November 14, 2022 —
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 Wayne Minerals Inc.
(“
WMI”) to acquire a 100% interest in 50
unpatented mining claims in the uranium-rich Artillery Peak project
area, located in Mohave County, Arizona (the
“
Claims”). The Claims are adjacent to Anfield’s
current project in the Date Creek Basin and increase Anfield’s
uranium asset acreage in the area. Historical records indicate a
potential uranium resource in the Artillery Peak/Date Creek Basin
area of approximately 2.8 million pounds of U308*.
Beginning in the 1950s, significant exploration
work was completed in the Artillery Peak area, including over 400
holes drilled by Jacquays Mining, Homestake Mining, Hecla Mining,
Getty Oil, Public Service Company of Oklahoma, and Santa Fe Mining.
The Claims are also in the vicinity of the Anderson Uranium Mine.
Anfield will be engaging an engineering firm to review the
associated data with both sets of claims to assess the resource
prospects for the combined projects.
Corey Dias, Anfield’s CEO commented: “As part of
an overall production strategy, we continue to expand our
conventional uranium and vanadium assets through strategic tuck-in
acquisitions, such as the Artillery Peak Claims. Our aim is to
pursue assets to fit both near-term and longer-term production
strategies. The near-term strategy centers on our Colorado and Utah
uranium and vanadium mines underpinned by our wholly-owned
Shootaring Canyon mill, one of only 3 licensed mills in the U.S.
The longer-term production strategy is to acquire complementary
assets with potential to feed additional pounds to our Shootaring
Canyon mill.”
As consideration for the Claims, WMI will
receive $150,000 in cash, 25 million common shares (the
“Consideration Shares”) of Anfield and a 3% net
smelter royalty (NSR) on uranium production from the Claims.
Anfield will be able to buy back the royalty for $150,000 per
percentage point. 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.
*Artillery Peak Exploration Project, Mohave
County, Arizona, 43-101 Technical Report, Dr. Karen Wenrich,
October 12, 2010. The resource estimates cited above are based on
data and reports prepared by the previous operator of the project.
These resource estimates are of a historic nature. Work necessary
to independently verify the classification of the mineral resource
estimates 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 should not be relied
upon.
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 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.
Technical Disclosure
Table 1. Anfield’s existing conventional
uranium-vanadium project portfolio resources.
Project |
Location |
Classification |
Tons (kt) |
UraniumGrade(%
U3O8) |
Contained Uranium(Mlbs
U3O8) |
VanadiumGrade(%
V2O5) |
Contained Vanadium(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 |
Frank M |
Utah |
Historic* |
1,137 |
0.101% |
2.3 |
- |
- |
Findlay Tank |
Arizona |
Historic* |
211 |
0.226% |
1.0 |
- |
- |
* 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.
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.
Table 2. Slick Rock historical project
resources.
Project |
Location |
Classification |
Tons (kt) |
UraniumGrade(%
U3O8) |
Contained Uranium(Mlbs
U3O8) |
VanadiumGrade(%
V2O5) |
Contained Vanadium(Mlbs
V2O5) |
Slick Rock |
Colorado |
Inferred |
2,549 |
0.228% |
11.6 |
1.37% |
69.6 |
Slick Rock: Historical resource estimate
prepared by BRS Engineering, Inc. (effective April 2014). GT
cut-offs range from 0.25%-0.50%
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
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 Mar 2024 to Apr 2024
Anfield Energy (TSXV:AEC)
Historical Stock Chart
From Apr 2023 to Apr 2024