SOURCE: Anfield Resources

Anfield Resources

April 04, 2017 06:00 ET

Anfield Resources Announces Resource Report for First of 24 Uranium Projects in Wyoming

VANCOUVER, BC--(Marketwired - April 04, 2017) - Anfield Resources Inc. (TSX VENTURE: ARY) (OTCQB: ANLDF) (FRANKFURT: 0AD) ("Anfield" or "the Company") is pleased to announce the receipt of an NI 43-101 mineral resource technical report for the Red Rim uranium project, entitled "Red Rim Uranium Project, Mineral Resource Technical Report, National Instrument 43-101, Carbon County, Wyoming, USA" and dated March 31, 2017 (the "Red Rim Report"). Further to Anfield's news release of March 21, 2017, the Red Rim Report is the first in a series of NI 43-101 technical reports related to Anfield's 24 Wyoming uranium projects. The report was completed by BRS, Inc., a consulting and engineering firm with nearly 40 years of experience assessing Wyoming uranium projects.

The resource estimate includes:

  • an Indicated Resource of 336,655 tons of mineralized material with an average grade of 0.170% (equivalent to an Indicated Resource of 1,142,449 pounds of U3O8); and
  • an Inferred Resource of 472,988 tons of mineralized material with an average grade of 0.163% (equivalent to an Inferred Resource of 1,539,447 pounds of U3O8).

Corey Dias, Anfield's CEO stated, "This report is a significant first step in identifying and delineating the uranium resource on the Company's properties in Wyoming, an important part of our multi-state U.S. portfolio. Over the coming months we aim to delineate further uranium resources on our acquired Wyoming properties and plan to identify the most prospective. Crucially, Anfield has a Resin Processing Agreement in place with Uranium One in Wyoming whereby it can process up to 500,000 pounds of uranium per year at Uranium One's Irigaray Central Processing Plant, and the pairing of a future viable uranium resource with that Agreement would place Anfield in a strong position to take advantage of the expected uranium price rebound.

This expected rebound converges with Anfield's strategy of acquiring quality uranium assets and proceeding with disciplined, staged development. We are confident that developing these Wyoming Properties, in line with Company strategy, will be a significant step towards becoming a top-tier U.S. uranium producer."

A summary of the Indicated Mineral Resource included in the Red Rim Report is presented in Table 1.1. A summary of the Inferred Mineral Resource included in the Red Rim Report is presented in Table 1.2.

Table 1.1 Indicated Mineral Resources

       
GT minimum Pounds % eU3O8 Tons Average Grade %eU3O8
0.25 1,142,449 336,655 0.170
    

Table 1.2 Inferred Mineral Resources

       
GT minimum Pounds % eU3O8 Tons Average Grade %eU3O8
0.25 1,539,447 472,988 0.163
    

Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. Inferred Mineral Resources are too speculative geologically to have the economic considerations applied to them which would enable them to be categorized as mineral reserves.

The Red Rim project comprises approximately 1,000 acres of the mineral holdings of Anfield, and includes 49 unpatented mining lode claims located approximately 20 air miles southwest of Rawlins, Wyoming. The data used in the report utilizes drill intercept data from 2 core holes and 136 rotary drill holes, including drill intercepts and geophysical logs.

The Red Rim project is located in an area that is the winter range for Pronghorn antelope. This may result in seasonal stipulations for field activities, including drilling. To the best of our knowledge there are no other legal or environmental matters that could materially affect the potential development of these resources.

Radiometric equilibrium was assumed.

A unit weight of 125 pounds per cubic foot or 16 cubic feet per ton was assumed, based on the Author's experience working in operating mines in the Gas Hills within similar tertiary sandstone uranium deposits where reserve estimates were routinely compared to actual production.

For indicated mineral resources the mineralized trend was bracketed by drilling and mineral resources were estimated using the GT contour method.

For inferred mineral resources, where the mineralized trend was not fully defined by drilling, at the interpreted location of the oxidation/reduction interface a thickness of 6 feet thick at an average grade of 0.15% eU3O8 was assumed. Further it was assumed that mineralization in excess of a 0.5 GT extended approximately 50 feet either side of the interpreted oxidation/reduction interface and that mineralization grading down to a GT of 0.1 extended an additional 50 feet beyond that. These assumptions were based on the areas of close spaced drilling where indicated mineral resources were estimated. GT contouring was completed within these limits and honored available drill data.

NI 43-101 Disclosure

The NI 43-101 Resource Technical Report completed for Red Rim has been authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.

A technical report on the Resource Technical Report will be published on the System for Electronic Analysis and Retrieval ("SEDAR") and the Company's website within the 45 days permitted under NI 43-101.

About BRS

BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.

Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with 40 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm's experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium.

About Anfield

Anfield is an energy metals exploration, 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 energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centres, as summarized below:

Arizona/Colorado/Utah - Shootaring Canyon Mill

A key asset in Anfield's existing 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, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.

Wyoming - Irigaray ISR Processing Plant (Resin Processing Agreement)

Anfield has also signed a Resin Processing Agreement with Uranium One wherein Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One's Irigaray processing plant in Wyoming. In addition, should Anfield sign uranium sales contracts, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its contracts.

Anfield's ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming.

On behalf of the Board of Directors

ANFIELD RESOURCES 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.

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME.

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