Anson Resources owned Paradox Project will be consolidated into a single continuous ground holding which provides the potential for near term resource upgrades.
The Australian Securities Exchange-listed Anson Resources Limited (ASX: ASN) has announced that it has reached a deal with Legacy Lithium Corp to acquire the Paradox Basin, south-eastern Utah, USA-based Green Energy Lithium Project.
An increase in Anson Resources Exploration Target of 14% is anticipated as a direct result of the expansion of the project area.
The Paradox Lithium Project will be integrated into a single continuous mineralized block as a result of the proposed strategic purchase, which will lead to an increase of land area of 8%, bringing the total to 231.35 km2.
Anson Resources said, without the need for any more drilling, the Green Energy Lithium Project has a very good chance of delivering an increase in the current JORC Mineral Resource estimate that is located at Paradox.
There are a total of 18 historic oil and gas wells in the Project area, and three of these wells have recorded lithium levels. These lithium readings are as follows: 173 ppm in the Clastic Zone 31 well, 134 ppm in the Clastic 19 well, and 81 ppm in the Mississippi Units well.
The Project is ideally positioned immediately adjacent to Anson’s primary asset, the Paradox Lithium Project, and is comprised of 208 placer claims spread out over a total area of 16.85 km2 (Figure 1).
Anson Resources also said that the previous owners of the Green Energy Lithium Project have filed a Plan of Operation (POO) and an Application to Drill (APD) with the Bureau of Land Management and the Utah Department of Oil, Gas and Minerals (UDOGM), respectively, in order to re-enter the Cane Creek Fed 11-1 well.
CEO and Chairman of the Board Bruce Richardson said,
Anson Resources first reached out to the previous owners of this property 5 years ago to purchase these claims. Negotiations with Legacy Lithium to acquire this strategic important property began in 2023. It is extremely pleasing that these negotiations have been successful as the addition of the Legacy claims forms one large contiguous block of over 230km2 of claims of the Paradox lithium rich brines and at the same time eliminates any potential dispute over ownership of the lithium that to be extracted. It is expected that the JORC resource will increase as the area of interest is extended over the purchased claims, upon completion of the Conditions Precedent, providing more project value to Anson shareholders.
