All your ASX lithium news for Monday, August 22.
Junior mineral resources company Anson Resources (ASX:ASN) has fingers in several pies but its core asset is the ‘Paradox’ Lithium Brine project in southern Utah, USA.
The company has today lifted its JORC resource by 324% to 788,300t of lithium carbonate equivalent (LCE), paving the way for development.
Bromine resources have also received a 248% boost to 3.5Mt (1.2Mt in the indicated category).
ASN says this increase is due entirely to the result from one well, the Long Canyon No.2 well which returned stronger than expected lithium grades earlier this month.
The assaying of brines from the Clastic Zones at the Long Canyon No.2 Well returned a 70% increase in grades of up to 191 part per million lithium, 3,862pppm bromine and 1,123ppm boron.
ASN said the results were proof that brine reservoir can flow without the use of pumping while also reducing the cost of extraction while increasing the producible life at Paradox.
Shares have jumped as high as 38% on the news.
A terrible day for lithium companies – 57 ended in the red, 38 fell flat and 36 ended in the green.
Several distinct areas of geochemical anomalism have been identified within soils via the mobile metal ion (MMI) sampling technique using Ionic Leach at the Mt Peake Lithium Project in the Northern Arunta pegmatite province in the Northern Territory.
Ionic Leach is a proprietary partial leach technology that has been developed to extend the reach of geochemical exploration into areas that have been blanketed by post-mineralisation cover.
A8G managing director Dr Qingtao Zeng says outcropping bedrock in the northwest corner of EL32830 is rare due to the dominant alluvial/residual soil cover, which limits access to probe the geology directly.
The MMI geochemical survey has therefore been a ‘great tool to explore under the shallow covers’, he says.
“Soil geochemical contour maps in lithium, tantalum, cesium and rubidium have presented us information of different angles given the geochemical nature of these elements in soil.
“In combination with the high-grade rock chip samples identified at surface, our new data helps us understand the underlying geology better, refining our targeting tools ahead of maiden drilling”.
Diamond drilling at GT1’s flagship Seymour Lithium Project in Ontario, Canada have hit up to 17.9 and 7.7m thick pegmatites with intersections including 6m at 1.37% lithium oxide from 218.9m to 225m and 3.6m at 2.08% lithium oxide from 378.3m to 382m.
GT1 CEO Luke Cox says these intersections increase the targeted mineralised volumes with the original interpretations suggesting much narrower thickness.
Drilling at Seymour is now targeting lateral extents of the Aubry Complex as well as numerous pegmatite exposures within the Pye Complex.
In conjunction, drilling at the Root Project is set to begin shortly with additional equipment mobilised to site.
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