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Anson Resources acquiring oil and gas well, lease for Paradox lithium project

Anson Resources Ltd. said Feb. 5 that it entered into an agreement to acquire oil and gas assets in Utah comprising a well and a lease covering 480 acres.

While the company did not disclose the terms of the deal, it said it had paid "nominal" consideration and will assume bonding and rehabilitation costs.

The oil and gas well is next to industrial land the company aims to use to develop an in-field pilot plant later this year for its Paradox lithium project, which forms part of its Gold Bar Unit 2 property.

Anson Resources said the well was in production until recently and remains open, which it expects will enable quick brine sampling after regulatory approvals for the deal are completed.

The company aims to process a bulk brine sample in a bench-top plant to confirm that magnesium can be removed and lithium carbonate can be produced. Initial production of lithium carbonate is anticipated in April.

Results from the bench-top pilot plant will be incorporated into the design of the in-field pilot plant, which will be used for feasibility work.