ASN - Lithium Brine Utah USA.
MC = $80 Million
SOI = 365 Million + 103 Million options ( strike price = .025c Aug/2018)
Cash at bank = $3.3 Million + $2.57 Million coming from option conversion over next 8 months.
ASN currently has 4 MOU's in place with leading Chinese Companies wanting a slice of our Lithium Carbonate. Chinese Company Zhongfan Group holds about 11.5% of the Company and are committed to funding the fast tracking of our drilling campaign and also fast-tracking development of an in-field pilot plant that will most likely be able to produce LCE battery grade Lithium for export in a matter of hours straight from the Lithium Brine Aquifers under ground!
AGY $310 Million MC with no off take agreement in place or MOU's and an average grade of around 397 mg/L Lithium.
ORE also in Argentina ,who have an off-take agreement in place and are in production ramping up to 20,000 tonnes per annum have a MC of $1.47 Billion.
Drilling set to commence this week, should take about 10 days to complete using re-entry of Gold Bar unit 2 well.
- Drill each cement plug
- Pressure test casing
- Run casing inspection log
- Circulate casing scraper to clean casing
- Insert packer
- Perforate casing at desired depth:
Sample bottom to top:
- 7080 Clastic Zone 31
- 7020 Clastic Zone 29
- 6334 Clastic Zone 19
- 6205 Clastic Zone 17
Assay results due most likely in early February 2018! We already know Gold Bar Unit 2 contains Brines, though never been tested....
- Assaying of samples in certified lab Western Environmental Test Laboratory in Nevada.
- Bulk sample sent to Outotec in Finland for benchtop testing.
Discussions have recently been held with a number of battery producers, including those with whom Anson has existing memoranda of understanding to enter into detailed negotiations for the supply of lithium (see Anson’s announcement dated 20 September 2017 for further details), to commence product qualification testing. It is expected that Anson would be able to supply lithium from its bench-top plant to battery manufacturers for testing in April 2018.
Following the completion of processing of brine in the bench-top plant, Anson intends to progress a larger scale in-field pilot plant enabling further product qualification testing in the short to medium term.
Follow up drilling with 4 new Holes to be fast tracked and approvals mostly in place!
Additional future drill targets already planned for 2018 program.
4 sites selected:
- All closer to Roberts Rupture
- No access issues
- Surveys completed on all sites
- Further targets in additional claims being assessed.
"During oil and gas exploration there were several blow-outs caused by the intersection of brines under significant pressure within the Paradox unit. These brines were initially considered a nuisance to drilling but were found to often be super-saturated brines containing high amounts of potash, sodium chloride, magnesium chloride, lithium, bromine, boron and other potentially payable minerals. Only a few holes were drilled specifically to test these brines and all supported the conclusion that these brines could be an economically important resource."
In 1964 the White Cloud #2 well was drilled by J. E. Roberts, 500 feet northeast of the Long Canyon #1 well, specifically for testing the “Brine Zone”. Brine was encountered at 6013 feet and it was recorded that artesian brine flow was so strong that drilling had to be suspended after penetrating only 6 feet of the 28 foot thick pay zone. The hole was eventually deepened. Records show that the pressure at the bottom of the hole was 4953 pounds per square inch, or twice the normal hydrostatic pressure at that depth. Several other wells in the immediate area had similar pressures (Mayhew and Heylman, 1965).The brine temperature was 145 degrees Farenheit. It was stated by consultant Dr. John Garrett in a September 19, 1966 letter to J.E. Roberts that the well could flow at a rate in excess of 50,000 barrels of brine per day. He also said that the temperature differential “precludes the zone from which the brine is produced from being the host reservoir. It must be coming from some distant or deeper source of higher temperatures. While additional production and pressure performance history will be necessary to clearly establish the nature of the aquifer, the evidence available to date precludes the aquifer from being small.”
This really could be the mother of all Lithium Brine plays if it does indeed prove to be an aquifer that is being constantly fed into and replenished.
"Another letter from Garrett to Roberts, dated September 19, 1966 (Gwynn, 2008) stated that
the brine “reserves may range all the way from a specific (finite) volume if the source is a closed aquifer to an unlimited amount if it is an actively replenishing aquifer."
Can you imagine what value you would put on a Lithium Brine Aquifer with an unlimited supply of Supersatuarated Brine constantly feeding into it?
Company fully funded and cornerstone Chinese investor on board!
"Anson has received approaches from funders interested in participating the next stages of development of the Paradox Lithium Project. Further updates will be provided as discussions progress."
Could this be Tesla, or is it other Chinese Battery companies wanting in on the the action with ASN? I expect we will find out in coming weeks!
Now the Company has secured 2 new blocks adjoining the current Lithium Tenements in Utah and giving even more potential to increase our Lithium targets.
The south - western block of
claims are located only 120m south of Long Canyon No 1 , which has an historical recorded 500ppm lithium value , and are 270m from White Cloud No 2 well , which has an historical recorded 1,700ppm lithium value(see the June 2017 quarterly activities report for further details) . Further,
the Roberts Rupture structure is interpreted to extend into the south - eastern corner of the block. Roberts Rupture is expected to provide natural fracturing of the host rock allowing flow of fluids.
The south - eastern block of claims contain the Coors USA 1 - 10LC well which was drilled by E and P Operating Company in September 1985 to a total depth of 8,472 feet. The Coors USA 1 - 10LC well is located 1.6 km east of the Long Canyon No 1 well , and is 1 km from Roberts Rupture.
The Coors USA 1 - 10LC well has been plugged and abandoned, and can be used as a future re - entry target to fast track Anson’s exploration program."
Can't get any closer than that to those historic high grade wells!
Better still these new claims offer another abandoned oil well that is know to contain super saturated Brines very close to recorded high grade Lithium grades.
The Coors USA 1 - 10LC well intersected the Paradox Formation salt cycles between 4,114 feet and 7,740 feet, for a total thickness of 3,626 feet. It then intersected the Leedville Limestone at 7,900 feet. Clastic Zone 31 was intersected at 6,320 feet. This, and additional zones of in terest to Anson intersected are shown in Table 1 with their depths .
The brines recorded in the Coors USA 1 - 10LC well were not assayed for lithium.
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
| 1 |
CLASTIC ZONE |
Depth (ft) |
THICKNESS (ft) |
Comment |
| 2 |
15 |
5,372 |
10.0 |
|
| 3 |
17 |
5,462 |
40.0 |
Confirmed Super saturated Brine |
| 4 |
19 |
5.655 |
35.0 |
Confirmed Super saturated Brine |
| 5 |
29 |
6,262 |
14.0 |
Confirmed Super saturated Brine |
| 6 |
31 |
6,320 |
10.0 |
Anson’s Main Target Zone |
| 7 |
43 |
7,426 |
80.0 |
Confirmed Supe |
News flow just keeps getting better with this proactive, quality management fast tracking development and putting the right agreements in place with our Chinese partners.
My expectation on continued positive results is a $360 Million MC by July.
