Anson Resources Limited has signed a letter of intent (LOI) to enter into a Purchase and Sale Agreement for the acquisition of 0.568 sq km of privately-owned, industrial-use land at the Green River Lithium Project in the Paradox Basin.
The new tenure consists of six parcels of land, which range from 0.8 acres to 52.17 acres, and is zoned for industrial purposes only.
According to the company, it plans to use the site as the location for the future lithium extraction and production facility for its proposed lithium-producing operation at the Green River Project.
The proposed agreement includes all oil, gas and mineral rights underlying the surface area of the new tenure.
Mineral rights vary over the six parcels, however, due diligence completed to date indicates that 100% of the mineral rights on parcel 050220042 east will form part of the purchase agreement assets.
The new site also provides access to the national rail network, interstate road system, gas and power infrastructures, and access to the Green River Project.
It is also situated in proximity to the town of Green River, providing access to other supporting infrastructure and a potential workforce.
Following the signing of the LOI, Anson also secured exclusive rights to the property for purchase completion before April 2024.
Once due diligence has been completed and a final contract has been executed, Anson will pay $3.61 million to the current owners to complete the purchase terms.
Anson said it plans to develop the Green River Project in parallel with its flagship asset, the nearby Paradox Lithium Project.
The company added that it is looking to use its experience and expertise in the region to fast-track exploration and mineral delineation activities for the Green River Project and intends to fund the development of the effort from future cash flow generated by the Paradox project.
