Anson Resources to Extend Paradox Project with Two New Wells
Anson Resources, a mining company listed on the Australian Stock Exchange, is preparing to expand its Paradox lithium project with the drilling of two new wells. The goal is to extend the existing resource of over one million tonnes of lithium carbonate equivalent to the west. The company plans to extract lithium from brines contained in a historic oil well field in the Paradox Basin, located in southeastern Utah in the United States. This move places Anson Resources as one of the best-positioned companies to benefit from the Inflation Reduction Act and the push to grow America’s nascent lithium extraction industry.
Re-entry of Mineral Canyon Fed 1-3 and Sunburst 1 Wells
Anson Resources already boasts a mineral resource of 1.04 million tonnes of lithium carbonate equivalent and 5.27 million tonnes of bromine. To further expand the resource, the company aims to re-enter two wells, Mineral Canyon Fed 1-3 and Sunburst 1. These wells are located in the thick Mississippian units and Pennsylvania clastic horizons. The brines extracted from drilling at these wells will be tested for lithium, bromine, iodine, and boron. These wells are less than 1000m from known lithium-rich brines already sampled in the Big Flat area during historic oil and gas exploration.
Expansion of Resource with Green River Lithium Project
In a two-pronged attack, drilling will also begin at the Green River lithium project, located around 50km to the northwest. Anson Resources has generated a significant exploration target for the Western Strategy of 2.095-2.561 billion tonnes of brine at 108-200ppm Li and 2000-3000ppm bromine, with a lithium carbonate equivalent tonnage of 1.116-2.723 million tonnes. The company aims to increase its existing JORC resource with successful assays from the new drilling program.
Sustainability and Environmental Impact
Anson Resources is committed to building a sustainable lithium project while minimising environmental impact. The drill program to tap the western extensions of Paradox is a step in this direction and will add to the company’s ESG credentials. The fact that the drill pads are already established means that ground disturbance will be minimised as there is no need to excavate them from scratch. Anson Resources has visited the Mineral Canyon and Sunburst well sites with personnel from the US Department of the Interior Bureau of Land Management to identify the well locations and ensure that the drill pads for re-entry can be readily re-established. Additionally, both well sites are located adjacent to existing road infrastructure.
Conclusion
The lithium industry is experiencing an unprecedented surge in demand driven by the growth of electric vehicles and renewable energy. Anson Resources is among the companies taking advantage of this trend by exploring and developing its lithium resources in the Paradox Basin. The company’s focus on sustainable development practices is an important factor that sets it apart from other players in the industry. As demand for lithium continues to grow, companies that prioritise sustainability will be better positioned to succeed in the long term.
