VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that it has completed a 14-hole, 14,100-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San Miguel County, Colorado. Anfield will use the drill results to both upgrade its uranium and vanadium resource estimate for Slick Rock – as found in its existing PEA – and prepare mine designs for a large mine permit for the project.
Corey Dias, Anfield’s CEO, commented: “We are very pleased to have completed our Slick Rock drill program as part of our plan to advance our Slick Rock project through the permitting stage and, ultimately, to production. Anfield will pursue a Plan of Operations and mine plan for Slick Rock in 2025. The mine plan will also include the potential of incorporating the uranium and vanadium resources of one or more of the Anfield-controlled DOE leases in the vicinity into a larger mining operation. The Company then will pursue detailed mine planning and hydrological studies for the purpose of obtaining a mine permit in 2026.
“This program has helped to confirm existing historical results and to also provide data from which we can both recategorize some of the current Inferred uranium and vanadium resource to Indicated and delineate an updated uranium and vanadium resource. We expect to have an updated resource estimate for Slick Rock in Q2/25. In addition, as part of the current drill permit held for Slick Rock, Anfield is authorized to install monitoring wells at site. Up to four wells are planned with at least one to be cored for metallurgical and equilibrium testing. The monitor wells will provide initial groundwater characterization and will be sampled quarterly to determine background water quality. The Company plans to complete this work in Q2/25.
“Finally, Anfield intends to align the development timelines for both the Slick Rock and Velvet-Wood mines. The aim is to have both projects ready for production prior to the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it. As a reminder, the combined 2023 Preliminary Economic Assessment (PEA) for Slick Rock and Velvet-Woods demonstrated a pre-tax NPV8% of US$238M and IRR of 40% assuming U3O8 and V2O5 prices of US$70/lb and US$12/lb, respectively.”
Slick Rock Project Drilling
Highlights
14 drill holes completed at the Slick Rock property in 2024 for 14,100 feet drilled
Gamma ray logging results show elevated uranium mineralization exceeding 200ppm eU3O8 in 7 of 14 drill holes
Significant intercepts of mineralization include:
10.0 ft grading 1560 ppm eU3O8 (GT of 1.56) in Hole SR-24-01, peak of 2610 ppm eU3O8 at 925.0 ft
5.0 ft grading 2180 ppm eU3O8 (GT of 1.09) in Hole SR-24-04, peak of 5910 ppm eU3O8 at 809.5 ft
Drilling results confirm the presence of uranium mineralization at depths and locations consistent with the historical drilling dataset
The objective of Anfield’s initial drilling program was to verify the historical drilling dataset of 285 drill holes at Slick Rock which was generated by the USGS and various subsequent operators. The company has completed fourteen rotary drill holes in the Slick Rock project area totaling 14,100 feet of drilling. The drilling locations and results are summarized in Figure 2 and Table 1.
The local drilling contractor, Tri Park Corporation, mobilized out of Nucla Colorado on September 22, 2024. The drilling employed standard circulation rotary drilling techniques, varying between Air, Foam, and Mud circulation depending on the depth and groundwater conditions. Lithological samples were taken on 5-foot intervals and recorded by on-site geologists. Fourteen drill holes were completed by November 12, 2024 and all associated drill pads were reclaimed and seeded by November 22, 2024.
Figure 1: Exploratory Drilling Operation Underway at Slick Rock
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The drill holes were designed to offset and verify drilling targets derived from historical drilling data used in preparation of the Inferred Mineral Resource estimate for the Slick Rock project (PEA dated May 6, 2023). The depths and grades of mineralization encountered in this drilling program were consistent with the historical depths and grades of mineralization contained in the historical drilling data. Variance between the historical drill hole intercepts and the verification holes was experienced, with some intercepts yielding greater or lesser values. Variances are to be expected due to the distances between the historical collars and offset holes and the variable downhole drift of the drill holes. The verification holes demonstrated close stratigraphic correlation and a prevalence of mineralization of similar tenor and character to the historical intercepts, placing a high level of confidence in the quality and validity of the historical drill hole data.
Figure 2: Slick Rock Drill Collar Location Map
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Table 1: Slick Rock Drilling Results
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*All depth units are Feet below drill hole collar. **GT is calculated as: Grade x Thickness (ft)
Intercepts are reported at a 0.02 (200 ppm) eU3O8% grade cut-off. All grades were calculated from gamma-ray logs measured by an experienced commercial independent logging contractor, Hawkins CBM Logging of Cody, Wyoming. Hawkins CBM’s downhole sonde was calibrated at the US Department of Energy’s Casper, Wyoming logging test pits prior to deployment to the field. The calibrated downhole sonde is used to measure natural gamma emission from the rock formation down the borehole. The recorded natural gamma data was used in creating the geophysical well log and calculate “equivalent” (“e”) grades of U3O8.
The drill holes were vertical in orientation and all drill holes were measured for downhole drift with the geophysical probe. Drift values for each drill hole are listed in Table 1 and in the most extreme cases, the drill hole deviation value was less than 3 degrees from vertical. The geologic units hosting the mineralization are generally flat lying, therefore reported thicknesses are apparent true thicknesses.
Qualified Person 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.
For additional information regarding the Company’s Slick Rock Project, including data verification related to certain scientific and technical information described in this news release, please see the Technical Report titled “The Shootaring Canyon Mill and Velvet Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment” dated May 6, 2023, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca
AboutAnfield
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).
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 news release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the anticipated use of proceeds from the Equity Financing, the receipt of regulatory approvals with respect to the Equity Financing and the intention to pursue a listing on a US stock exchange.
Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will use the proceeds of the Equity Financing as currently anticipated; that the Company will receive regulatory approval with respect to the Equity Financing; and that the Company will be able to pursue a listing on a US stock exchange. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that the Company may not use the proceeds of the Equity Financing as currently anticipated; that the Company may not receive regulatory approval with respect to the Equity Financing; the risk that the Company may not have the resources, or may otherwise be unable to pursue a listing on a US stock exchange; risks relating to the actual results of the Company’s operational activities, fluctuating commodity prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. We seek safe harbor.
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