Total resources for the Paradox project are now estimated at 788,300 tonnes of lithium carbonate equivalent and 3.25Mt of bromine. 

 

Indicated resources are 239,000t LCE and 1.19Mt bromine, with the balance in the inferred category.

 

It represents a 378% increase in the indicated resource, a 324% jump in total lithium, and a 248% jump in bromine.

 

The larger resource will now be incorporated into the definitive feasibility study that is being finalised by Anson and its partner, global engineering group, Worley, targeting a production capacity of 10,000tpa of battery grade lithium carbonate, an increase from the 2764tpa used in the scoping study.

 

The revised resource is based only on sampling of additional clastic zones from the Long Canyon-2 well.

 

Anson says further rapid increase should be possible once it includes wells such as Cane Creek 32-1, where sampling is still being completed, and has defined four deeper clastics while drilling down to the Mississippian targets.

 

Anson is also about to commence a strategy to examine newly secured areas in the west of Paradox where it has identified the same Mississippian-aged units as being prospective, but where there are few existing assays.

 

The units, drilled for the first time by Anson in Long Canyon 2, appeared to suggest a 70-170m thick aquifer with good porosity and pressure indicated.

 

Resources to date have been defined in the overlying Pennsylvanian-aged Paradox Formation clastic zones by re-entering four historical oil wells drilled about 1.6km apart.

 

Anson started the quarter with A$5.7 million cash.

 

Anson's stock has traded as low as 7.6c over the past year, and closed at a 12-month high yesterday of 20c, capitalising it at $206 million.