Anfield to acquire Artillery Peak uranium properties

VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) — Nov. 14, 2022 — 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 Wayne Minerals Inc. (“WMI”) to acquire a 100% interest in 50 unpatented mining claims in the uranium-rich Artillery Peak project area, located in Mohave County, Arizona (the “Complaints”). The concessions are adjacent to Anfield’s current project in the Date Creek Basin and increase the size of Anfield’s uranium assets in the area. Historical records indicate a potential uranium resource in the Artillery Peak/Date Creek Basin area of ​​approximately 2.8 million pounds of U308*.

Beginning in the 1950s, significant exploration work was carried out in the Artillery Peak area, including over 400 holes drilled by Jacquays Mining, Homestake Mining, Hecla Mining, Getty Oil, Public Service Company of Oklahoma, and Santa Fe Mining. The claims are also near the Anderson uranium mine. Anfield will engage an engineering firm to review the data associated with both sets of claims to assess resource prospects for the combined projects.

Corey Dias, CEO of Anfield, said: “As part of an overall production strategy, we continue to grow our conventional uranium and vanadium assets through complementary strategic acquisitions, such as Artillery Peak Claims. . Our goal is to seek out assets to fit both short and long term production strategies. The near-term strategy centers on our uranium and vanadium mines in Colorado and Utah, underpinned by our wholly-owned Shootaring Canyon mill, one of only three licensed mills in the United States. The longer-term production strategy is to acquire complementary assets that can supply additional books to our Shootaring Canyon plant.

In consideration for the Claims, WMI will receive $150,000 in cash, 25 million shares of common stock (the “Counterpart shares”) from Anfield and a net smelter royalty (NSR) of 3% on uranium production from the concessions. Anfield will be able to buy out the royalty for $150,000 per percentage point. The completion of the acquisition of the claims and the issuance of the consideration shares remain subject to the approval of the TSX Venture Exchange. Following issuance, the Consideration Shares will be subject to statutory resale restrictions for a period of four months and one day. No finder’s fee or commission is payable by the Company in connection with the acquisition of the Claims.

*Artillery Peak Exploration Project, Mohave County, Arizona, Technical Report 43-101, Dr. Karen Wenrich, October 12, 2010. The resource estimates quoted above are based on data and reports prepared by the previous project operator. These resource estimates are historical in nature. The work required for independent verification of the classification of mineral resource estimates in accordance with National Instrument 43-101, verified by a qualified person and in accordance with CIM standards has not been completed. This historical estimate should not be relied upon.

Qualified persons

Douglas L. Beahm, PE, PG, 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 press release.

About Anfield

Anfield is a near-term uranium and vanadium development and production company committed to becoming a leading energy fuels provider by creating value through sustainable and efficient growth of its assets. Anfield is a publicly traded company listed on the TSX Venture Exchange (AEC-V), OTCQB Marketplace (ANLDF) and Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset hub, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Windmill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon mill is strategically located in one of the most prolific uranium producing 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 mining or prospecting for uranium took place. 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. An 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 geologically speculative to have economic considerations applied to them that would allow them to be classified as Mineral Reserves, and there is no certainty that the preliminary economic assessment would be carried out. All conventional uranium assets are located within 200 miles of the Shootaring plant.

Technical Disclosure

Table 1. Existing resources of Anfield’s conventional uranium-vanadium project portfolio.

Project Location Classification Tons (kt) Uranium
To note
(%U3O8)
Uranium content
(Mlb U3O8)
Vanadium
To note
(%V2O5)
Vanadium content
(Mlbs V2O5)
Velvet-Wood Utah m&me 811 0.29% 4.6
Inferred 87 0.32% 0.6
West side Colorado Noted 2,452 0.142% 6.9
Inferred 2,452 0.708% 34.7
Historical* 656 0.26% 3.5 1.49% 19.5
Frank M. Utah Historical* 1,137 0.101% 2.3
Findlay Tank Top Arizona Historical* 211 0.226% 1.0

* The Company’s Qualified Person has not performed sufficient work to classify these historical estimates as current mineral resources and Anfield does not treat these historical resources as current mineral resources.

Velvet-Wood: The PEA for Velvet-Wood was written by Douglas L. Beahm, PE, PG Principal Engineer, of BRS Inc., Terence P. (Terry) McNulty, PE, D. Sc., of TP McNulty and Associates Inc. (May 31, 2016). Mineral Resources are not Mineral Reserves and have not demonstrated economic viability in accordance with CIM standards. The GT threshold varies by locality from 0.25% to 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); Historical 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 a GT threshold of 0.1 ft% eU3O8; historical resources using a cut-off threshold of 0.05% U3O8.

Frank M: Historical Technical Report for Frank M, prepared for Uranium One Americas, was written by Douglas L. Beahm, PE, PG Principal Engineer of BRS Inc., and Andrew C. Anderson, PE, PG Principal Engineer/GEologist of BRS Inc., dated June 10, 2008. Frank M’s historical resource used a 0.25% GT cutoff.

Findlay Reservoir: Historical Technical Report for the Findlay Reservoir, prepared for Uranium One Americas, prepared by Douglas L. Beahm, PE, PG Principal Engineer of BRS Inc., dated October 2, 2008. The Historical Findlay Reservoir resource used a grade 0.05% eu cutoff3O8.

Table 2. Slick Rock Project historical resources.

Project Location Classification Tons (kt) Uranium
To note
(%U3O8)
Uranium content
(Mlb U3O8)
Vanadium
To note
(%V2O5)
Vanadium content
(Mlbs V2O5)
smooth rock Colorado Inferred 2,549 0.228% 11.6 1.37% 69.6

Slick Rock: Historical Resource Estimate prepared by BRS Engineering, Inc. (effective April 2014). GT thresholds range from 0.25% to 0.50%

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, General Manager

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
Business communication
780-920-5044
[email protected]
www.anfieldenergy.com

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Carol N. Valencia