Anson Resources (ASX:ASN) plans to conduct an ‘extensive’ reconnaissance mapping and sampling program this quarter at its Hooley Well Project in Western Australia.
The $237.86 million market capitalisation company says this program will include stream, soil, and rock chip sampling and will initially focus on the western portion of the Mt Erong prospect.
This program will target rare earth elements (REE) and lithium mineralisation where pegmatites have been identified.
In conjunction with the reconnaissance fieldwork at Hooley Well, Anson plans to fly an aerial magnetic survey over the Mt Erong area, interpret historical radiometric surveys, and carry out a heritage survey over areas where pegmatites have been discovered. This further exploration is designed to unlock the area’s ‘full potential’.
Anson recently conducted a reconnaissance sampling program across the Hooley Well Project that uncovered widespread areas of pegmatites. These pegmatite outcrops were identified at Mt Erong over a ‘significant’ area of 5km by 2.5km.
The company says this initial discovery is ‘highly encouraging’. However, the pegmatites identified do not confirm the presence of lithium or rare earths — which can only be confirmed through assaying.
Anson adds that this will be a key focus for its future exploration at Hooley Well.
The company says it will be using the results of the early reconnaissance surveys to plan future exploration programs and will be continuing exploration on the wider project area.
The Hooley Well Project lies in the mid-west region of Western Australia near multiple REE, lithium, gold, and base metal discoveries.
Anson Resources is a junior minerals explorer focused on its core asset the Paradox Lithium Project in Utah, US.
As of 30 September 2023, the company had $31.1 million cash at hand and $14.75 million in unused finance facilities, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Anson Resources