Anfield to Complete a Uranium Resource Report for the Charlie Project
TSX VENTURE: AEC
VANCOUVER, British Columbia, March 26, 2018 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or “the Company”) is pleased to announce that BRS Engineering, Inc. (“BRS”) has begun work on a resource report for the Charlie uranium project (the “Charlie Project”) located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. BRS will utilize the data from previous exploration activities and estimates that it will complete the report within 60 days. Please see Anfield’s March 12 news release for further details related to the Charlie Project transaction.
Corey Dias, Anfield CEO, states, “We are very pleased to begin updating the technical reports on the Charlie Project, and anticipate, based on previous reports commissioned by Cotter Corporation, that the BRS report will be positive. We view Charlie as an extremely strategic asset in our portfolio due not only to its advanced nature but also to its close proximity to two of Uranium One’s currently-producing mines and its uranium satellite processing plant where Anfield has a processing agreement. Based on the new report we would hope to quickly move into the next development phase on the Charlie Project.”
The Charlie Project is located in the Powder River Basin in Wyoming near an existing uranium ISR mine and operating oilfields which have road and power line infrastructure. Previous owners and operators of the Charlie Project have conducted sufficient exploration drilling to delineate a portion of a major roll-front system which crosses the property and continues on to adjacent lands. As a result of this previous work, a database of over 1300 drill holes is available as well as several hydrological, analytical and mineralogical reports. Previous reports have shown that the uranium mineralization underlying the Charlie Project exist as narrow and sinuous multiple roll-fronts which are commonly developed in the Tertiary sedimentary formations of the Powder River Basin. Roll-fronts of this type are currently mined by ISR methods on the adjacent Christensen Ranch Project – owned by Uranium One – and further south at Cameco’s Highland Project.
About The Charlie Project
The Charlie Project is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969.
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. In January, 1995 Power Resources Inc. (PRI) completed what it defined as a “feasibility study” for the project under an agreement with Cotter Corporation for development as an ISR mine. PRI estimated what it defined as “total geologic (indicated and inferred) ore reserves” for the project. The estimate was based on a data from some 1,252 exploration drill holes using an initial cutoff of 2 feet of 0.02% eU3O8. PRI utilized both manual GT contouring and computer-aided geostatistical mineral resource estimation methods to estimate the contained pounds by blocks (42’ by 42’). PRI then applied economic criteria based on estimated uranium content, by ISR wellfield pattern, which resulted in range of 3.1 to 4.6 million pounds of uranium oxide “total geologic ore reserve” and a corresponding range of average GT of 1.64 to 2.72. PRI did not state the average thickness or grade. 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 current mineral resource or mineral reserves. The term “ore reserve” disclosed as an historical estimate is not consistent with the requirement of the definition of a mineral reserve per CIM definitions as the economic viability and technical feasibility of the project have not been established by preparation and filing of a preliminary feasibility study or feasibility study.
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., has approved the scientific and technical disclosure in the news release. Mr. Beahm, the principal engineer at BRS, 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 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 production centres, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has 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 has been completed for the Velvet-Wood Project. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
On behalf of the Board of Directors
ANFIELD 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.
Anfield Energy, Inc.
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