Anfield Resources to Evaluate Vanadium Potential at Velvet-Wood Mine in Utah
TSX VENTURE: AEC
VANCOUVER, BC--(Marketwired - November 21, 2017) - Anfield Resources Inc. (TSX VENTURE: ARY) (
Anfield's prospective energy partners have shown a greater interest in the Company's vanadium assets due to the significant upturn in the vanadium price this year. Anfield is also exploring the feasibility of including a vanadium circuit on its Shootaring Canyon uranium mill, which would allow it to process vanadium.
Based upon historical production, the Velvet-Wood Mine has the potential to be a significant source of vanadium. Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% V2O5, recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5.
The current mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8 at a grade of0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8 at a grade of 0.32% U3O8 (inferred resource). (Source: Velvet-Wood Mine Uranium Project, San Juan County, Utah USA NI 43-101 Mineral Reserve and Resource Report, Author: BRS Inc.; Date: 11/14/2014).
Corey Dias, Anfield's CEO stated, "Vanadium is increasingly being embraced by battery manufacturers as a core material in the production of batteries to be used in both small-scale and large-scale applications; in fact, vanadium redox-flow batteries (VFBs) have started to grow in influence as energy companies look to improve energy storage. This ranges from grid-scale uses, such as Prudent Technology's use of a VFB for its solar installation in Italy, to smaller-scale uses such as Warren Buffett's BYD company using vanadium batteries for its electric vehicles and Subaru using a VFB to power its Subaru G4e vehicle. Vanadium is clearly viewed as an attractive alternative to other battery technology sources. Anfield is fortunate in having two energy metal resources together, both with highly positive demand projections: uranium and vanadium."
Vanadium - an important commodity in a strategic location
85% of current vanadium production comes from three countries: China, Russia and South Africa. With increasing geopolitical trade uncertainty, it is clearly an advantage to have a domestic U.S. supply source for a strategic material driving an important new technology. Vanadium has traditionally been used to strengthen steel; however, its recent resurgence has come about due to its large-scale energy storage potential. VFBs have the ability to store mass energy, which potentially strengthens grid stability and the case for electric vehicles, and renewable energy.
Technical advances are driving flow battery technology closer to mass commercialization. In Dalian, China, there are plans to create a 200MW - 800MWh storage station, the largest VFB installation in the world. Since 2014, more than 30 VFB installations have either been deployed or are currently under construction. In addition, the use of VFBs in vehicles has the potential to improve upon lithium-ion batteries by increasing the voltage and energy density metrics. With all the developing needs and uses for advanced battery technology, industry spending on energy storage is expected to reach US$200 billion in 2020 alone -- providing attractive marketing opportunities for Anfield.
BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.
Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, has approved the scientific and technical disclosure in the news release. He is a Qualified Person as defined in NI 43-101 with 40 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm's experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium.
Anfield is an energy metals exploration, 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 energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centres, as summarized below:
Arizona/Utah - Shootaring Canyon Mill
A key asset in Anfield's existing 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. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
Wyoming - Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has also signed a Resin Processing Agreement with Uranium One wherein 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, should Anfield sign uranium sales contracts, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its contracts.
Anfield's 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.