The Anson Resources Ltd (ASX: ASN) share price surged to a new record high on the ASX today on the back of assay results from its Paradox Lithium Project.
The results from a now-completed drilling program have confirmed the potential to expand the project's mineral resources.
The Anson Resources share price is lifting 8.33% right now to trade at 45.5 cents.
Though, that's down from its earlier high of 46.5 cents – marking a new all-time high.
That's despite the broader market plummeting. The All Ordinaries Index (ASX: XAO) is down 2.78% at the time of writing following Wall Street's disastrous overnight trade.
Let's take a closer look at why the ASX mineral explorer is floating above a sea of red on Wednesday.
Anson Resources stock hits all-time ASX high on lithium find
The Anson Resources share price is rocketing higher on Wednesday on news of its Paradox Project's Cane Creek 32-1 well.
Initial assays from now-completed drilling at the well found one of its clastic zones contains 108 parts per million of lithium. That's 40% more than the average grade of four zones included in the project's recently upgraded JORC resource.
Exploration drilling at the well's additional clastic zones has found that they contain a supersaturated brine.
Results from further clastic zones and Mississippian units are still pending.
However, the company noted that a number of the additional clastic zones are much thicker than those previously sampled. Therefore, they may provide a large increase in a further planned mineral resource upgrade.
The Anson Resources share price rocketed nearly 43% late last month when it announced the project's mineral resource had been more than quadrupled.
It's currently trading a whopping 184% higher than it was this time last month.
Anson Resources share price snapshot
Looking further back, the Anson Resources share price has gained 225% since the start of 2022.
It's also currently 355% higher than it was this time last year.
For comparison, the All Ordinaries Index has slipped 11% year to date and 7% over the last 12 months.
