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.