Anson Resources reported progress on its Green River lithium project with high-purity battery-grade lithium carbonate production and drilling that may expand its JORC resource. Meanwhile, uranium and vanadium mineralisation was confirmed at Yellow Cat, with assays pending.
- 99.4% purity lithium carbonate produced from Green River brine
- Drilling intersected Mississippian horizon supporting JORC resource expansion
- POSCO delays investment decision but remains committed
- Yellow Cat drilling confirms uranium-vanadium mineralisation along strike
- Strong cash position with $9.5 million and ongoing exploration spend
Green River Lithium Project Drilling Boosts Resource Prospects
Anson Resources (ASX:ASN) has intersected the Mississippian target horizon at 9,189 feet during a modified drilling program at its Green River Lithium Project in Utah, collecting fluid samples intended to support an expansion of its maiden JORC Mineral Resource. This sidetrack drilling at the Mt Fuel–Skyline Geyser well, located 12km south of the Bosydaba #1 well, recorded fluid inflows and chloride presence, aligning with historical assays that showed comparable salt chemistry across key ions. The company aims to convert a large Exploration Target into Indicated and Inferred Resources, potentially lifting the current 103,000 tonnes of lithium carbonate equivalent (LCE) resource estimate.
Earlier this year, Anson successfully produced electric vehicle battery grade lithium carbonate at 99.4% purity from Green River brine, verified by SGS North America. This purity level is notable, achieved through a proprietary downstream flowsheet that is reportedly more energy-efficient than previous processes developed for the Paradox Lithium Project. The company is currently evaluating technology proposals for direct lithium extraction (DLE) and downstream processing, with engineering studies underway by a third-party firm and initial assessments expected shortly.
These developments build on the company’s broader efforts to develop the Paradox Basin into a major North American lithium resource, with the Paradox Lithium Project itself holding a JORC Mineral Resource of 1.5 million tonnes LCE in the Indicated category and 7.6 million tonnes of bromine. Planning continues for further drilling, including the re-entry of the Mineral Canyon Fed 1-3 well to extend the resource footprint westward along the Cane Creek Anticline.
Engineering and regulatory progress at Green River is ongoing, including cooperation with POSCO Holdings Inc., which completed its technical evaluation of the DLE Demonstration Plant. However, POSCO has postponed its investment approval decision due to global market uncertainties, while reaffirming its commitment to the project. Senior-level engagement and site visits indicate sustained collaboration despite the delay. This postponement follows a pattern of cautious capital deployment in the lithium sector amid macroeconomic headwinds, though POSCO’s strategic interest in securing North American lithium supply remains intact as evidenced by continued technical collaboration and alignment discussions.
Yellow Cat Uranium and Vanadium Drilling Confirms Mineralisation Continuity
At the Yellow Cat Uranium Vanadium Project, also in Utah, Anson completed a 23-hole aircore drilling program that confirmed mineralisation continues along strike of historical mine sites. The program identified thick mineralised zones up to 2 metres thick and detected uranium and vanadium using radiation survey meters. Samples have been sent to a certified Nevada laboratory for assay of uranium, vanadium, gallium, and rare earth elements, with results expected within four weeks. These assays will inform the design of an infill drilling program aimed at establishing a JORC-compliant resource between the historical mines.
The project benefits from high-grade historical drill results, including uranium concentrations up to 3.75% U3O8 and vanadium up to 3.34% V2O5 in narrow intervals, underscoring the potential for critical mineral extraction. The mineralisation occurs in sandstone units of the Morrison Formation, typically shallow and above the water table, which may simplify mining considerations.
Western Australia Projects Advance Planning and Heritage Negotiations
In Western Australia, Anson continues technical and planning work at the Ajana Project, where a maiden JORC Mineral Resource of 103,000 tonnes at 2.7% lead and 0.45% zinc was previously reported at the Surprise Deposit. Drilling programs targeting zinc-lead-silver mineralisation to expand the resource at Surprise and prove up the Ethel Maude and Geraldine prospects are being prepared. Critical minerals such as gallium, indium, and germanium are also being assayed to support future resource upgrades. Heritage agreement negotiations are ongoing for the new tenement application ELA66/131.
Financial Position and Corporate Highlights
Anson closed the quarter with a strong cash position of $9.5 million, following exploration expenditure of $2.75 million predominantly focused on its Utah projects. Administration and corporate costs were $742,000, with payments to related parties totaling $420,000. No mining production or development activities occurred during the quarter. The company also issued over 112 million options from its November capital raise, now trading under ASX code ASNO.
Engineering studies for the Green River DLE and downstream processes continue, with third-party consulting firms providing assessments that will guide technical and financial decisions. The company’s strategic partnership with POSCO remains intact despite the delayed investment decision, reflecting the broader lithium market's sensitivity to global economic conditions.
Overall, Anson Resources is advancing multiple projects across lithium, uranium, vanadium, and base metals, balancing exploration success with prudent financial management. The pending assay results from Yellow Cat and the outcome of engineering evaluations at Green River will be key near-term catalysts.
Investors may note the timing of POSCO’s investment decision remains uncertain, and assay results from Yellow Cat will be critical to validating the uranium-vanadium resource potential. Meanwhile, the company’s focus on expanding its lithium resource footprint in Utah positions it to benefit from growing North American demand for battery materials.
These updates come shortly after Anson’s submission of a revised Small Mining Operations notice for its Green River lithium carbonate plant, which is expected to clear the last major regulatory hurdle before construction begins, further advancing project bankability through leveraging existing infrastructure and private land ownership. The company’s recent lithium grades from Mt Fuel-Skyline Geyser drilling fluids and the higher porosity boosting Green River prospects underpin resource optimism, while the Yellow Cat mineralisation confirmation complements its diversified critical minerals strategy.
Bottom Line?
Anson’s lithium purity milestone and expanding drilling programs strengthen its resource base, but POSCO’s delayed investment and pending assays inject timing uncertainty.
Questions in the middle?
- How will POSCO’s postponed investment decision affect Anson’s project timelines and financing?
- Will Yellow Cat assay results confirm a resource that can attract further development capital?
- Can Anson’s proprietary lithium processing technology deliver cost advantages at scale?