Anfield Energy Inc. (TSX.V: AEC;
OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or “the Company”) is pleased to
announce that Anfield’s newly-formed subsidiary, Anfield Precious
Metals (“
APM”), has signed a definitive agreement
with Southwest Exploration Inc. (“
Southwest”) to
acquire a 100% interest in the Newsboy Gold Project
(“
Newsboy”), located in Maricopa County, Arizona.
This acquisition will serve as Anfield’s first step in a revised
strategy to leverage its team’s expertise and selectively seek out
and acquire advanced US-based assets in commodities in addition to
uranium to diversify its portfolio, while continuing to operate in
attractive, low-risk U.S. jurisdictions. Anfield’s uranium assets,
especially the Charlie project in Wyoming, remain a core focus of
the Company. Red Cloud Securities Inc. acted as an advisor to
Anfield regarding the transaction.
Corey Dias, Anfield’s CEO commented: "We are
excited to execute on our strategic plan of portfolio
diversification through the acquisition of the Newsboy gold
project. Newsboy is an unheralded gem with a historical gold-silver
resource, a significant amount of drill hole data and drill-ready
targets that provide the potential for step-change resource
expansion. Located in Arizona, it also aligns with our focus on
North American-based projects in order to mitigate geopolitical
risk. Finally, the creation of APM underscores our belief that
further opportunities exist within this sector that will allow
Anfield to leverage its team’s expertise to strengthen its asset
mix in an accretive way.
Anfield’s primary focus remains on advancing its
Wyoming-based Charlie ISR uranium project. While there is some
uncertainty in the sector while the transition to a new U.S.
Administration takes place, we are confident that the U.S.
government remains committed to reviving the domestic uranium
market as part of its emerging commitment to meeting climate change
objectives. In fact, the recent news regarding the U.S. Senate’s
Committee on Environment and Public Works Approving the American
Nuclear Infrastructure Act – which includes a U.S. Uranium Reserve
Program – provides a positive data point for the future of uranium
production in the U.S."
As consideration for Newsboy, Southwest will
receive 5 million common shares of Anfield and a 2% net smelter
royalty (NSR) on gold and silver production from the project.
Anfield has agreed to spending commitments at Newsboy of Cdn$2
million within the first 12 months following the acquisition and an
additional Cdn$1 million in the subsequent 12 months. In addition,
Southwest will receive certain milestone payments totaling
$625,000, should Anfield receive an NI 43-101 resource report, a
Preliminary Economic Assessment and Feasibility Study.
Completion of the acquisition of Newsboy, and
the issuance of common shares to Southwest, remains subject to the
approval of the TSX Venture Exchange. All common shares issuable to
Southwest in connection with the acquisition will be subject to
restrictions on resale prescribed by applicable securities
laws.
The Newsboy Gold ProjectThe
Newsboy Gold Project, located 45 miles northwest of Phoenix,
Arizona and 10 miles southeast of Wickenberg in Maricopa County,
consists of 2,243 acres of land which is comprised of 35 Federal
Lode Claims and 4 State leases.
Between 1987 and 1989, Westmont Mining Company
conducted reconnaissance geological mapping, rock chip geochemistry
and 102 holes (totaling 7,184 metres) of reverse-core drilling at
Newsboy. In 1990, Pima Mining NL drilled 12 diamond core holes (512
metres), 40 reverse core holes (2,000 metres), and completed
metallurgical test work, resource and reserve estimates and
mine-planning studies.
In 2009, Aurum National Holdings, Ltd.
Commissioned North American Environmental Group (NAEG) to produce a
report on the Newsboy property which was titled “Technical Report
of the Newsboy Gold Property, Maricopa County, Arizona, United
States, by Clive R. G. Bailey, dated September 1, 2009.” Anfield
considers this a historic report and does not warrant that it meets
current NI 43-101 guidance.
Using available data and a cut off grade of
0.02opt Au, NAEG estimated a total in-situ resource of 5.3Mt in the
following categories:
- A Measured
resource of 2.533Mt at 0.05opt Au and 0.87opt Ag for a total of
127,000oz Au and 2,196,000oz Ag;
- An Indicated
resource of 1.076Mt at 0.04opt Au and 0.44opt Ag for a total of
43,000oz Au and 471,000oz Ag; and
- An Inferred
resource of 1.719Mt at 0.038opt and 0.45opt Ag for a total of
65,000oz Au and 765,000oz Ag
The NAEG report also identified areas in which
the author, based on geologic interpretation, felt the resource
could be expanded. The NAEG report also recommended an exploration
program for this area. To Anfield’s knowledge these recommendations
have not yet been implemented.
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
the historical estimate as current mineral resource or mineral
reserves.
Douglas L. Beahm, P.E., P.G. has approved the
scientific and technical disclosure, relating to the Newsboy Gold
Project, in the news release. He is a Qualified Person as defined
in NI 43-101.
About AnfieldAnfield 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 centers, as
summarized below:
Wyoming – Resin Capture and
Processing AgreementAnfield has signed a Resin
Capture and 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.
The Charlie Project, Anfield’s flagship uranium
project, 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. An NI 43-101 Preliminary Economic Assessment has been
completed for the Charlie Project.
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 three projects in Wyoming for which NI 43-101 resource
reports have been completed are Red Rim, Nine Mile Lake and
Clarkson Hill.
Arizona/Utah/Colorado – Shootaring Canyon
MillAnother 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, permitted and constructed conventional 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
MostertCorporate
Communications780-920-5044contact@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 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’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.
Anfield Energy (TSXV:AEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Anfield Energy (TSXV:AEC)
Historical Stock Chart
From Jul 2023 to Jul 2024