Anson Resources share price surges to ASX all-time high on lithium news

The Anson Resources Ltd (ASX: ASN) share price surged to a new record high on the ASX today on the back of assay results from its Paradox Lithium Project.

The results from a now-completed drilling program have confirmed the potential to expand the project’s mineral resources.

The Anson Resources share price is lifting 8.33% right now to trade at 45.5 cents.

Though, that’s down from its earlier high of 46.5 cents – marking a new all-time high.

That’s despite the broader market plummeting. The All Ordinaries Index (ASX: XAO) is down 2.78% at the time of writing following Wall Street’s disastrous overnight trade.

Let’s take a closer look at why the ASX mineral explorer is floating above a sea of red on Wednesday.

Anson Resources stock hits all-time ASX high on lithium find

The Anson Resources share price is rocketing higher on Wednesday on news of its Paradox Project’s Cane Creek 32-1 well.

Initial assays from now-completed drilling at the well found one of its clastic zones contains 108 parts per million of lithium. That’s 40% more than the average grade of four zones included in the project’s recently upgraded JORC resource.

Exploration drilling at the well’s additional clastic zones has found that they contain a supersaturated brine.

Results from further clastic zones and Mississippian units are still pending.

However, the company noted that a number of the additional clastic zones are much thicker than those previously sampled. Therefore, they may provide a large increase in a further planned mineral resource upgrade.

The Anson Resources share price rocketed nearly 43% late last month when it announced the project’s mineral resource had been more than quadrupled.

It’s currently trading a whopping 184% higher than it was this time last month.

Anson Resources share price snapshot

Looking further back, the Anson Resources share price has gained 225% since the start of 2022.

It’s also currently 355% higher than it was this time last year.

For comparison, the All Ordinaries Index has slipped 11% year to date and 7% over the last 12 months.

The post Anson Resources share price surges to ASX all-time high on lithium news appeared first on The Motley Fool Australia.

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More reading

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• ‘Outstanding economics’: Anson Resources share price rockets 35% on lithium news

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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