Anfield Commences Drill Program at Slick Rock
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield Commences Drill Program at Slick Rock
VANCOUVER, BRITISH COLUMBIA -- GLOBE NEWSWIRE – September 24, 2024 — Anfield Energy Inc.
(TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce
that it has commenced a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium and vanadium
project, located in San Miguel County, Colorado. Anfield has engaged Tri Park Corporation, a local drilling
contractor, to conduct the drill program, with Wyoming-based Hawkins CBM Logging to provide the
downhole geophysical logging and ore grade analysis. Once the drill program is complete, Anfield plans
to both secure a large mine permit for the project and use the drill results to upgrade its uranium and
vanadium resource for Slick Rock as found in its existing PEA.
Corey Dias, Anfield’s CEO commented: “ We are very pleased to have engaged Tri Park Corp, a local
contractor operating out of Nucla, Colorado, to provide drilling services to facilitate the advancement of
our Slick Rock project . We have also engaged Hawkins CBM Logging, a company operating out of Cody,
Wyoming, to provide downhole geophysical logging and ore grade analysis. We expect that this program
will both help to confirm existing historical results and provide an updated uranium and vanadium
resource. Our intent remains to align the development timelines of both the Slick Rock and Velvet-Wood
mines. Our aim is to have both 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.
“We have seen significant advancement of our assets over the last few months: the submittal of the mill
restart application in April; the submittal of a Plan of Operations for the Velvet -Wood mine in May; the
receipt of approval for a drill program at Slick Rock in June; and the confirmation of the completeness
review of the Shootaring mill restart application in July. The commencement of drilling at Slick Rock will
achieve another important step in our “hub-and-spoke” strategy. It also underscores our commitment to
advancing to near -term uranium and vanadium production and participat ing in the renaissance of the
uranium industry.”
With 439 nuclear reactors operating worldwide, 64 under construction and another 88 planned, it is clear
that the nuclear renaissance is well underway -- while risks to the availability of adequate supply of
uranium are becoming greater . Some of the supply issues include: production cutbacks in Kazakhstan;
the pivot of its largest producer, Kazatomprom, to primarily supply customers in Asia; political instability
in producing countries such as Niger ; and the prospect of a U.S. import ban o n Russian fuel. This means
that there is an increasing need for a robust U.S. domestic uranium supply as it is critical to energy
independence and stability. Anfield is well positioned to see the benefits of this emerging reality -- with
the right assets, at the right time, in the right place.”
CanaCom Group
The Company also announces that it has terminated its existing engagement with 2686362 Ontario
Corporation, doing business as CanaCom Group, which was previously announced by the Company in its
news release of June 3, 2024. The Company previously engaged CanaCom Group to produce articles and
video content for the Company for a twelve -month term which commenced December 14, 2023. In
connection with the engagement, CanaCom Group participated in a private placement completed by the
Company on December 20, 2023 in the amount of $110,000. The engagement of CanaCom Group has not
been accepted by the TSX Venture Exchange, as it does not meet the requirements prescribed by
Exchange Policy 3.4 which require that promotional activities be compensated on a cash basis.
Termination of the engagement is effective August 14, 2024, and CanaCom Group has agreed that the
Company will have an available credit for the remaining four months of the original engagement.
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.
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 its
conventional asset centre, as summarized below:
Arizona/Utah/Colorado – 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 ,
Colorado, 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, the West
Slope Project, as well as the Findlay Tank breccia pipe. A NI 43-101 PEA has been completed for the Velvet-
Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are
considered too speculative geologically to have economic considerations applied to them that would
enable them to be categorized as mineral reserves and, resultantly, there is no certainty that the included
preliminary economic assessment would be realized. All conventional uranium assets are situated within
a 200-mile radius of the Shootaring Mill.
Technical Disclosure
Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.
Project Location Classification Tons (kt)
Uranium
Grade
(% U3O8)
Contained
Uranium
(Mlbs U3O8)
Vanadium
Grade
(% V2O5)
Contained
Vanadium
(Mlbs V2O5)
Velvet-Wood Utah M & I 811 0.29% 4.6 - -
Inferred 87 0.32% 0.6 0.404% 7.3
West Slope Colorado Indicated 1,367 0.197% 5.4 - -
Inferred 1,367 - - 0.984% 26.9
Historic* 630 0.31% 3.9 1.59% 20.0
Slick Rock Colorado Inferred 1,760 0.224% 7.9 1.35% 47.1
Frank M Utah Historic* 1,137 0.101% 2.3 - -
Findlay Tank Arizona Historic* 211 0.226% 1.0 - -
Date
Creek/Artillery
Peak
Arizona Historic* 2,602 0.054% 2.8
Marquez-Juan
Tafoya New Mexico Historic* 7,100 0.127% 18.1
* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not
treating such historical resources as current mineral resources.
Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson,
P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 20 23). Mineral
resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by
locality from 0.25%-0.50%.
West Slope: NI 43 -101 resource estimate for the JD -6, JD-7, JD-8 and JD- 9 properties, completed by BRS Inc. (effective March 2022); Historic
resource estimate for the SR -11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation
(August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic resources using cut-off of 0.05% U3O8.
Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson,
P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 20 23). Mineral
resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by
locality from 0.25%-0.50%.
Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal
Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M hi storic resource
used a GT cut-off of 0.25%.
Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G.
Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.
Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12,
2010. GT cut-off varies by locality from 0.01%-0.05%.
Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy
Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P .E., PhD, McNulty &
Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off..
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither the 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.
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
www.anfieldenergy.com
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