Anfield Completes Acquisition of Uranium Project with Historical Indicated Uranium Resource of 18.1 Million Pounds
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield Completes Acquisition of Uranium Project with Historical Indicated Uranium Resource
of 18.1 Million Pounds
VANCOUVER, BRITISH COLUMBIA -- GLOBE NEWSWIRE – July 20, 2023 — Anfield Energy Inc. (TSX.V:
AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce, further
to its news release of June 6, that it has completed the acquisition (the “ Transaction”) of Neutron
Energy, Inc. (“Neutron”), a wholly-owned subsidiary of enCore Energy Corp. (NYSE American: EU; TSXV:
EU) (“ enCore”), which holds the Marquez- Juan Tafoya uranium project (“ Juan Tafoya”) located in the
Grants Uranium Mineral District, 50 miles west-northwest of Albuquerque, New Mexico.
Corey Dias, Anfield’s CEO commented: “ We are pleased to complete the acquisition of the Marquez-
Juan Tafoya Uranium Project as it both reinforces our acquisition strategy whereby we pursue advanced
uranium and or vanadium projects. Moreover, the addition of Marquez -Juan Tafoya - now our larges t-
single uranium project, in terms of resource size - significantly expands our uranium resource base.
“With a global nuclear renaissance underway, we believe that our pursuit of advanced uranium deposits
that will facilitate near- term uranium production is critical at this time as the global uranium supply
deficit continues to grow. As Kazakhstan pivots East to support China in its robust nuclear growth plans,
an important piece of US utility uranium supply is increasingly at risk. This scenario highlight s an
unquestionable opportunity for uranium producers in the US.
“To that end, w e will continue to advance both our near-term strategy, which centers on our advanced
Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope and Slick Rock –
underpinned by our wholly-owned Shootaring Canyon mill, one of only three licensed conventional mills
in the U.S. and our longer-term production strategy , which includes the acquisition of complementary
assets with potential to feed additional uranium and vanadium resource to our Shootaring Canyon mill.
We believe that Marquez-Juan Tafoya will both complement our existing portfolio of assets and serve as
part of our longer-term uranium production strategy.”
As consideration for the acquisition of Neutron , the Company has issued 185,000,000 common shares
(the “Consideration Shares”) to enCore and has agreed to pay C $5,000,000 in cash (the “Consideration
Payment”). Pursuant to an agreement reached with enCore, C$4,000,000 of the Consideration Payment
was made at closing, with the balance due and owing on or before September 25, 2023. The Company
has also granted enCore the right to nominate one director to the board of the Company, to serve so
long as e nCore continues to hold at least 10% of the outstanding shares of the Company . During this
time, enCore has agreed to vote the Consideration Shares in support of any decisions made by
management of the Company. Eugene Spiering has been appointed to the board of directors of the
Company as the initial nominee of enCore.
The Company is at arms -length from e nCore and Neutron . T he Consideration Shares are subject to
statutory restrictions on resale until November 20, 2023 in accordance with applicable securities laws .
No finders’ fees or commissions are owing by the Company in connection with the Transaction . For
further information regarding Juan Tafoya, readers are encouraged to review the news release issued by
the Company on June 6, 2023.
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 Slick Rock Project, the West Slope
Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. A combined NI 43-101
PEA has been completed for the Velvet- Wood and Slick Rock Projects. 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 historic 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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