Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or “the Company”) is pleased to
announce that its subsidiary, Highbury Resources, Inc. (“Highbury”)
has entered into a definitive agreement with Gold Eagle Mining Inc.
(“GEM”) and Golden Eagle Uranium LLC (“GEU”) (collectively, “the
Sellers”) to acquire a 100% interest in twelve Department of Energy
(DOE) leases (“DOE Leases”) and associated data in various Counties
in Colorado. The acquisition meets Anfield’s strategic objective of
securing additional uranium and vanadium prospects as the Company
prepares for an increase in production capacity throughput at
Shootaring to 1,000 tons per day from 750 tons per day as part of
its mill restart plan. Crucially, it provides Anfield with control
over 21 of the 31 DOE leases in existence in Colorado, further
strengthening the Company’s long-term strategic production position
in the State.
Corey Dias, Anfield’s CEO commented: “We are
quite pleased to acquire these twelve additional DOE Leases which
we believe are complementary to both our Slick Rock project and the
nine DOE leases we currently hold in Colorado and underscores our
commitment to uranium and vanadium production coming from this
state. The strategic value of these Leases cannot be overstated, as
many of them are contiguous to Anfield’s current Colorado holdings
and could, therefore, be combined to create improved production
economies of scale. Moreover, given that the stated uranium
resource associated with each Lease has been determined by the DOE
and its predecessor agencies, and when married to the historical
production at each Lease site, we are confident that these uranium
pounds will serve as an established base from which these resources
could grow. Finally, the securing of these Leases provides the
Company with the flexibility to categorize all of our DOE Leases
within our DOE Lease portfolio in order to identify those we would
consider the most prospective and prioritize their advancement to
production.
“We will continue to seek out prospective
uranium and vanadium assets which align with our two-fold
production strategy. The near-term strategy centers on our advanced
Utah and Colorado uranium and vanadium projects – Velvet Wood, West
Slope, Slick Rock and our newly-acquired DOE leases – underpinned
by our wholly-owned Shootaring Canyon mill, one of only 3 licensed,
permitted and constructed conventional mills in the U.S. The
long-term production strategy remains focused on the acquisition of
complementary assets with the potential to feed additional uranium
and vanadium resources to our Shootaring Canyon mill. The uranium
and vanadium pounds associated with these DOE leases may serve as
near-term feed under either the mill’s current throughput capacity
of 750 tons per day or the proposed expanded throughput capacity of
1,000 tons per day. Finally, the Company will continue to pursue an
expanded annual licensed uranium production capacity of up to 3
million pounds.”
DOE leases
There has been historical uranium and vanadium
production on 10 of the 12 acquired DOE Leases, as shown below:
Historical Production - acquired leases |
Tons |
U grade |
U pounds |
|
V grade |
V pounds |
|
|
|
|
|
|
|
|
JD-5 |
|
100,308 |
0.21 |
% |
410,951 |
|
0.86 |
% |
1,732,466 |
SR-13 |
|
86,164 |
0.22 |
% |
372,748 |
|
1.60 |
% |
2,765,681 |
SR-15 |
|
67,004 |
0.28 |
% |
381,652 |
|
1.66 |
% |
2,219,856 |
JD-5A |
|
- |
|
- |
|
|
- |
SR-10 |
|
194,570 |
0.25 |
% |
988,597 |
|
1.91 |
% |
7,426,751 |
SR-11A |
|
1,315 |
0.19 |
% |
5,110 |
|
1.62 |
% |
42,713 |
SR-15A |
|
14,202 |
0.18 |
% |
50,091 |
|
1.11 |
% |
314,727 |
SR-16 |
|
148,438 |
0.32 |
% |
954,080 |
|
1.46 |
% |
4,342,039 |
WM-17 |
|
- |
|
- |
|
|
- |
LP-22A |
|
98,922 |
0.29 |
% |
572,742 |
|
1.49 |
% |
2,950,255 |
LP-22 |
|
33,781 |
0.27 |
% |
181,055 |
|
1.29 |
% |
871,539 |
LP-23 |
|
46,384 |
0.27 |
% |
245,944 |
|
1.59 |
% |
1,476,359 |
Total historical production |
|
791,088 |
0.26 |
% |
4,162,970 |
|
1.39 |
% |
24,142,386 |
|
|
|
|
|
|
|
|
Source: DOE ULP PEIS, March 2014
According to the DOE Uranium Lease Program,
there remains significant uranium pounds associated with many of
the acquired leases, as shown below. Please note that the “bid
amount”, that is, the stated uranium pounds as determined by DOE
and its predecessor agencies such as the Atomic Energy Corporation,
is a function of the historical permitted ore from a DOE Lease
minus the historical production from that Lease. The Company is
providing this information to assist readers in assessing the scope
of the DOE Leases. Readers are cautioned that these amounts are not
necessarily indicative of mineral resources which may exist on the
DOE Leases, nor is the Company treating them as current mineral
resources.
Stated Uranium Resource |
U pounds |
|
|
|
|
|
JD-5 |
|
230,000 |
|
JD-5A |
|
30,000 |
|
SR-10 |
|
undefined |
|
SR-11A |
|
300,000 |
|
SR-13 |
|
330,000 |
|
SR-15 |
|
84,000 |
|
SR-15A |
|
250,000 |
|
SR-16 |
|
44,000 |
|
WM-17 |
|
75,000 |
|
LP-22A |
|
undefined |
|
LP-22 |
|
140,000 |
|
LP-23 |
|
550,000 |
|
Total |
|
2,033,000 |
|
|
|
|
|
Source: DOE ULP PEIS, March 2014
As consideration for the DOE Leases and
associated data, the Sellers will receive:
- At Closing,
US$500,000 in cash and US$1,250,000 in common shares of the Company
(the “Consideration Shares”) valued at the volume weighted average
trading price of the Company’s common shares as traded on the TSX
Venture Exchange for the ten trading days ending on the last
trading day prior to the closing date (the “Share
Price”) subject to a minimum issue price of C$0.05 per
share;
- US$750,000 in
cash at the one-year anniversary of Closing;
- US$1,000,000 in
cash at the two-year anniversary of Closing;
- US$1,000,000 in
cash at the three-year anniversary of Closing; and
- US$1,500,000 in
cash at the four-year anniversary of Closing.
Completion of the acquisition of the DOE Leases,
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 DOE Leases.
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 |
0.404% |
7.3 |
West Slope |
Colorado |
Indicated |
1,367 |
0.197% |
5.4 |
- |
- |
|
|
Inferred |
1,367 |
- |
- |
0.984% |
26.9 |
|
|
Historic* |
630 |
0.31% |
3.9 |
1.59% |
20.0 |
Slick Rock |
Colorado |
Inferred |
1,760 |
0.224% |
7.9 |
1.35% |
47.1 |
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 |
|
|
|
|
|
|
|
|
|
|
Marquez-Juan Tafoya |
New Mexico |
Historic* |
7,100 |
0.127% |
18.1 |
|
|
* 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/Slick Rock
was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of
BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G.,
and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and
Associates Inc. (May 6, 2023). 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: The PEA for Velvet-Wood/Slick Rock
was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of
BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G.,
and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and
Associates Inc. (May 6, 2023). 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%.
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%.
Marquez-Juan Tafoya: The Historical Technical
Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya,
prepared for Uranium Energy Corporation, was authored by Douglas L.
Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P.
McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021.
The mineral resources are reported at a 0.60 GT cut-off..
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 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.
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