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Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) ("Anfield" or "the Company") is pleased to announce that it has received approval for its Notice of Intent ("NOI"), through its wholly owned subsidiary Highbury Resources Inc., with the Colorado Division of Reclamation, Mining and Safety ("DRMS"), to begin a 20-hole, 8,000-foot rotary drill program at the existing JD-7 open pit mine in Montrose County, Colorado. The Company has engaged Tri Park Drilling to undertake the program and expects drilling to commence in mid-September and take approximately two weeks to complete. The purpose of the in-field exploratory drilling program is to: 1) collect geologic information related to uranium mineralization in multiple sandstone hosted deposits throughout the area; 2) confirm the existing pit resources; 3) confirm the extent and location of underground uranium and vanadium resources; and 4) consider potential uranium and vanadium resource expansion.
Corey Dias, Anfield's CEO, commented: "With Anfield's imminent Nasdaq listing, we are very pleased to secure approval for our drill program at our JD-7 mine at this time, one of the twenty-one DoE leases – each consisting of a uranium and vanadium mine – which the Company holds in Colorado. As we also continue to work with the State of Utah's Department of Environmental Quality to finalize approval of our reactivation plan for Shootaring, it is important to note that the proposed amendment to our radioactive materials license – which increases both mill throughput and annual production capacity – will allow the Company to expand its hub-and-spoke uranium and vanadium production model through the receipt of mill feed from additional mines such as JD-7.
"Following the environmental permit approval for the Company's Velvet-Wood mine in May – and the subsequent advancement of this asset toward mine construction – along the Company's upcoming Plan of Operations submittal to the Bureau of Land Management ("BLM") for its Slick Rock mine, Anfield continues to advance its pipeline of near-term uranium and vanadium projects in anticipation of mill restart in 2027.
"Finally, we are encouraged by the recent news regarding the U.S. Department of Energy's Office of Nuclear Energy establishing the Defense Production Act Consortium, which will seek out industry participants to help develop action plans to facilitate nuclear supply chain capacity, including uranium mining and processing. The U.S. Administration's continued commitment to both establish and secure domestic energy sources, and the enthusiasm shown by government Agencies responsible for implementing this work, provides Anfield with a near-term pathway to produce and contribute to significant domestic uranium demand".
The JD-7 open pit mine has had historical production as shown in Table 1.1 below and the current mineral resources are summarized in Table 1.2.
Table1.1. JD-7 Historical Production
| HISTORICAL PRODUCTION | |||||||
| DOE Lease | County | Tons | Uranium Grade (%U 3 O 8 ) | Contained Uranium (lbs U 3 O 8 ) | Vanadium Grade (%V 2 O 5 ) | Contained Vanadium (lbs V 2 O 5 ) | V/U ratio |
| C-JD-7 | Montrose | 12,441 | 0.186 | 46,280 | 0.504 | 125,410 | 2.71 |
Table 1.2. JD-7 Mineral Resource Estimates*
| DOE Lease | County | Tons | Uranium Grade (%U 3 O 8 ) | Indicated Mineral Resource Contained Uranium (lbs U 3 O 8 ) | Vanadium Grade (%V 2 O 5 ) | Inferred Mineral Resource Contained Vanadium (lbs V 2 O 5 ) | V/U ratio |
| C-JD-7 | Montrose | 865,000 | 0.196 | 3,385,000 | 0.98 | 16,925,000 | 5 |
* "US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8, AND JD-9, Montrose County, Colorado, USA,
NI 43-101 Mineral Resource", dated February 25, 2022, BRS Inc. 2022.
While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.
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 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 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 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 (% U 3 O 8 ) | Contained Uranium (Mlbs U 3 O 8 ) | Vanadium Grade (% V 2 O 5 ) | Contained Vanadium (Mlbs V 2 O 5 ) | ||
| Current Mineral Resource Estimates | |||||||||
| 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 | |||
| Slick Rock | Colorado | Inferred | 1,760 | 0.224 | % | 7.9 | 1.35 | % | 47.1 |
| Historic Mineral Resource Estimates* | |||||||||
| West Slope | Historic* | 630 | 0.31 | % | 3.9 | 1.59 | % | 20.0 | |
| 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 |
Sources for 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, 2023). 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). Indicated and Inferred mineral resources estimates were developed using GT cut-off of 0.1 ft% eU 3 O 8 .
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, 2023). 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%.
* Historic Mineral Resource Estimates were prepared prior to Anfield acquiring interest in the property. 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. Historical mineral resource estimates should not be relied upon.
Sources for Historic Mineral Resources:
DOE leases, SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, were completed by Behre Dolbear for Cotter Corporation (August 2007) using cut-off of 0.05% U 3 O 8 .
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% eU 3 O 8 .
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.
Corporate Communications
604-669-5762
contact@anfieldenergy.com
www.anfieldenergy.com
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