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 ACCO
Resources (“ACCO”, or “the Seller”), an arms-length party, to
acquire a 100% interest in 115 unpatented mining claims and
associated data covering more than 2,300 acres of the Dripping
Springs Quartzite uranium project (“Dripping Springs”), located in
Gila County, Arizona.
Corey Dias, Anfield’s CEO commented: “We are
pleased to acquire the Dripping Springs Quartzite Uranium Project,
given both the history of uranium exploration and the
identification by the US Geological Survey of more than 100 uranium
deposits in the area. Moreover, the region hosts eight
past-producing mines – which shipped material to the Globe,
Arizona-based uranium buying station in the 1950s – along with
Uranium Energy Corp.’s Workman Creek project.
“We will continue to seek out prospective assets
which align with 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
Dripping Springs will both complement our existing portfolio of
assets and serve as part of our longer-term uranium production
strategy.”
While the Company has not yet identified a
uranium resource on its claims, studies of the greater Dripping
Springs region have confirmed uranium resource in the vicinity. For
example, a historical uranium resource estimate prepared by Dravo
Engineers (August 1980) as part of a feasibility study for the
Dripping Springs Quartzite area, using a cut-off grade of 0.05%,
returned 4.4 million tons containing approximately 9.8 million
pounds. This historical mineral resource also encompasses Uranium
Energy Corp.’s Workman Creek project. While the Company cautions
that the presence of mineralization in the vicinity of the claims
to be acquired by the Company is not necessarily indicative of
mineralization that may existing on those claims, it is indicative
of the mineralization hosted regionally in the Dripping Springs
Quartzite area.
As consideration for the claims and associated
data, the Seller will receive US$50,000 in cash and 15 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 Dripping Springs Quartzite Project
The Dripping Springs Quartzite Project consists
of 115 unpatented lode mining claims covering more than 2,300
acres. It is located in a remote area approximately 90 miles
northeast of Phoenix, AZ.
Uranium deposits were discovered in the area
between 1950 and 1954, leading to extensive exploration activity in
the area. The US Geological Survey conducted a survey on behalf of
the US Atomic Energy Commission and, by 1957, identified more than
100 uranium deposits in the broader Dripping Springs Quartzite
area.
There has been substantial subsequent
exploration of the area. Wyoming Minerals Corp., a subsidiary of
Westinghouse, conducted a drill campaign in the 1970s of more than
400 exploration and development holes in the Workman Creek area
that is currently held by Uranium Energy Corp. A feasibility study
by Dravo Engineers included designs for both open pit and
underground mining, with conventional acid leach, solvent
extraction, and ammonia precipitation processes. Resultant uranium
recovery was in the range of 94%.
Uranium Energy Corp.’s Workman Creek project is
near the center of the larger Dripping Springs Quartzite formation
that covers more than 8,000 square miles in central Arizona.
Exploration of the surrounding areas has revealed equally
attractive deposits with the potential for large ore reserves.
Based on a wealth of available data, the most attractive targets
have been chosen, including several past producing mines with
significant tonnage having been shipped to the Cutter buying
station in Globe, AZ in the late 1950s.
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 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
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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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