Anfield to Acquire Dripping Springs Quartzite Uranium Project
Head Office:
4390 Grange Street, Suite 2005
Burnaby, B.C. V5H 1P6
www.anfieldenergy.com
Office: 604.669.5762
Fax: 604.608.4804
TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield to Acquire Dripping Springs Quartzite Uranium Project
VANCOUVER, BRITISH COLUMBIA -- GLOBE NEWSWIRE – February 13, 2023 — Anfield Energy Inc.
(TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce
that it has entered into a definitive agreement with ACCO Resources (“ACCO”, or “the Seller”), an arms-
length party, to acquire a 100% interest in 115 unpatented mining claims and associated data covering
more than 2,300 acres of the Dripping Springs Quartzite uranium project (“Dripping Springs”), located in
Gila County, Arizona.
Corey Dias, Anfield’s CEO commented: “ We are please d to acquire the Dripping Springs Quartzite
Uranium Project, given both the history of uranium exploration and the identification by the US
Geological Survey of more than 100 uranium deposits in the area. Moreover, the region hosts eight past-
producing mines – which shipped material to the Globe, Arizona -based uranium buying station in the
1950s – along with Uranium Energy Corp.’s Workman Creek project.
“We will continue to seek out prospective assets which align with our two -fold strategy of acquiring
both near term and longer -term uranium and vanadium assets which will fit into our overall production
plan. The near -term strategy centers on our advanced Uta h and Colorado uranium and vanadium
projects – Velvet Wood, West Slope and Slick Rock – underpinned by our wholly -owned Shootaring
Canyon mill, one of only 3 licensed conventional mills in the U.S. The longer -term production strategy
includes the acquisit ion of complementary assets with potential to feed additional uranium and
vanadium resource to our Shootaring Canyon mill. Much like our Artillery Peak acquisition, w e believe
that Dripping Springs will both complement our existing portfolio of assets and serve as part of our
longer-term uranium production strategy.”
While the Company has not yet identified a uranium resource on its claims, studies of the greater
Dripping Springs region have confirmed uranium resource in the vicinity . For example, a historical
uranium resource estimate prepared by Dravo Engineers (August 1980) as part of a feasibility study for
the Dripping Springs Quartzite area, using a cut -off grade of 0.05%, returned 4.4 million tons containing
approximately 9.8 m illion pounds. This historical mineral resource also encompasses Uranium Energy
Corp.’s Workman Creek project. While the Company cautions that the presence of mineralization in the
vicinity of the claims to be acquired by the Company is not necessarily ind icative of mineralization that
may existing on those claims, it is indicative of the mineralization hosted regionally in the Dripping
Springs Quartzite area.
As consideration for the claims and associated data, the Seller will receive US $50,000 in cash and 15
million common shares (the “Consideration Shares”) of Anfield. Completion of the acquisition of the
Claims, and the issuance of the Consideration Shares, remains subject to the approval of the TSX
Head Office:
4390 Grange Street, Suite 2005
Burnaby, B.C. V5H 1P6
www.anfieldenergy.com
Office: 604.669.5762
Fax: 604.608.4804
TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Venture Exchange. Following issuance, the Consideration Shares will be subject to statutory restrictions
on resale for a period of four -months-and-one-day. No finders’ fees or commissions are owing by the
Company in connection with the acquisition of the Claims.
About Dripping Springs Quartzite Project
The Dripping Springs Quartzite Project consists of 115 unpatented lode mining claims covering more
than 2,300 acres. It is located in a remote area approximately 90 miles northeast of Phoenix, AZ.
Uranium deposits were discovered in the area between 1950 and 1954, leading to extensive exploration
activity in the area. The US Geological Survey conducted a survey on behalf of the US Atomic Energy
Commission and, by 1957, identified more than 100 uranium deposits in the broader Dripping Springs
Quartzite area.
There has been substantial subsequent exploration of the area. Wyoming Minerals Corp ., a subsidiary
of Westinghouse, conducted a drill campaign in the 1970s of more than 400 exploration and
development holes in the Workman Creek area that is curren tly held by Uranium Energy Corp. A
feasibility study by Dravo Engineers included designs for both open pit and underground mining, with
conventional acid leach, solvent extraction, and ammonia precipitation processes. Resultant uranium
recovery was in the range of 94%.
Uranium Energy Corp.’s Workman Creek project is near the center of the larger Dripping Springs
Quartzite formation that covers more than 8 ,000 square miles in central Arizona. Exploration of the
surrounding areas has revealed equally att ractive deposits with the potential for large ore reserves.
Based on a wealth of available data, the most attractive targets have been chosen, including several past
producing mines with significant tonnage having been shipped to the Cutter buying station in Globe, AZ
in the late 1950s.
Qualified Persons
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 throu gh 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 assessmen t 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 - -
West Slope Colorado Indicated 2,452 0.142% 6.9 - -
Inferred 2,452 - - 0.708% 34.7
Historic* 656 0.26% 3.5 1.49% 19.5
Slick Rock Colorado Inferred 2,549 0.228% 11.6 1.37% 69.6
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
* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resourc es and Anfield is
not treating such historical resources as current mineral resources.
Velvet-Wood: The PEA for Velvet -Wood was a uthored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Terence P. (Terry)
McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 31, 2016). 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: Historical resource estimate prepared by BRS Engineering, Inc. (effective April 2014). GT cut-offs range 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. Princi pal
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%.
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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