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Anfield Resources (TSXV:ARY,OTCQB:ANLDF,FWB:0AD) clarified disclosure of a Mineral Resource Estimate for its Velvet-Wood mineral property. Anfield failed to disclose the measured and indicated classes separately as required by NI 43-101 and omitted the tonnage. In its news releases, Anfield also reported historical mineral resource estimates for the Frank M mineral property and tailings estimates that did not include information and cautionary language required by NI 43-101.
The Company would like to clarify its statement by adding the following table:
The Company would like to clarify its statement for the Frank M mineral property as follows:
As quoted in the press release:
This Indicated Mineral Resource, while an historical estimate, was completed to the Indicated Mineral Resource Standard of CIM. Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
This historical resource estimate was developed based on analysis of radiometric data from 838 historic holes and chemical assay from 17 historic core holes. The historical estimate also utilizes nine additional core holes that were drilled in 2007 to provide data verification and equilibrium evaluation. The grade thickness contour method was used to develop the resource estimates, evaluating grade thicknesses ranging from 0.10 to 1.00. The results disclosed in the table above are based on a grade thickness of 0.25.
The historical estimate referenced herein is from a report prepared by a well-known mineral exploration and mining consulting firm using current Indicated Mineral Resource CIM standard and terminology. Thus, the Company considers the historical estimate to be reliable.
Anfield intends to work with the same group to complete sufficient verification drilling at Frank M to bring the historical estimate to a Current Indicated Mineral Resource.
In its news releases the Company reports historical mineral resource estimates for the surface stockpiles. This disclosure does not include information and cautionary language required by NI 43-101. The Company hereby restates the historical estimates as follows:
Shootaring Canyon Mill Stockpile
Historical Estimate: Approximately 250,000 pounds of U3O8 at an average grade of 0.13% U3O8. Note: Resource classification is unknown. (Source: Definitive Cost Estimate for the Restart of Shootaring Canyon Mill, Ticaboo, Utah; Author: Lyntek Incorporated; Date: July 28, 2008.)
Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
Anfield cannot guarantee the reliability of the historical estimate, as the parameters, assumptions and methods used to estimate the historical resource are not known.
Anfield intends to conduct a sampling program and survey, in accordance with CIM standards and terminology, to determine the grade and tonnage of material present in the stockpile, and to upgrade the historical estimate to a current resource.
Lisbon Valley Stockpile
Historical Estimate: Approximately 165,000 pounds of U3O8 at an average grade of 0.9% U3O8. Note: Resource classification is unknown. (Source: Technical Report on the Lisbon Valley Uranium Properties Utah; Author: Roscoe Postle Associates Inc.; Date: September 12, 2005.)
Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
Anfield cannot guarantee the reliability of the historical estimate, as the parameters, assumptions and methods used to estimate the historical resource are not known.
Anfield intends to conduct a sampling program and survey, in accordance with CIM standards and terminology, to determine the grade and tonnage of material present in the stockpile, and to upgrade the historical estimate to a current resource.
Omission of Naming Qualified Person
The Company omitted identification of the qualified person who prepared or supervised the preparation of the technical information in news releases dated August 21, 2014, September 5, 2014, December 4, 2014, February 10, 2015, February 23, 2015, and March 10, 2015. The Company takes note of this omission, and will provide the required identification in all future news releases that disclose technical information.
Classification as “Ore”
The Company used the term “ore” to describe material in the surface stockpiles. The term is potentially misleading because it implies a current mineral reserve. The Company notes that the stockpiles do not constitute a current mineral reserve, and as such, the term “ore” as used in the NI 43-101 is not an appropriate classification. The Company hereby retracts the classification of the surface stockpiles as “ore” as there is no current mineral reserve.
Corporate Presentation
Certain information contained in the corporate presentation is not in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Company has removed the corporate presentation from the website, pending necessary updates to come into compliance with NI 43-101. Points on the corporate presentation that will be revised include the following:
- The corporate presentation discloses a Frank M historical estimate that omits prominent cautionary language. The appropriate cautionary language is not included with every reference to the historical estimates. The Company will rectify this by including the appropriate cautionary language in all required circumstances before posting a revised corporate presentation on the website. See “Restatement of Historical Estimates” above for cautionary language that may be included in the presentation.
- The corporate presentation contains an instance where inferred mineral resources are added to other categories. The Company will rectify this by appropriately separating any mention of inferred resources from the total mineral resources report, and subtracting that amount from the total reported before posting a revised corporate presentation on the website.
- The corporate presentation contains an instance where historical estimates are added to current resource estimates. Specifically, this occurs in the resource table, which sums historical and current inferred resource estimates with other resource classes. The Company will rectify this by appropriately separating any mention of historical estimates from the total mineral resources reported, and subtracting that amount from the total reported before posting a revised corporate presentation on the website.
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