Anfield Energy Announces Uranium Resource Estimate for the Charlie Project
TSX VENTURE: AEC
VANCOUVER, British Columbia, Sept. 05, 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 completed a resource estimate for the Charlie uranium project (the “Charlie Project”) located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. In March 2018, Anfield announced that it had entered into a transaction with Cotter Corporation to acquire this asset.
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
- 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 Technical Report for the Charlie Project will be issued within 45 days.
Corey Dias, Anfield CEO, states, “We are very pleased to receive an updated resource for the Charlie Project. We view Charlie as an extremely strategic asset 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. Based on the updated resource, we believe that there is ample justification to advance to the next development phase on the Charlie Project. In addition, we have met with the Wyoming Office of State Lands and Investments with regard to the transfer of the Charlie lease. We are aiming to close the ongoing Cotter transaction in the next 60 to 90 days, which will allow us to move the Charlie Project forward.”
The Charlie Project is located in the Powder River Basin in Wyoming near an existing uranium ISR mine and operating oilfields which have an infrastructure of roads and power lines. 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 1,300 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 and further south at Smith Ranch/Highland.
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 project reports for companies such as Anfield Energy Inc., Uranium One Inc., Energy Fuels Inc., Uranium Energy Corporation and Uranerz Energy Corporation, 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 over 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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