Anfield Gold Corp.
TSX VENTURE : ANF

Anfield Gold Corp.

May 03, 2017 07:00 ET

Anfield Announces an Updated NI 43-101 Mineral Resource Estimate for its Coringa Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2017) - Anfield Gold Corp. ("Anfield" or "Company") (TSX VENTURE:ANF) has completed an updated mineral resource estimate on its Coringa Project ("Coringa" or "Project") located in the Para State of Brazil. The updated mineral resource estimate is based on approximately 25,200 metres of infill drilling, which concluded in March 2017, and prior drilling completed by Magellan Minerals (which was acquired by Anfield in 2016). The mineral resource estimate is comprised of an Indicated Mineral Resource of 726 thousand tonnes at an average grade of 8.4 grams per tonne ("gpt") gold and 17 gpt silver, containing 195 thousand ounces of gold and 396 thousand ounces of silver. In addition, there is an Inferred Mineral Resource of 1.3 million tonnes at an average grade of 4.3 gpt gold and 5.1 gpt silver, containing 181 thousand ounces of gold and 215 thousand ounces of silver. The Indicated Mineral Resource estimate is based on drill results from three veins at Coringa, Serra, Meio and Galena, and is expected to form the basis for a feasibility study.

Anfield commissioned this more rigorous mineral resource estimate to obtain an improved resource model on which to base the initial years of mine production. The updated mineral resource estimate incorporates increased drilling information and more refined data inputs; in addition, more constrained assumptions have been used to classify mineral resources when compared to prior mineral resource estimates. While this updated mineral resource estimate has resulted in a reduction from the previous mineral resource estimate prepared for Coringa(1), Anfield remains confident in its ability to expand Coringa's mineral resource base through additional drilling from surface and from underground, once below surface development work is initiated.

(1) Technical report prepared by Snowden Inc. entitled "Magellan Minerals Ltd. - Coringa Mineral Resource NI 43-101 Technical Report, Project No. V1491" dated May 13, 2015.

Coringa Mineral Resource Estimate Summary:

Zone Tonnes
(000's)
Gold Grade
(g/t)
Silver Grade
(g/t)
Contained Gold
(koz)
Contained Silver
(koz)
Indicated
Serra 488 7.5 16.1 117 253
Meio 160 10.7 20.7 55 106
Galena 78 9.4 14.7 24 37
Total 726 8.4 17.0 195 396
Inferred
Serra 262 4.3 8.7 36 73
Meio 229 4.2 6.1 31 45
Galena 63 3.4 3.5 7 7
Mae de Leite 244 5.9 2.6 46 20
Come Quieto 253 4.5 7.5 37 61
Valdette 249 3.0 1.0 24 8
Total 1,301 4.3 5.1 181 215
Notes: Base case cut-off grade is 2g/t gold. Minimum thickness is 0.8 m horizontal.
Mineral resources are not mineral reserves because the economic viability has not been demonstrated.
Totals may not add due to rounding.

Estimates of mineral resources are made using a three-dimensional block model with a nominal block size of 1x5x2 metres. Grade estimates for gold and silver are based on the geology, drill hole spacing and geostatistical analysis of the drill hole sample data. The mineralized vein domains are interpreted using sample grades and geologic information based on a minimum horizontal thickness of 0.8 metres. The effects of potentially anomalous high-grade sample data, composited to 0.5 metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. The grade models have been validated using a combination of visual and statistical methods. Blocks in the model estimated using three or more drill holes drilled on a maximum 50-metre grid pattern are included in the Indicated category. Blocks within a maximum distance of 100-metre from a drill hole are included in the Inferred category. The estimate of mineral resources demonstrates relatively continuous zones of mineralization that are considered amenable to underground extraction methods. Mineral resources are not mineral reserves as the economic viability has not been demonstrated.

The Company is progressing work on a feasibility study to assess the optimal mine plan, plant configuration and throughput rate based on the above mineral resource estimate; it expects the study to be completed by July 2017. The existing equipment on site, including the two ball mills purchased from Troy Resources, affords management flexibility as it assesses different engineering and development options, including implementation of a staged production ramp-up.

Pre-construction activities at site permissible under Anfield's current permits are continuing in anticipation of the receipt of our Trial Mining Operating License and Vegetation Suppression and Fauna Capture authorizations. Management continues to work with the Secretaria de Estado de Meio Ambiente e Sustentabilidade (SEMAS) and the Instituto Nacional de Colonização e Reforma Agrária (INCRA) to receive these authorizations. Following which, construction activities are expected to take approximately nine to twelve months to complete.

On April 21, 2017, the Company commenced approximately 500 metres of drilling at the Galena vein, intended to add to the existing 24 thousand ounces of gold in the Indicated category. Results from this drill program are anticipated by the third quarter of this year.

Marshall Koval, Anfield's Chairman and CEO, commented: "Although the infill drill results did not yield as large an indicated mineral resource estimate as anticipated, we remain committed to advancing Coringa forward to production. Our team in Brazil is prepared to begin full construction activities at Coringa as soon as the required permits are received."

Quality Assurance

All Anfield sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program including the insertion of blind standards, blanks and the reanalysis of duplicate samples at a second umpire laboratory. The results of the QA/QC program and the resampling program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates.

Qualified Persons

Robert Sim, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), is responsible for the estimate of mineral resources presented in this news release and has reviewed, verified and approved the contents of this news release as they relate to the mineral resource estimate. Leo Hathaway, P.Geo, Chief Geological Officer and the Qualified Person as defined by NI 43-101 for the Project has reviewed, verified and approved the contents of this news release as they relate to the other scientific and technical information contained herein.

About Anfield Gold

Anfield Gold Corp. (TSX VENTURE:ANF) is a Vancouver, Canada based precious metal exploration and development company focused on the development of the Coringa Project located in Para State, Brazil. Anfield's strategic plan also includes the acquisition of other gold projects with the goal of becoming a mid-tier gold mining company.

Further details are available on the Company's website at https://anfieldgold.com

Anfield Gold Corp.

Marshall Koval, Chairman & CEO

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.

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "intends," "will" "are expected" or variations of such words and phrases. Forward looking statements or information in this press release include, but are not limited to, the mineral resource estimate; the preparation of, and timing to completion of, a feasibility study for the Project; Anfield's strategic plan to acquire other gold projects with the goal of becoming a mid-tier gold mining company; Anfield's ability to expand Coringa's mineral resource base through additional drilling; Anfield's plans for further drilling at the Project; the timing to complete construction at the Project and timing of drill results from the further drilling occurring at the Galena vein. In making the forward-looking statements in this release, Anfield has applied certain factors and assumptions that are based on information currently available to Anfield as well as Anfield's current beliefs and assumptions (including Anfield's belief in the accuracy of the mineral resource estimate). Although Anfield considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements.
Such risk factors include, among others, that mineral resources may never become mineral reserves and do not demonstrated economic viability, Anfield may not be able to achieve the base case during actual mining at the Project, additional drilling and exploration may determine that there is no potentially viable mine plan for the Project, risks associated with the business of Anfield, risks related to reliance on technical information provided by Magellan Minerals Ltd. as related to the Project; risks relating to exploration and potential development of the Company's projects; risks related to obtaining the permits and approvals necessary to develop and commission the Project on terms that are acceptable to Anfield; risks related to Anfield identifying suitable acquisition targets; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; prices for commodities to be produced and changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of mineral resources); risks relating to unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and changes to business and economic conditions in the mining industry generally. Although Anfield has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Anfield does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Anfield Gold Corp.
    Scott Hicks
    604 646-1884
    604 687-7041 (FAX)