Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or “the Company”) applauds the Trump
Administration’s proposal to create a strategic uranium reserve as
part of its FY21 Federal Budget. Under the proposal, the Department
of Energy would have US$150M per year – for a period of 10 years –
at its disposal to purchase uranium from US producers. This
proposal “reflects the Administration’s Nuclear Fuel Working Group
(NFWG) priorities”.
Corey Dias, Anfield’s CEO, stated, “We are very
pleased with the US government’s proposal to create a strategic
uranium reserve. This is a critical first step to provide US
uranium producers and near-term producers with a dedicated,
improved domestic market for its material. Moreover, the NFWG may
have additional recommendations on which the Administration might
act that could further improve the prospects of US-based uranium
miners and producers.
Anfield is well-positioned to contribute to the
Uranium Reserve. With its 25 Wyoming-based projects – led by the
advanced and low-cost Charlie ISR uranium project – the Company has
created an ISR uranium mine-and-mill complex which is underpinned
by a Resin Capture and Processing Agreement with Uranium One which
allows Anfield to process up to 500,000 pounds of uranium per year.
In addition, Anfield has created a conventional mine-and-mill
complex within Utah and Colorado which is underpinned by its
750-ton-per-day Shootaring Canyon mill, one of only three licensed,
permitted and constructed conventional uranium mills in the
US”.
Charlie Uranium ProjectInexco
Oil began exploration drilling on the Charlie Project in 1969 and
over a two-year period completed 215 holes, comprising 91,000 ft.
of drilling. A joint venture was formed with Uranerz USA, Inc.
(“Uranerz”) in 1974 and an additional 715 holes were completed,
including 57 core holes, totaling 283,906 ft. Cotter acquired the
project from Uranerz and proceeded to evaluate it for both
conventional open pit and in situ mining methods. Cotter excavated
a 200 ft. test pit in 1981 on a small ore zone east of the main
trend. Falling uranium prices in the 1980s halted further
development on the project. Anfield acquired the project from
Cotter in 2019.
BRS Engineering has completed a Preliminary
Economic Assessment (PEA) for Charlie on behalf of Anfield. Based
on the PEA, processing will take place be via the In-Situ Recovery
(ISR) method. Wellfield solutions will be delivered via pipeline to
Uranium One’s Christensen Ranch for initial processing using its
ion exchange and the resulting loaded resin will be shipped to the
Irigaray Central Processing Plant (ICPP) for final processing.
The project area consists of one State of
Wyoming mining lease, totaling approximately 720 acres. The current
10-year mineral lease will expire on June 20, 2026 and is renewable
under an exclusive right.
Highlights from the PEA include:
- A pre-tax project Internal Rate of Return (IRR) of 60% and a
Net Present Value (NPV) of US$18.9 million, based on a discount
rate of 8% and a uranium price of US$65 per pound;
- Average annual production of approximately 297,500 pounds of
uranium per year;
- Estimated capital expenditure (CAPEX) includes an initial
US$6.7 million during pre-production and US$20.8 million in
sustaining capital during production for a total life of mine CAPEX
of US$27.5 million; and
- Estimated direct operating costs of US$11.88 per pound of
uranium.
The West Slope Project
The West Slope Project, located in Montrose and
San Miguel Counties of southwestern Colorado, consist of nine
Department of Energy (DOE) leases, associated with adjacent lode
mining claims and leases, covering 6,913 acres on which past
uranium production has taken place. Between 1977 and 2006,
approximately 1.3Mlbs of uranium and 6.6Mlbs of vanadium were
produced from these mines. In 2007, Behre Dolbear was commissioned
by Cotter to produce a Technical Report for the West Slope Project
(Technical Report on Nine Properties Held by Cotter Corporation in
Montrose and San Miguel Counties, Colorado, USA, August 16, 2007).
Using available data and using a cut-off of 0.05% uranium, Behre
Dolbear estimated an in-place Measured Resource of 2.1Mt of uranium
at an average grade of 0.25% for a total of 11Mlbs of uranium and
an in-place Measured resource of 1.2Mt of vanadium at an average
grade of 1.2% for a total of 53Mlbs of vanadium.
|
Historical Resources - West Slope |
|
Intercepts greater than 0.05% U3O8 |
|
U3O8 |
V205 |
Property |
Tons (millions) |
% |
|
Pounds (millions) |
|
% |
|
Pounds (millions) |
|
JD-6 |
0.16 |
0.15 |
|
0.48 |
|
0.75 |
|
2.4 |
|
JD-7 |
0.77 |
0.26 |
|
4.0 |
|
1.1 |
|
17 |
|
JD-8 |
0.31 |
0.24 |
|
1.5 |
|
1.3 |
|
7.9 |
|
JD-9 |
0.23 |
0.24 |
|
1.1 |
|
1.2 |
|
5.7 |
|
SR-11 |
0.17 |
0.29 |
|
0.99 |
|
1.9 |
|
6.6 |
|
SR-13A |
0.01 |
0.22 |
|
0.26 |
|
1.4 |
|
1.7 |
|
SM-18N |
0.097 |
0.23 |
|
0.45 |
|
1.1 |
|
2.1 |
|
SM-18S |
0.047 |
0.26 |
|
0.24 |
|
1.5 |
|
1.3 |
|
LP-21 |
0.19 |
0.23 |
|
0.87 |
|
1.2 |
|
4.6 |
|
CM-25 |
0.092 |
0.36 |
|
0.66 |
|
1.7 |
|
3.2 |
|
Total |
2.1 |
0.25 |
|
11 |
|
1.2 |
|
53 |
|
|
|
|
|
|
|
|
|
|
|
Anfield considers these estimates to be
historical in nature and cautions that a qualified person has not
done sufficient work to classify the historical estimate as current
mineral resources or mineral reserves and Anfield is not treating
these historical estimate as a current mineral resource or mineral
reserves.
NI 43-101 Disclosure
The PEA completed for the Charlie Project has been authored by
Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc. The
purpose of the PEA is to provide an independent analysis of the
potential economic viability of the mineral resources of the
project. The author has reviewed and approved the technical content
of this news release.
Results of the PEA represent forward-looking
information. This economic assessment is preliminary in nature and
it includes inferred mineral resources that are considered too
speculative, geologically, to have the economic considerations
applies to them that would enable them to be categorized as mineral
reserves. There is no certainty that the preliminary economic
assessment will be realized. Mineral resources are not mineral
reserves as they do not have demonstrated economic viability.
About BRS
BRS, Inc. is an engineering and geology
consulting corporation with expertise in mining and mineral
exploration. Of particular note, it specializes in uranium
exploration, mineral resource evaluation, mine design, feasibility,
mine operations, and reclamation. It has completed numerous uranium
projects including technical reports and feasibility studies for
underground, open pit, ISR, and conventional uranium mills.
Representative projects include technical reports and due diligence
for project financing for conventional uranium projects including
the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola
Project in New Mexico, the Coles Hill, Virginia open pit and
underground mine, and numerous ISR uranium projects in Wyoming and
Paraguay.
Douglas L. Beahm, P.E., P.G., the principal
engineer at BRS, is a Qualified Person as defined in NI 43-101 with
40 years of professional and managerial experience. Mr. Beahm has a
proven track record in a variety of mining and mine reclamation
projects including surface and underground mining, heap leach
recovery, ISR, and uranium mill tailings projects. Mr. Beahm’s
experience includes coal, precious metals, and industrial minerals,
but his emphasis throughout his career has been on uranium.
About Anfield
Anfield is a uranium and vanadium development
and near-term production company that is committed to becoming a
top-tier energy-related fuels supplier by creating value through
sustainable, efficient growth in its assets. Anfield is a
publicly-traded corporation listed on the TSX-Venture Exchange
(AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock
Exchange (0AD). Anfield is focused on two asset centres, as
summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin
Processing Agreement)
Anfield has signed a Resin Processing Agreement
with Uranium One whereby Anfield would process up to 500,000 pounds
per annum of its mined material at Uranium One’s Irigaray
processing plant in Wyoming. In addition, the Company can both buy
and borrow uranium from Uranium One in order to fulfill some or all
of its sales contracts.
Anfield’s 24 ISR mining projects are located in
the Black Hills, Powder River Basin, Great Divide Basin, Laramie
Basin, Shirley Basin and Wind River Basin areas in Wyoming.
Anfield’s two projects in Wyoming for which NI 43-101 resource
reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project, the asset which was the
core component of a recently-announced transaction between Anfield
and Cotter Corporation, is located in the Pumpkin Buttes Uranium
District in Johnson County, Wyoming. The Charlie Project consists
of a 720-acre Wyoming State uranium lease which has been in
development since 1969.
Arizona/Utah/Colorado – Shootaring Canyon
Mill
A key asset in Anfield’s portfolio is the
Shootaring Canyon Mill in Garfield County, Utah. The Shootaring
Canyon Mill is strategically located within one of the historically
most prolific uranium production areas in the United States, and is
one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of
mining claims and state leases in southeastern Utah, Colorado and
Arizona, targeting areas where past uranium mining or prospecting
occurred. Anfield’s conventional uranium assets include the
Velvet-Wood Project, the Frank M Uranium Project, the West Slope
Project as well as the Findlay Tank breccia pipe. An NI 43-101
Preliminary Economic Assessment has been completed for the
Velvet-Wood Project. The PEA is preliminary in nature, and includes
inferred mineral resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves, and there
is no certainty that the preliminary economic assessment would be
realized. All conventional uranium assets are situated within a
200-mile radius of the Shootaring Mill.
On behalf of the Board of DirectorsANFIELD
ENERGY INC.Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact:Anfield Energy, Inc. Clive Mostert Corporate
Communications 780-920-5044contact@anfieldenergy.com
www.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING
STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY
HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY
STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS
REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED
HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN
FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL
FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR
THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,”
“PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING
STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT
ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION
AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT
ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO
COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY
APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL
REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS
EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE
THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION,
THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY
WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD
DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE
CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE
RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM
TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT
OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.
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