Lithium Project as scheduled.
"The completion of the second investment by Zhongfan enables Anson to progress towards a JORC Resources in subsequent drilling programs further increasing shareholder value."
Drilling details
The drilling program will be the re-entry of an existing well, Gold Bar Unit 2, which was previously drilled through the multiple brine zones Anson is targeting to sample for lithium.
The drilling will be via a work over rig, which is smaller and truck mounted compared to a rig used to drill a new hole.
Accordingly the drilling program is faster and cheaper.