Anfield Announces Completion of Verification Drilling, Plans for Updated Resource and Mine Permitting at Slick Rock
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Anfield Announces Completion of Verification Drilling, Plans
for Updated Resource and Mine Permitting at Slick Rock
VANCOUVER, British Columbia, January 29, 2025 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF;
FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that it has completed a 14-
hole, 14,100-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San
Miguel County, Colorado. Anfield will use the drill results to both upgrade its uranium and vanadium
resource estimate for Slick Rock – as found in its existing PEA – and prepare mine designs for a large
mine permit for the project.
Corey Dias, Anfield’s CEO commented: “We are very pleased to have completed our Slick Rock drill
program as part of our plan to advance our Slick Rock project through the permitting stage and,
ultimately, to production. Anfield will pursue a Plan of Operations and mine plan for Slick Rock in
2025. The mine plan will also include the potential of incorporating the uranium and vanadium
resources of one or more of the Anfield-controlled DOE leases in the vicinity into a larger mining
operation. The Company then will pursue detailed mine planning and hydrological studies for the
purpose of obtaining a mine permit in 2026.
“This program has helped to confirm existing historical results and to also provide data from which
we can both recategorize some of the current Inferred uranium and vanadium resource to Indicated
and delineate an updated uranium and vanadium resource. We expect to have an updated resource
estimate for Slick Rock in Q2/25. In addition, as part of the current drill permit held for Slick Rock,
Anfield is authorized to install monitoring wells at site. Up to four wells are planned with at least one
to be cored for metallurgical and equilibrium testing. The monitor wells will provide initial
groundwater characterization and will be sampled quarterly to determine background water quality.
The Company plans to complete this work in Q2/25.
“Finally, Anfield intends to align the development timelines for both the Slick Rock and Velvet-Wood
mines. The aim is to have both projects ready for production prior to the restart of the Shootaring
Canyon mill, with initial feed ready for transport once the mill is ready to receive it. As a reminder,
the combined 2023 Preliminary Economic Assessment (PEA) for Slick Rock and Velvet-Woods
demonstrated a pre-tax NPV8% of US$238M and IRR of 40% assuming U3O8 and V2O5 prices of
US$70/lb and US$12/lb, respectively.”
Slick Rock Project Drilling
Highlights
• 14 drill holes completed at the Slick Rock property in 2024 for 14,100 feet drilled
• Gamma ray logging results show elevated uranium mineralization exceeding 200ppm eU 3O8
in 7 of 14 drill holes
• Significant intercepts of mineralization include:
o 10.0 ft grading 1560 ppm eU3O8 (GT of 1.56) in Hole SR-24-01, peak of 2610 ppm eU3O8
at 925.0 ft
o 5.0 ft grading 2180 ppm eU3O8 (GT of 1.09) in Hole SR-24-04, peak of 5910 ppm eU3O8
at 809.5 ft
Drilling results confirm the presence of uranium mineralization at depths and locations consistent
with the historical drilling dataset
The objective of Anfield’s initial drilling program was to verify the historical drilling dataset of 285 drill
holes at Slick Rock which was generated by the USGS and various subsequent operators. The company
has completed fourteen rotary drill holes in the Slick Rock project area totaling 14,100 feet of drilling.
The drilling locations and results are summarized in Figure 2 and Table 1.
The local drilling contractor, Tri Park Corporation, mobilized out of Nucla Colorado on September 22,
2024. The drilling employed standard circulation rotary drilling techniques, varying between Air, Foam,
and Mud circulation depending on the depth and gro undwater conditions. Lithological samples were
taken on 5-foot intervals and recorded by on-site geologists. Fourteen drill holes were completed by
November 12, 2024 and all associated drill pads were reclaimed and seeded by November 22, 2024.
Figure 1: Exploratory Drilling Operation Underway at Slick Rock
The drill holes were designed to offset and verify drilling targets derived from historical drilling data
used in preparation of the Inferred Mineral Resource estimate for the Slick Rock project (PEA dated
May 6, 2023). The depths and grades of mineralization encountered in this drilling program were
consistent with the historical dept hs and grades of mineralization contained in the historical drilling
data. Variance between the historical drill hole intercepts and the verification holes was experienced,
with some intercepts yielding greater or lesser values. Variances are to be expect ed due to the
distances between the historical collars and offset holes and the variable downhole drift of the drill
holes. The verification holes demonstrated close stratigraphic correlation and a prevalence of
mineralization of similar tenor and characte r to the historical intercepts, placing a high level of
confidence in the quality and validity of the historical drill hole data.
Figure 2: Slick Rock Drill Collar Location Map
Table 1: Slick Rock Drilling Results
*All depth units are Feet below drill hole collar.
**GT is calculated as: Grade x Thickness (ft)
Intercepts are reported at a 0.02 (200 ppm) eU3O8% grade cut -off. All grades were calculated from
gamma-ray logs measured by a n experienced commercial independent logging contractor, Hawkins
CBM Logging of Cody, Wyoming. Hawkins CBM’s downhole sonde was calibrated at the US Department
of Energy’s Casper, Wyoming logging test pits prior to deployment to the field. The calibrated downhole
sonde is used to measure nat ural gamma emission from the rock formation down the borehole. The
recorded natural gamma data was used in creating the geophysical well log and calculate “equivalent”
(“e”) grades of U3O8.
The drill holes were vertical in orientation and all drill holes were measured for downhole drift with
the geophysical probe. Drift values for each drill hole are listed in Table 1 and in the most extreme
cases, the drill hole deviation value was less than 3 degrees from vertical. The geologic units hosting
the mineralization are generally flat lying, therefore reported thicknesses are apparent true
thicknesses.
Qualified Person
Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is a Qualified Person as defined in NI 43 -
101 and has reviewed and approved the technical content of this news release.
For additional information regarding the Company’s Slick Rock Project, including data verification
related to certain scientific and technical information described in this news release, please see the
Technical Report titled “The Shootaring Canyon Mill and Velvet Wood and Slick Rock Uranium Projects,
Preliminary Economic Assessment” dated May 6, 2023, which is available under the Company’s profile
on SEDAR+ at www.sedarplus.ca
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).
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Contact:
Anfield Energy Inc.
Corey Dias, Chief Executive Officer
Clive Mostert, Corporate Communications
780-920-5044
www.anfieldenergy.com
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