The Anson Resources Ltd (ASX: ASN) share price is up 6.41% today after the lithium miner shared good news from its flagship Paradox Basin Brine Project in the United States.
The Anson Resources share price's gains today add to its positive year on the ASX. Currently, the miner's shares are trading for 8.3 cents, up a whopping 315% over the last 12 months.
Let's look closer at today's news out of Anson.
Image source: Getty Images
A potentially significant resource increase
Anson Resources announced this morning that the exploration target for brine tonnes at its Paradox Project in the US state of Utah has more than doubled. In fact, the company said the target could have increased by 257%.
This follows last week's announcement from the company that it has been granted additional claims at Paradox, totalling 590.8 hectares.
Anson increased the target after discovering a brine aquifer around 8,000 feet below the project's surface.
The company estimates the aquifer could boost the project's lithium containment by 230%. It could also increase its estimated bromine containment by 493%.
Anson's announcement warned the exploration target figure is only conceptual at this point, and it isn't able to promise that future exploration will result in a mineral resource.
The discovery of the brine aquifer came after the company conducted a review of data from historic exploration programs.
The mineral estimation was calculated using data from a similar brine aquifer in the Mississippian Leadville Formation (Leadville).
Commentary from management
Anson CEO Bruce Richardson welcomed the findings, saying:
The expansion potential presented by this massive brine aquifer located below our existing resource is significant, and provides exciting exploration upside to an already robust resource base at Paradox.
Plans have been finalised and submitted to undertake a low-cost well re-entry program which will enable our technical team to test this aquifer and its potential to add to our current JORC resource. The Paradox Project is entering an exciting phase and is well positioned for future development and we look forward to providing further updates on key work streams in due course.
Anson Resources share price snapshot
The Anson Resources share price has been following the upward trend of many ASX listed lithium producers in 2021.
Currently, it is up by 166% year to date.
Anson Resources has a market capitalisation of around $69 million, with approximately 893 million shares outstanding.
