Some of my initial comments from the ann.
Anson Resources Limited (Anson) announces the brine samples that were collected from Clastic zones 17, 29 and 31 to confirm the presence of lithium, magnesium, boron, bromine and iodine will be re-assayed at OEC (Oilfield Environmental and Compliance Inc.) laboratories. It is expected that this re-assaying will be completed within 10 days(I'm guessing 10 working days which brings us to Wednesday 28th March)
Delays were experienced in obtaining these results as all three clastic zone samples contained traces of oil and the laboratory which carries out lithium test work in Nevada did not take this into account. ( I mean your taking samples from an oil well......?????? thought that would just be common sense? Wouldn't you do some some background investigation as a geo into have people tested brines from an old well before, what was some issues they encountered etc etc? )
This laboratory typically conducts test work on brine from salt lakes at shallow depth.(Then why engage them if your taking samples from an oil well and they dont have experience in it?)
The initial test work did not extract the oil prior to assaying which masked the assay results. As a result, a different testing methodology had to be used to that originally planned. This necessitated sending the samples to three different laboratories for testing, resulting in further delays. (3 labs!!!! Holy sheet. Not one lab, not two but three! Are they just sending them to whoever they find from the yellow pages?)
Despite these efforts the techniques used by the laboratories were ineffective and the assay results could not be confirmed. In addition, a preliminary report by one laboratory indicated that the assay results could not be replicated due to the high concentrations of bromine (Br) and iodine (I) as well as the traces of oil.
Anson’s objective with the sampling program at Gold Bar Unit 2 was to confirm that the supersaturated brines in the Long Canyon area were continuous to the north and were also contained within the other clastic horizons. In addition, the sampling program aimed to identify if the five minerals Li, B, Br, I and Mg continued from the southern area of the Project area, around the Long Canyon No. 1 well, north along the Robert’s Rupture to Gold Bar Unit 2. It is interpreted that the Roberts Rupture and the cross-cutting structures, see Figure 1 below, had been identified as possibly enabling the release of fluids and pressure at Long Canyon No. 1. These structures may also be acting as “traps” and concentrating the lithium and boron at the central and southern areas of Anson’s project area.
I must this is one big mistake, it's written poorly, is way overdue when it should have been released a week or two ago and the market tomorrow is going to smash this!
I must admit i am pretty pissed off ... First mistake from management but i personally think it's a big one.
It does not mention anything about production timelines, management being confident despite these delays etc... It just ends?
Rant over, but def not going to like the shalacking my portfolio is going to take tomorrow because these guys havent done some due diligence? I mean if they had an idea it was going to be more complex that anticipated dont put a stupid timeline on the results.
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