Anson Resources Limited (OTC:ANSNF) Stock on Watchlist After Drilling Update

The announcement with regards to the completion of a drilling initiative from a mining company is almost always seen as a major development by most investors, and hence, it could be a good move to consider keeping an eye on Anson Resources Limited (OTC:ANSNF) today.

This morning, the company announced that it had been successful in completing the Green River exploration program following the drilling of the Leadville Formation up to a depth of as much as 11,210 feet at the Bosydabe Number 1 Well. The well is situated on private property that was recently acquired by the company at its Green River Lithium Project, situated at the Paradox Basin in Utah.

In the news release, Anson Resources Limited announced that the drilling activities managed to intersect limestone units at a depth of 10470 feet. While the drilling was ceased prior to the penetration through the Leadville Formation it was also an indication that the Mississippian Unit was possibly going to continue for more than the recorded depth of 11210 feet.

Anson Resources Limited also announced in its press release that the drilling activities at the Bosydabe Number 1 deep well had necessitated the deployment of oil-based muds, a heavy drilling fluid meant for the prevention of likely blowouts.

The blowouts in question could be caused by the pressures in some of the deeper lithological units, particularly those that may contain hydrocarbon gases. The company further revealed that the Leadville Formation, which had been intersected at the well, consisted of dolomite with minor sandstone, limestone, anhydrite, and shale. Additionally, the Mississippian Units that had been intersected at the property also contained the same lithological units at the Paradox Project. The Paradox Project is situated around 50 kilometers to the south-west of the Green River Lithium Project.