Anson Resources Ltd (ASX:ASN) has welcomed a substantial upgrade to the JORC-compliant mineral resource estimate (MRE) for its Paradox Lithium Project in Utah, USA. On the back of this news, the company's shares rose as much as 27.59% today.
The upgrade is a big milestone for the development of the project, and will now feature in a detailed feasibility study (DFS) being finalised by global engineering group, Worley, for release in the near future. The company’s last MRE was reported in March of last year.
Substantially increased MRE
The upgraded mineral resource is 788,300 tonnes of lithium carbonate equivalent (LCE) and 3,523,000 tonnes of bromine, including an indicated resource of 239,200 tonnes of LCE and 1,192,000 tonnes of bromine and an inferred resource of 549,300 tonnes of LCE and 2,331,000 tonnes of bromine.
The upgraded mineral resource represents a 324% increase on the company’s previously reported lithium resource, including:
- a 378% increase in indicated resource on previously reported resource; and
- 248% increase on the previously reported bromine resource.
More to come
Anson is now confident of substantial further resource expansion potential. The upgraded mineral resource was only calculated from drilling at the Long Canyon No. 2 well, and while the resource expansion drilling includes the Cane Creek 32-1 well, the well’s results are not included in this upgraded resource.
Additionally, Anson is on the verge of executing its ‘Western Expansion’ strategy, which will take in the newly discovered Mississippian units – with results to be included in a future resource upgrade.
In the meantime, this latest update will be incorporated in the DFS currently being prepared by Worley.