Anson Resources Ltd (ASX:ASN) has pegged an additional tenement that adjoins the Bull Project in Western Australia, which abuts tenements owned by Chalice Gold Mines (ASX:CHN) including the high-grade Julimar nickel-copper-PGE discovery.
The tenement, E70/5619, will add an extra 26 square kilometres to the existing project area of 56 square kilometres at the Bull Project, which is 100%-owned by Anson.
It was pegged following reprocessing of the aeromagnetic data over the Bull which showed some additional magnetic structures immediately to the south of Anson’s existing tenement.
Shares have been as much as 35% higher to 3.2 cents on volume of almost 44 million.
Additional anomalies
New anomalies and a cross-cutting structure have been identified to the south of tenement E70/5420 purchased by Anson earlier this year, through magnetic, radiometric and digital terrain data processing of open file geophysical data.
As a result, Anson has lodged an application, E70/5619, for exploration over the identified area, including the additional anomalies and the cross-cutting structure.
By overlaying target anomalies generated by reprocessing of the data on a satellite image, Anson has identified that most of the target area has been cleared through farming activity and that the surrounding infrastructure including access roads is readily available.
Plan showing tenement holdings surrounding the Bull Project.
Demonstrated interest in the area
The area surrounding the Bull has already been completely pegged to the north, east and west, in the main by Chalice, which Anson believes demonstrates the interest in the area.
Ground that has been pegged by other companies is focused on magnetic anomalies and cross-cutting structures as identified by the regional geophysical surveys.
Exploration planned
Expansion of the Bull Project adds to Anson’s existing base metal exploration projects in Western Australia where exploration activity is continuing.
While the Paradox Brine Project in Utah, US, remains a core focus of Anson’s development program, Anson plans to conduct exploration activities at the Bull Project upon the exploration licence applications being granted, to potentially unlock further shareholder value from these assets.