Anfield to Acquire Artillery Peak Uranium Properties

VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) -- November 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 “Claims”). The Claims are adjacent to Anfield’s current project in the Date Creek Basin and increase Anfield’s uranium asset acreage 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 completed 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 in the vicinity of the Anderson Uranium Mine. Anfield will be engaging an engineering firm to review the associated data with both sets of claims to assess the resource prospects for the combined projects.

Corey Dias, Anfield’s CEO commented: “As part of an overall production strategy, we continue to expand our conventional uranium and vanadium assets through strategic tuck-in acquisitions, such as the Artillery Peak Claims. Our aim is to pursue assets to fit both near-term and longer-term production strategies. The near-term strategy centers on our Colorado and Utah uranium and vanadium mines underpinned by our wholly-owned Shootaring Canyon mill, one of only 3 licensed mills in the U.S. The longer-term production strategy is to acquire complementary assets with potential to feed additional pounds to our Shootaring Canyon mill.”

As consideration for the Claims, WMI will receive $150,000 in cash, 25 million common shares (the “Consideration Shares”) of Anfield and a 3% net smelter royalty (NSR) on uranium production from the Claims. Anfield will be able to buy back the royalty for $150,000 per percentage point. 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.

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

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 there is no certainty that the 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.

* 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.

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.

Table 2. Slick Rock historical project resources.

Slick Rock: Historical resource estimate prepared by BRS Engineering, Inc. (effective April 2014). GT cut-offs range from 0.25%-0.50%

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
contact@anfieldenergy.com
www.anfieldenergy.com

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