Anfield to Acquire Uranium Claims in Utah
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield to Acquire Uranium Claims in Utah
VANCOUVER, BRITISH COLUMBIA -- GLOBE NEWSWIRE – October 19, 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 Nolan Holdings, Inc. (“the Sellers”) to acquire a
100% interest in 1 75 federal unpatented uranium mining claims (“Claims”), located in San Juan and
Grand Counties in Utah.
Corey Dias, Anfield’s CEO commented: “ We are pleased to acquire these uranium claims as we believe
that they are complementary to our existing portfolio holdings in Utah . They are in close proximity to
Anfield Energy’s Shootaring Canyon mill, which makes them ideally suited for future exploration and
production. When combined with a favorable regulatory environment and low transportation costs,
these claims are an ideal addition to Anfield’s portfolio.
“We will continue to seek out prospective assets which fit into 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 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 3 licensed conventional mills in the U.S. The longer -term production strategy includes the
acquisition of complementary assets with potential to feed additional uranium and vanadium resou rce
to our Shootaring Canyon mill. We believe that these claims will both complement our existing portfolio
of assets and serve as part of our longer-term uranium production strategy.”
As consideration for the claims and associated data, the Sellers will receive US$ 85,000 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
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.
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 San Juan County, Utah
Use of uranium ore in southeastern Utah has a long and well documented history going back centuries
to its use by Native Americans as pigment. In the early 1900s there was some localized vanadium
mining that resulted in the identification of large amounts of uranium and vanadium bearing ore. In the
late 1940s the U.S. Atomic Energy Commission funded an expansive exploration program. This funding
fueled substantial production from approximately 1948 through the mid 1960s. During that time tens of
thousands of tons of ore were mined in San Juan County. The average grade over the entire period of
production was 0.3% uranium and 0 .65% vanadium. While mining ultimately slowed due to economic
factors, the abundance of uranium and vanadium in the area remains unchanged.
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. Anfie ld 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 certa inty 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 - -
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 resources and Anfield is
not treating such historical resources as current mineral resources.
Velvet-Wood: The PEA for Velvet -Wood was authored 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. 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%.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither 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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