Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or “the Company”) is pleased to
announce that it has entered into a definitive agreement with
Nedeel LLC & BBL-2 LLC (“the Sellers”) to acquire a 100%
interest in 65 unpatented mining claims and historical data of the
Marysvale uranium project, located in Beaver County, Utah, and 100%
interest in 26 unpatented mining claims and historical data of the
Calf Mesa uranium project, located in Emery County, Utah.
Corey Dias, Anfield’s CEO commented: “We are
pleased to secure additional claims near our Utah projects,
including the Shootaring Canyon Mill, and will continue to seek out
prospective assets which fit into our two-fold strategy of
acquiring both near term and longer-term uranium and vanadium
assets which will fit into our overall production plan. The
near-term strategy centers on our advanced Utah and Colorado
uranium and vanadium projects – Velvet Wood, West Slope and Slick
Rock – underpinned by our wholly-owned Shootaring Canyon mill, one
of only 3 licensed conventional mills in the U.S. The longer-term
production strategy includes the acquisition of complementary
assets with potential to feed additional uranium and vanadium
resource to our Shootaring Canyon mill. Much like our Artillery
Peak acquisition, we believe that Marysvale and Calf Mesa will
complement our existing assets and serve as part of our longer-term
strategy.”
As consideration for the claims and associated
data, the Sellers will receive US$60,000 in cash and 9 million
common shares (the “Consideration Shares”) of Anfield. Completion
of the acquisition of the Claims, and the issuance of the
Consideration Shares, remains subject to the approval of the TSX
Venture Exchange. Following issuance, the Consideration Shares will
be subject to statutory restrictions on resale for a period of
four-months-and-one-day. No finders’ fees or commissions are owing
by the Company in connection with the acquisition of the
Claims.
About Marysvale
Uranium was discovered in the Marysvale area in 1949 and
produced approximately 1.4 million pounds, at a reported average
grade of 0.22 %U3O8, of uranium between 1952 and 1967. Mined
material was shipped to a government ore-buying station located in
Marysvale, Utah (Trigon Exploration Canada Ltd, Technical Report on
the Marysvale Property, Newton Mining District, Beaver County
District, Utah, U.S.A., 2006).
The Project is located within the Marysvale volcanic field
approximately 100 air miles west and north of the Shootaring Canyon
mill.
Mineralization is hosted within hydrothermal veins associated
with the “Central intrusive” and as supergene enrichment within
altered rhyolitic volcanics. Historic mining was dominantly within
the vein-type mineralization (Steven, T.A., Cunningham, and
Machette, M.N., Integrated Uranium Systems in the Marysvale
volcanic field, west-central, Utah, AAPG Studies in Geology No.
13).Companies such as Energy Fuels Exploration Co. and Philips
Uranium Corp. have held claims in the area, while both Philips and
Trigon Exploration conducted drill programs.
Qualified Persons
Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is
a Qualified Person as defined in NI 43-101 and has reviewed and
approved the technical content of this news release.
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 its conventional asset centre, as summarized
below:
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. A NI 43-101 PEA
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, resultantly, there is no
certainty that the included preliminary economic assessment would
be realized. All conventional uranium assets are situated within a
200-mile radius of the Shootaring Mill.
Technical Disclosure
Table 1. Anfield’s existing conventional
uranium-vanadium project portfolio resources.
Project |
Location |
Classification |
Tons (kt) |
UraniumGrade(%
U3O8) |
ContainedUranium(Mlbs
U3O8) |
VanadiumGrade(%
V2O5) |
ContainedVanadium(Mlbs
V2O5) |
Velvet-Wood |
Utah |
M & I |
811 |
0.29 |
% |
4.6 |
- |
- |
|
|
Inferred |
87 |
0.32 |
% |
0.6 |
- |
- |
West Slope |
Colorado |
Indicated |
2,452 |
0.142 |
% |
6.9 |
- |
- |
|
|
Inferred |
2,452 |
- |
|
- |
0.708% |
34.7 |
|
|
Historic* |
656 |
0.26 |
% |
3.5 |
1.49% |
19.5 |
Slick Rock |
Colorado |
Inferred |
2,549 |
0.228 |
% |
11.6 |
1.37% |
69.6 |
Frank M |
Utah |
Historic* |
1,137 |
0.101 |
% |
2.3 |
- |
- |
Findlay Tank |
Arizona |
Historic* |
211 |
0.226 |
% |
1.0 |
- |
- |
Date Creek/Artillery Peak |
Arizona |
Historic* |
2,602 |
0.054 |
% |
2.8 |
|
|
* The Company’s Qualified Person has not done
sufficient work to classify these historic estimates as current
mineral resources and Anfield is not treating such historical
resources as current mineral resources.
Velvet-Wood: The PEA for Velvet-Wood was
authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS
Inc., Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and
Associates Inc. (May 31, 2016). Mineral resources are not mineral
reserves and do not have demonstrated economic viability in
accordance with CIM standards. GT cut-off varies by locality from
0.25%-0.50%.
West Slope: NI 43-101 resource estimate for the
JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc.
(effective March 2022); Historic resource estimate for the SR-11,
SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by
Behre Dolbear for Cotter Corporation (August 2007). Indicated and
Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic
resources using cut-off of 0.05% U3O8.
Slick Rock: Historical resource estimate
prepared by BRS Engineering, Inc. (effective April 2014). GT
cut-offs range from 0.25%-0.50%
Frank M: Historic Technical Report for Frank M,
prepared for Uranium One Americas, was authored by Douglas L.
Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C.
Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated
June 10, 2008. Frank M historic resource used a GT cut-off of
0.25%.
Findlay Tank: Historic Technical Report for
Findlay Tank, prepared for Uranium One Americas, was authored by
Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated
October 2, 2008. Findlay Tank historic resource used a grade
cut-off of 0.05% eU3O8.
Artillery Peak: Artillery Peak Exploration
Project, Mohave County, Arizona, 43-101 Technical Report, authored
by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by
locality from 0.01%-0.05%.
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.comwww.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
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FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR
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AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT
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INCLUDE RISKS ASSOCIATED FUTURE CAPITAL REQUIREMENTS AND THE
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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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