The Anson Resources Ltd (ASX: ASN) share price is taking off on news the Paradox Project's reported lithium resource has been quadrupled.
The Anson Resources share price is 17 cents at the time of writing. That's 17.24% higher than its previous close.
Let's take a closer look at today's news from the junior mineral resources company.
Anson Resources share price soars on lithium update
The Anson Resources share price is gaining on news the Paradox Lithium Project's mineral resource has been significantly upgraded. On top of that, the project still houses plenty of potential for further expansions.
The project – located in Utah, USA – has been found to host 788,300 tonnes of lithium carbonate equivalent and 3.5 million tonnes of bromine, including:
- Indicated resource of 239,000 tonnes of lithium carbonate equivalent and 1.192 million tonnes of bromine
- Inferred resource of 549,300 tonnes of lithium carbonate equivalent and 2.331 million tonnes of bromine.
That represents a 324% increase in the project's lithium resource, including a 248% lift in its bromine resource.
The latest upgrade will be added to the project's definitive feasibility study, which will be released in the near future.
And the project still offers substantial potential for further mineral resource expansion.
That's because its latest mineral resource was calculated from drilling and sampling conducted at the project's Long Canyon No. 2 well. It doesn't include drilling completed at the project's Cane Creek 32-1 well or the company's planned Western Expansion strategy, which will see it re-entering historic drill holes in the project's western areas.
The results of such drilling are expected to be included in future mineral resource upgrades.
Today's gain sees the Anson Resources share price 21% higher than it was at the start of 2022. It has also gained 112.5% since this time last year.
For context, the All Ordinaries Index (ASX: XAO) has slipped 8% year-to-date and 6% over the last 12 months.
