home Equities V.AEC: Announces Resource Report for Third of 25 Uranium Projects in Wyoming

V.AEC: Announces Resource Report for Third of 25 Uranium Projects in Wyoming

VANCOUVER, British Columbia, April 05, 2018 (GLOBE NEWSWIRE) — Anfield Energy Inc. (TSX.V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or “the Company”) is pleased to announce the receipt of an NI 43-101 compliant mineral resource technical report for the Nine Mile Lake uranium project, entitled “Nine Mile Lake Uranium Project, Mineral Resource NI 43-101 Technical Report, Natrona County, Wyoming, USA” with effective date March 29, 2017 (the “Nine Mile Report”). Further to Anfield’s news release of March 21, 2017, the Nine Mile Report is the third in a series of NI 43-101 technical reports related to Anfield’s 25 Wyoming uranium projects. The report was completed by BRS, Inc., a consulting and engineering firm with more than 40 years of experience assessing Wyoming uranium projects.

The resource estimate includes:

  • an Indicated Resource of 2,108,000 tons of mineralized material with an average grade of 0.059% (equivalent to an Indicated Resource of 2,504,000 pounds of U3O8); and
  • an Inferred Resource of 1,297,000 tons of mineralized material with an average grade of 0.070% (equivalent to an Inferred Resource of 1,804,000 pounds of U3O8).

Corey Dias, Anfield’s CEO stated, “We are very pleased to announce the receipt of this resource report. Since acquiring 24 Wyoming uranium projects from Uranium One in 2016, we have committed to updating and confirming resources held on those properties. This report is the third to have been completed, and there remains a significant opportunity to delineate further uranium resources on the remaining 21 projects. Moreover, with the Charlie project resource report expected to be completed within the next 60 days, we expect to see continued significant growth in our uranium resource base. Finally, Anfield remains on course to deliver on its strategy of creating a viable uranium production complex in Wyoming as it looks to pair its resource base with the Resin Processing Agreement it has in place with Uranium One whereby it can process up to 500,000 pounds of uranium per year at Uranium One’s Irigaray Central Processing Plant.”

A summary of the Indicated Mineral Resource included in the Nine Mile Report is presented in Table 1.1. A summary of the Indicated Mineral Resource included in the Nine Mile Report is presented in Table 1.2.

Table 1.1 Indicated Mineral Resources

GT minimum Pounds % eU3O8 Tons Average Grade
0.25 2,504,000 2,108,000 0.059

Table 1.2 Inferred Mineral Resources

GT minimum Pounds % eU3O8 Tons Average Grade
0.25 1,804,000 1,297,000 0.070

Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. Inferred Mineral Resources are too speculative geologically to have the economic considerations applied to them which would enable them to be categorized as mineral reserves.

About Nine Mile Lake Project

The Nine Mile Lake project comprises approximately 6,619 acres of Anfield’s mineral rights including mining claims and mineral leases. and includes 190 unpatented mining lode claims, 1,280 acres of State mineral leases and 1,538.6 acres of private mineral leases. The data used in the report consists of radiometric-equivalent data (eU3O8) for 1,100 drill holes; drill intercept data from 26 core holes and 238 rotary drill holes were utilized, along with drill intercepts, chemical assay certificates and both lithological and geophysical logs.

To the best of our knowledge there are no legal or environmental matters that could materially affect the potential development of these resources.

Radiometric equilibrium was assumed, and is considered reasonable with respect to mineral resources as the mineralization is well below the ground water table and not subject to surficial oxidation.

A unit weight of 125 pounds per cubic foot or 16 cubic feet per ton was assumed, based on the report Author’s experience working in operating mines within similar sandstone uranium deposits where reserve estimates were routinely compared to actual production.

Indicated mineral resources were estimated using the GT contour method which is considered appropriate for this type of deposit. The GT was determined for each drill hole, by major stratigraphic horizon, and the GT was summed for all intercepts meeting the cut-off criteria by horizon for each hole.

Inferred mineral resources were estimated for those areas where location of the REDOX front was known based on past drilling but the available data was not sufficient to estimate Indicated Mineral Resources.

NI 43-101 Disclosure
The NI 43-101 Resource Technical Report completed for Nine Mile Lake has been authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.

A technical report on the Resource Technical Report will be published on the System for Electronic Analysis and Retrieval (“SEDAR”) and the Company’s website within the 45 days permitted under NI 43-101.

About BRS
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, is a Qualified Person as defined in NI 43-101 with more than 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.

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 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 25 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.

The Charlie Project, acquired from Cotter Corporation, 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.

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.

Source: Anfield Energy