Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD)
(“
Anfield” or the “
Company”) is
pleased to announce that BRS Engineering (“BRS”) has begun a
Preliminary Economic Assessment (PEA) for the Company’s Slick Rock
uranium and vanadium project (“
Slick Rock”). Slick
Rock is located in the prolific Uravan region of Colorado, in close
proximity to Anfield’s West Slope uranium and vanadium project. The
property holds a historical inferred resource of 2.5 million tons
at 0.228% uranium and 1.37% vanadium, returning 11.6 million pounds
of uranium and 69.6 million pounds of vanadium* and, between 1957
and 1983, Slick Rock produced 2.2 million pounds of uranium and
13.9 million pounds of vanadium. Finally, in 2014 Uranium Energy
Corporation (“UEC”), the previous owner of Slick Rock, issued a PEA
which stated a pre-tax project Internal Rate of Return (IRR) of 33%
and a Net Present Value of US$63.5 million, based on a discount
rate of 7% and a uranium price of US$60 per pound, along with a
vanadium price of US$10 per pound**.
The mineral resource estimates and PEA cited
above are based on data and reports prepared by the previous
operator of the project. Anfield is treating these reports as
historic in nature. Work necessary to independently verify the
classification of the mineral resource estimates and the PEA in
accordance with National Instrument 43-101, verified by a qualified
person, and in compliance with CIM standards has not been
completed. This historical estimate and PEA should not be relied
upon.
Anfield CEO, Corey Dias, stated, “We are excited
at the prospect of both confirming, and improving upon, the Slick
Rock PEA results previously issued, especially given that the
results will consider the use of our wholly-owned conventional mill
– Shootaring – for the purpose of producing both uranium and
vanadium from Slick Rock ores. We believe that Anfield remains
well-positioned to create further shareholder value with regard to
its undervalued uranium and vanadium assets through the upgrading
of its resource assets. Our two-fold strategy includes a near-term
focus on uranium and vanadium production from our primary assets –
Velvet-Wood, West Slope and Slick Rock – while our longer-term
projects – such as Frank M, Findlay Tank and Artillery Peak – are
expected to provide the Company with a secondary production
pipeline to be leveraged once our primary mines are depleted.
“Finally, the prospect of Shootaring becoming
the next operational conventional uranium and vanadium mill in the
United States is significant both economically as well as with
respect to surety of supply for utilities. The Slick Rock PEA will
not only represent a significant milestone for Anfield but will
also outline a path towards commercial development of this
property, alongside Anfield’s Velvet-Wood and West Slope projects.
Anfield is clearly well-positioned to benefit from an improving
uranium market”.
Slick Rock Project
Slick Rock is located in a well-known uranium
mining region in Colorado, within the historic Uravan Mineral Belt
and at the intersection of two major mineral trends. Uranium and
vanadium were produced historically at the Burro Mine within the
Slick Rock property package between 1957 and 1983, and future
exploration targets continue to focus on the down-dip extensions of
the Burro and Sunday-Carnation mineral trends. The property was the
subject of a preliminary economic assessment in 2014.
* The Slick Rock historical resource estimate is
disclosed in “Technical Report, Preliminary Economic Assessment,
Slick Rock Project, Uranium/Vanadium Deposit, San Miguel County,
Southwest Colorado, USA” prepared for Uranium Energy Corp. by BRS
Inc. and dated April 8, 2014. The Company considers the resource
estimate relevant as it will drive further development by the
Company, and reliable, as it was completed by a competent Qualified
Person to the standards of the time. The Slick Rock historical
resource estimate is an inferred resource as defined in National
Instrument 43-101. The Company is not aware of any more recent
resource estimates. The Company will need to have the Technical
Report updated by a Qualified Person to bring the historical
mineral resource estimate current. The Company has not done
sufficient work to classify the historic estimate as a current
mineral resource and is not treating the historical estimate as a
current mineral resource.
**Technical Report, Preliminary Economic Assessment, Slick Rock
Project, Uranium/Vanadium Deposit, San Miguel County, Southwest
Colorado, USA, BRS, Inc., BD Resource Consulting, Inc., SIM
Geological, Inc., 2014.
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
applied 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.
The technical content of this news release has
been reviewed and approved by Douglas L. Beahm, a Qualified Person,
for the purposes of National Instrument 43-101.
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 and vanadium assets
include the Slick Rock Project, the Velvet-Wood Project, the Frank
M Uranium Project, the West Slope Project, the Long Park Project as
well as the Findlay Tank breccia pipe. 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 the 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
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 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’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.
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