Anfield Signs Agreement With Cotter to Significantly Expand Its
Uranium and Vanadium Portfolio
VANCOUVER, British Columbia, Canada --
January 08, 2019 -- InvestorsHub NewsWire
-- Anfield Energy Inc. (TSX-V: AEC, OTCQB: ANLDF, FRANKFURT: 0AD)
(“Anfield” or
the “Company”) is pleased to announce,
further to its news release on March 12, 2018, that it has signed
an Asset Purchase Agreement (APA) with Cotter Corporation (N.S.L.)
(“Cotter”), an arm’s-length party, to acquire
both: the Charlie ISR Uranium Project (the “Charlie
Project”) located in the Pumpkin Buttes Uranium District
in Johnson County, Wyoming; and nine past-producing
uranium/vanadium properties in the Montrose and San Miguel Counties
of Colorado, collectively known as the West Slope Project
(“West Slope Project”).
Anfield’s CEO, Corey Dias, commented: “We are
excited to acquire these projects which significantly expand our
uranium and vanadium portfolios. The Charlie Project
represents an important step forward in creating an ISR uranium
mine-and-mill complex in Wyoming as we seek to leverage our resin
processing agreement with Uranium One. Further, the West Slope
Project provides Anfield with the potential to extend the mill life
of our conventional Shootaring Canyon Mill, thereby strengthening
our uranium/vanadium mine-and-mill complex. Importantly, Anfield
will also have access to the data from the previous exploration
activities at both the Charlie Project and the West Slope Project,
allowing for rapid preparation of technical reports on both
projects. Consequently, as uranium and vanadium markets trend
upwards, we are now even better-positioned for production at the
appropriate time.”
The transaction will be settled with the
issuance of common shares of Anfield to Cotter equal to a 19.9%
ownership interest in Anfield and, should either project proceed to
production, Cotter will retain a 20% interest in all yellowcake
production from the Charlie Project and a 15% interest in all
yellowcake and vanadium production from the West Slope Project.
Based on the current outstanding share capital of Anfield, the
transaction is expected to result in the issuance of 11,051,775
common shares to Cotter. In accordance with the policies of the TSX
Venture Exchange, the deemed value of the transaction will be
determined based upon the maximum allowable discount (25%) from the
market price of the Company’s common shares following the issuance
of this news release.
The Charlie Project
Inexco Oil began exploration drilling on the
Charlie Project in 1969 and over a two-year period completed 215
holes, comprising 91,000 ft. of drilling. A joint venture was
formed with Uranerz USA in 1974 and an additional 715 holes were
completed, including 57 core holes, totaling 283,906 ft. Cotter
acquired the project from Uranerz and proceeded to evaluate it for
both conventional open pit and in situ mining methods. Cotter
excavated a 200 ft. test pit in 1981 on a small ore zone east of
the main trend. Falling uranium prices in the 1980s halted further
development on the project.
On September 5, 2018, Anfield announced that BRS
Engineering had completed a uranium resource estimate –
commissioned by Anfield – for the Charlie Project (Charlie Uranium
Project, Mineral Resource NI 43-101 Technical Report, Johnson
County, Wyoming, USA, October 5, 2018). The resource estimate
includes:
- an Indicated Mineral Resource of 1,260,000 tons of mineralized
material with an average grade of 0.123%
eU3O8 (equivalent to an Indicated
Resource of 3,100,000 pounds of eU3O8);
and
- an Inferred Mineral Resource of 558,000 tons of mineralized
material with an average grade of 0.125%
eU3O8 (equivalent to an Inferred
Resource of 1,400,000 pounds of eU3O8);
and
- in addition to the disclosed Mineral Resource, an Exploration
Target ranging from 280,000 to 680,000 tons with an average grade
ranging from 0.090 to 0.151
%eU3O8 (equivalent to an Exploration
Target ranging from 500,000 to 1,300,000 pounds of
eU3O8).
The West Slope Project
The West Slope Project, located in Montrose and
San Miguel Counties of southwestern Colorado, consist of nine
Department of Energy (DOE) leases, associated with adjacent lode
mining claims and leases, covering 6,913 acres on which past
uranium production has taken place. Between 1977 and 2006,
approximately 1.3Mlbs of uranium and 6.6Mlbs of vanadium were
produced from these mines. In 2007, Behre Dolbear was commissioned
by Cotter to produce a Technical Report for the West Slope Project
(Technical Report on Nine Properties Held by Cotter Corporation in
Montrose and San Miguel Counties, Colorado, USA, August 16, 2007).
Using available data and using a cut-off of 0.05% uranium, Behre
Dolbear estimated an in-place Measured Resource of 2.1Mt of uranium
at an average grade of 0.25% for a total of 11Mlbs of uranium and
an in-place Measured resource of 1.2Mt of vanadium at an average
grade of 1.2% for a total of 53Mlbs of vanadium.
|
Historical Resources - West Slope |
|
|
|
Intercepts greater than
0.05% U3O8 |
|
|
|
U3O8 |
|
V205 |
Property |
Tons (millions) |
% |
Pounds (millions) |
% |
Pounds (millions) |
JD-6 |
0.16 |
0.15 |
0.48 |
0.75 |
2.4 |
JD-7 |
0.77 |
0.26 |
4.0 |
1.1 |
17 |
JD-8 |
0.31 |
0.24 |
1.5 |
1.3 |
7.9 |
JD-9 |
0.23 |
0.24 |
1.1 |
1.2 |
5.7 |
SR-11 |
0.17 |
0.29 |
0.99 |
1.9 |
6.6 |
SR-13A |
0.01 |
0.22 |
0.26 |
1.4 |
1.7 |
SM-18N |
0.097 |
0.23 |
0.45 |
1.1 |
2.1 |
SM-18S |
0.047 |
0.26 |
0.24 |
1.5 |
1.3 |
LP-21 |
0.19 |
0.23 |
0.87 |
1.2 |
4.6 |
CM-25 |
0.092 |
0.36 |
0.66 |
1.7 |
3.2 |
Total |
2.1 |
0.25 |
11 |
1.2 |
53 |
|
|
|
|
|
|
Anfield considers these estimates to be historical in nature and
cautions that a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources or
mineral reserves and Anfield is not treating the historical
estimate as a current mineral resource or mineral reserves.
The transaction will close following TSX Venture
Exchange approval. All securities issued in connection with the
transaction will be subject to a four-month-and-one-day statutory
hold period prescribed by applicable securities laws. No finders’
fees are payable in connection with the completion of the
transaction.
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 two project centres, as
summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin
Processing Agreement)
Anfield has also signed a Resin Processing
Agreement with Uranium One whereby Anfield would process up to
500,000 pounds per annum of its mined material at Uranium One’s
Irigaray processing plant in Wyoming. In addition, the Company can
both buy and borrow uranium from Uranium One in order to fulfill
some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills,
Powder River Basin, Great Divide Basin, Laramie Basin, Shirley
Basin and Wind River Basin areas in Wyoming. Anfield’s two projects
in Wyoming for which NI 43-101 resource reports have been completed
are Red Rim and Clarkson Hill.
Arizona/Utah – 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 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, as well as the Findlay Tank
breccia pipe. An NI 43-101 Preliminary Economic Assessment (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 125-mile radius of the
Shootaring Mill.
About Cotter Corporation
Cotter Corporation is a General Atomics (GA)
affiliate headquartered in Denver, Colorado. Originally
incorporated in 1956 in New Mexico as a uranium production company,
Cotter was purchased by and became a wholly owned subsidiary of
Commonwealth Edison in 1975. GA acquired Cotter in early 2000.
Through its various mining and milling operations, Cotter has
produced uranium, vanadium, molybdenum, silver, lead, zinc, copper,
selenium, nickel, cobalt, tungsten and limestone.
Douglas L. Beahm, P.E., P.G. has approved the
scientific and technical disclosure, relating to the Charlie
Project, in the news release. He is a Qualified Person as defined
in NI 43-101.
On behalf of the Board of Directors
ANFIELD ENERGY, INC.
Corey Dias, Chief Executive Officer
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com
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TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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