Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) announced that the purchase agreement with Blue Zen Memorial Parks, Inc. for the Binghampton/Copper Queen copper project in Arizona, has been extended to August 15th, 2014 for additional time to perform on-the-ground development work to identify the first phase of resource delineation drilling.
As quoted in the press release:
Since the announcement of the Agreement, the parties have made significant progress into furthering the understanding of the project and its potential. During this time, BZM has performed a substantial amount of due diligence, having been given access to review all data, both historical and current, relating to the BCQ project. Moreover, representatives of BZM have also made two onsite visits to evaluate the physical property.
Subsequent to the Agreement, Anfield has acquired additional data (see news release dated May 20, 2014) relating to the BCQ project. As a result, the parties have agreed to extend the date the Agreement becomes operative to August 15th, 2014 to allow for additional time to perform on-the-ground development work to identify the first phase of resource delineation drilling. The new historical data, combined with the data to be acquired from new development work, will allow the Companies to produce a comprehensive, joint NI 43-101 Technical Report that fully incorporates both the historical data and the data that has been generated by Anfield since 2012.
Anfield Resources CEO, Corey Dias, said:
The recent data acquisition is a major development for the BCQ Project. The large volume of data necessitates a time extension for BZM to complete its due diligence. We look forward to working with BZM on both integrating the historic data with our recent data and commencing the upcoming drill program to define an NI 43-101 resource estimate. We continue to believe that the partnership will significantly contribute to project advancement, especially given that BZMâ€™s principal shareholder, Jiangsu TianDiLong Resource Technology Co. Ltd., is pursuing a vertical integration strategy in which copper production will feed directly to its copper smelter.