The Paradox Brine Project is Anson’s flagship project. It is a subterranean pressurised brine (SPB) and consists of 291 placer claims covering 2,234 hectares, located in the Paradox Basin, Grand County, Utah, 300km from Salt Lake City, 15km west of Moab, and 4km northwest of Intrepid Potash’s Cane Creek Operation.

The Paradox Brine Project sits on Roberts Rupture within the Paradox Basin, where lithium concentrations of up to 1,700ppm have been discovered a mere 800m away. These grades are comparable to highest known lithium brine grades worldwide.

The project has also shown potential for additional high grade by products – Bromine, Boron, Iodine and Magnesium.

The project is located only 11 hours’ drive from the Tesla Giga Factory and is accessible year round by major sealed roads and rail.

An aggressive exploration schedule commenced in March 2017, allowing Anson to fast track the progression of the Paradox Brine Project.

Geology:

The Paradox Brine Project is a subterranean pressurised brine (SPB) with the brines from the Clastic Zone 31 approximately 6,000 feet below the surface and consisting of 30 feet of shale, anhydrite and dolomite, and is not part of any oil reservoir. The brines are under pressure (4953psi  – twice what the hydrostatic pressure should be in that area) and at a higher temperature than would be expected (1400 F compared to 1000F ). This has resulted in the brines flowing to the surface, artesian flow, when intersected by historic drill holes.

Engineering reports from the 1960s conclude that the brine reservoir is extensive (over 10 square miles) and is likely recharged from fresh in-flows of artesian water as indicated by well pressure measurements, draw-down tests and deuterium dating.

Historical exploration and assays:

The Pennsylvanian Paradox Formation has been defined by numerous oil and gas test wells drilled throughout the region. Most wells were not analysed for lithium, but 2 holes within 1km of the south end of the claims (Long Canyon No.1 and Robert’s Well) were analysed and identified lithium values of up to 1,700ppm from assays of the Clastic Zone 31 layer. In addition, bromine, boron, iodine and magnesium were found to be in high concentrations (see Table 1).

Well Lithium

ppm

Bromine

ppm

Boron

ppm

Iodine

ppm

Magnesium

ppm

Roberts, Utah 1,700 2,500 20,000 450 21,000
Long Canyon #1 500 6,100 NA 300 43,600

Table 1: Brine concentrations from wells adjacent (1000m) to Paradox Brine Project area

Work plan:

The company will compile pertinent oil well logs and generate stratigraphy to identify additional horizons, formations and structures of interest as Clastic Zone 31 may not be the only mineral- bearing horizon of interest.

The 3D modelling program will focus on characterization of the formation within the Paradox Brine Project area. It will outline historic estimates by using data which includes several generations of reports and evaluations dating back to the 1950s, an oil well database to draw on for stratigraphy, as well as seismic data compiled from existing operators. At the same time, the company will acquire a 2D seismic database appropriate for the property and will compile and reprocess the data to better understand the basin structure.

Once the geology and seismic data sets are completed they will be merged to create a valid 3D model of the property and give a strong indication of its potential. The results of the 3D modelling will allow the company to refine the drill plan to facilitate resource estimation as well as identify prospective wellhead locations.