Anson Resources : Additional High Lithium Results in Drilling at Paradox

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18 July 2022	ASX ANNOUNCEMENT
	ASX: ASN, ASNOC, ASNOD
	OTC: ANSNF

Anson Delivers Additional High Lithium Results in Drilling at

Paradox Lithium Project

High Li & Br Reported in Zones Outside Existing JORC Resource

Highlights:

• Drilling at the Long Canyon No. 2 well has delivered new, high concentrations of Lithium and Bromine at Paradox Lithium Project in Utah, USA
• New, high Lithium (Li) and Bromine (Br) results comes from the Clastic Zones at Long Canyon No. 2:

1. 97ppm Li, 882ppm Br in Clastic Zone 33 (11ft thick)

• 1. 240ppm Li, 4,115ppm Br in Clastic Zone 31 (18ft thick) o 111ppm Li, 4,112ppm Br in Clastic Zone 29 (18ft thick) o 111ppm Li, 4,022ppm Br in Clastic Zone 19 (38ft thick) o 114ppm Li, 4,092ppm Br in Clastic Zone 17 (46ft thick)
• The supersaturated brines are similar to those of the previously sampled Clastic Zones from other wells included in the existing Paradox JORC Resource
• The assays from the Clastic Zones are not part of the existing Paradox Resource estimate and will be included in the upcoming Resource upgrade
• Anson plans to confirm a major Resource upgrade on completion of its current drilling campaign at the Cane Creek 32-1 and Long Canyon No. 2 wells
• There is also scope for further Resource expansion via targeted drilling in the western areas of the Paradox Project
• The upgraded Resource will be included in the Definitive Feasibility Study currently being completed

Anson Resources Limited (ASX: ASN, ASNOC, ASNOD) (Anson or the Company) is pleased to announce that high concentrations of lithium and bromine have been reported from the recent drilling at the Long Canyon No. 2 well at the Company's Paradox Lithium Project in Utah, USA (the Project).

These additional lithium and bromine values come from the Clastic Zones 17, 19, 29, 31 and 33 at Long Canyon No. 2, all of these zones have not been previously included in the existing JORC Resource estimate at the Project.

It is anticipated these additional assay results will result in an increase in the Project's Indicated and Inferred Resources at the southern end of the Project area (see Figure 1).

Anson Resources Limited

Level 1, 35 Outram Street, West Perth, WA 6005, Australia

Tel: [phone]

ABN: 46 136 636 005 www.ansonresources.com

			Assays for the Clastic Zones at the Long Canyon No. 2 well are shown in Table 1, along with
			assays from the Cane Creek and Skyline wells. Anson plan to use these results from all of the
			Clastic Zone horizons and the Mississippian Units to upgrade the Project's existing JORC
			Resource estimate (see ASX Announcement 11 May 2020).
only	Clastic Zone			Long Canyon Unit 2			Skyline Unit 1			Cane Creek 32-1
						Thickness	Li	Br			Thickness	Li		Br		Thickness	Li		Br
						(ft)	(ppm)	(ppm)			(ft)	(ppm)		(ppm)		(ft)	(ppm)		(ppm)
			33		11	96.4	881.7		11	NS		NS	40	51		7,277
			31		18	240	4,115		25	194		4,427	12	52		4,450
			29		18	111	4,112		20	164		3,508	22	101		5,041
			19		38	111	4,022		38	146		3,462	32	68		3,345
			17		46	114	4,292		32	61		2,515	34	62		3,210
For personaluse	Table 1: The assay results obtained for the Clastic Zones sampled in the Long Canyon Unit 2 re-entry.

Figure 1: Plan showing the AOI for Indicated and Inferred for the additional Clastic zones that will result from

the assay results obtained from the Long Canyon Unit 2 re-entry.

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Additional Resource Expansion Potential

Anson's resource expansion drilling campaign is focused on delivering a significant resource upgrade at the Project and incorporates separate "Eastern" and "Western" expansion strategies.

The completion of the current phase of drilling at the Cane Creek 32-1 and Long Canyon No. 2 wells will constitute the completion in full of the "Eastern" component of the Resource expansion strategy.

The Company then plans to further expand the Paradox Resource by re-entering historic holes in the western areas of the Project, which are currently only classified as Inferred Resources or an Exploration Target (see Figure 1).

The execution of the "Western" expansion strategy has the potential to deliver a significant further increase in Resource tonnages and grades, from the additional Clastic Zones at the wells in this area, where there are no recorded assays.

Commentary - High-Pressure and Flow Rates at Shallow Depth

Anson recently confirmed that further test work on the Long Canyon No. 2 and Cane Creek 32-1 wells had delivered continued high pressure and increased high flow rates (see ASX announcement 13 July 2022). This is a highly positive outcome that may have positive impacts on the economics of the Project.

Anson is in a unique, and ideal location for brine extraction at the intersection of Robert's Rupture and the Cane Creek Anticline, at the Project. Robert's Rupture provides vertical porosity, and the Cane Creek Anticline results a shallower depth to the target extraction horizon.

The three factors; high pressure, porosity (both horizontal and vertical) and shallow depth are key attributes of the Project and are not present anywhere else in the area. In combination, they provide strong indicators of low extraction costs and beneficial ESG outcomes.

The wells Anson has re-entered have delivered artesian flow from the Clastic Zone 31 horizon (see previous ASX announcements) due to the constant higher pressures (see Table 1) and the porosities of this clastic zone.

Background and Rationale

The thicknesses of the Clastic Zones vary between layers but are consistent across the project area for a particular zone (Table 2). The Clastic Zones sampled in this program have greater thicknesses than the Clastic Zone 31 in the existing Resource.

The brine zones (clastic horizons) in the project area have not been cored, but it has been adequately sampled and logged. The Clastic Zones contain the following from top to bottom:

• Anhydite;
• Black Shale;
• Dolomite; and
• Anhydrite.

The dolomite is quite porous and permeable, whereas the anhydrite and black shale is crushed and broken. When the zones containing brine are intersected during drilling, artesian flow begins which indicates vertical porosity, permeability and that communication exists between the layers.

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The fractured Clastic Zones form an excellent reservoir for supersaturated brines. At the extraction point, when brine is removed, salt will flow into the voids from where the brine has been removed due to these parameters. This may help maintain high reservoir pressure and assist in a high ultimate recovery of brine.

Anson has located the extraction well sites in an ideal position, based on the regional structures and the resultant high pressures, porosity and permeability (see ASX announcement 30 May 2022). This is designed to deliver artesian flow of the brine to the surface with no pumping required.

This announcement has been authorised for release by the Executive Chairman and CEO.

	ENDS
For further information please contact:
Bruce Richardson	Media and Investor Relations
Executive Chairman and CEO	James Moses, Mandate Corporate
E: [e-mail]	E: [e-mail]
Ph: [phone]	Ph: [phone]
www.ansonresources.com
Follow us on Twitter @anson_ir

About Anson Resources Ltd

Anson Resources (ASX: ASN) is an ASX-listed junior mineral resources company, with a portfolio of minerals projects in key demand-driven commodities. Its core asset is the Paradox Lithium- Brine Project in Utah, in the USA. Anson is focused on developing the Paradox Project into a significant lithium producing operation. The Company's goal is to create long-term shareholder value through the discovery, acquisition and development of natural resources that meet the demand of tomorrow's new energy and technology markets.

Forward Looking Statements: Statements regarding plans with respect to Anson's mineral projects are forward looking statements. There can be no assurance that Anson's plans for development of its projects will proceed as expected and there can be no assurance that Anson will be able to confirm the presence of mineral deposits, that mineralisation may prove to be economic or that a project will be developed.

Competent Person's Statement 1: The information in this announcement that relates to exploration results and geology is based on information compiled and/or reviewed by Mr Greg Knox, a member in good standing of the Australasian Institute of Mining and Metallurgy. Mr Knox is a geologist who has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a "Competent Person", as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in this report of the matters based on information in the form and context in which they appear. Mr Knox is a director of Anson and a consultant to Anson.

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JORC CODE 2012 "TABLE 1" REPORT

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation					Commentary
Sampling techniques	•	Nature and quality of sampling (e.g. cut channels, random chips, or specific	• Historical oil wells (Gold Bar Unit #2, Cane Creek
		specialized industry standard measurement	tools	appropriate to the		#32-1-25-20, Skyline Unit 1, and Long Canyon Unit 2) were utilized to access brine
		minerals under	investigation, such as down hole gamma	sondes, or		bearing horizons for sampling. Geophysical logging was completed to determine
		handheld XRF instruments, etc.). These examples should not be taken as		geologic relationships and guide casing perforation. Once perforated, a downhole
		limiting the broad meaning of sampling.						packer system was utilized to isolate individual clastic zones (production intervals) for
	•	Include reference to measures taken to ensure sample representivity and		sampling. Perforation and packer isolated sampling moved from bottom to top to allow
		the appropriate calibration of any measurement	tools or systems used.	•	for the use of a single element packer.
	•	Aspects of the determination of mineralization that are Material to the Public	Brine fluid samples were discharged from each sample interval to large 1,000 L plastic
		Report.									totes. Samples were drawn from these totes to provide representative samples of the
	•	In cases where 'industry standard' work has	been done this would be	•	complete volume sampled at each production interval.
		relatively simple	(e.g. 'reverse circulation drilling was used to	obtain 1 m	The brine samples were collected in clean plastic bottles. Each bottle was marked with
		samples from which 3 kg was pulverized to produce a 30 g charge for fire		the location, sample interval, date and time of collection.
		assay'). In other cases more explanation may be required, such as where
		there is	coarse	gold that has inherent	sampling	problems. Unusual
		commodities or mineralization types (e.g. submarine nodules) may warrant
		disclosure of detailed information.
Drilling Techniques	•	Drill type (e.g. core, reverse circulation,	open-hole hammer, rotary air	•	Standard mud rotary drilling was utilized to re-enter historical oil wells. The wells had
		blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or		been previously plugged and abandoned in some cases, requiring drill out of cement
		standard tube, depth of diamond tails, facesampling bit or other type,		abandonment plugs. All drilling fluids were flushed from the well casing prior to
		whether core is oriented and if so, by what method, etc.).			perforation and sampling activities.
										•	Historical drilling techniques into the Mississippian are not known but the wells were
											deep exploratory wells accessing oil and gas.
Drill Sample Recovery	•	Method of recording and assessing core	and chip sample recoveries	•	No new drill holes were completed. Therefore, no drill chips, cuttings, or core was
		and results assessed.						available for review.
	•	Measures taken to maximise sample recovery and ensure representative	•	Drilling procedures for well re-entry only produced cuttings from cement plugs.
		nature of the samples.
	•	Whether a relationship exists between sample recovery and grade and
		whether	sample bias may have occurred due to preferential loss/gain
		of fine/coarse	material.
Logging	•	Whether core and chip samples have been geologically and geotechnically	• No new drill holes were completed.
		logged to a	level of detail to support	appropriate	Mineral	Resource	• Cuttings and core samples retrieved from UGS and USGS core libraries
	•	estimation, mining studies and metallurgical studies.			• Not all wells were cored, but cuttings were collected.
	Whether	logging	is qualitative or quantitative in nature. Core (or	• Cuttings were recovered from mud returns.
	•	costean, channel, etc.) photography.					•	Sampling of the targeted horizons was carried out at the depths interpreted from the
	The total length and percentage of the relevant intersections logged.		newly completed geophysical logs.
										• The Clastic Zones 17, 19, 29, and 33 were sampled.

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