Anfield Resources Inc. Receives NI 43-101 Technical Report for the Velvet-Wood Project with a Resource (Measured and Indicated) of 4.627 Million Pounds U3O8
VANCOUVER, BRITISH COLUMBIA -- TNW-ACCESSWIRE -- December 2, 2014 -- Anfield Resources Inc. (TSX.V: ARY)(OTCQB: ANLDF) (Frankfurt: 0AD) ("Anfield" or "the Company") is pleased to report that it has received a NI 43-101 Technical Report (the "Report") with a mineral resource for the Velvet-Wood project (the "Project"). The Technical Report, dated November 14, 2014 and prepared by Douglas L. Beahm of BRS, Inc., estimates that the Project, which includes the combined Velvet and Wood properties, contains a combined measured and indicated resource of 4.627 million pounds of U3O8 at an average grade of 0.29% U3O8.
The Report also included an inferred resource of 552,000 pounds of U3O8 at an average grade of 0.32% U3O8.
The Project is the most advanced mining target in the portfolio of conventional uranium assets that the Company has agreed to purchase from Uranium One Americas, Inc. ("Uranium One") under the asset purchase agreement announced on August 18, 2014. The Project is located in the Lisbon Valley Uranium District, which was historically the largest uranium producing area in Utah. Final transfer of the assets to Anfield is subject to closing of the transaction.
Corey Dias, CEO of Anfield stated: "We are very pleased with the results of the technical report for the Velvet-Wood Project. As recommended in the report, after completing the purchase of the Project we intend to move forward with both mine design and feasibility studies for the Project, as we expect that it will be an important source of feed for the anticipated restart of the Shootaring Canyon Uranium Mill.
We expect the worldwide demand for uranium to continue to increase, as reflected in the recent rise in the uranium spot price, especially since nuclear utilities, having sat on the sidelines for a significant period of time, have now begun to return to the market to purchase product. As such, uranium produced from this project, and other projects included in the pending transaction, have the potential to play a critical role in meeting this increased demand. Importantly, these projects could also provide an additional source of domestic uranium and, therefore, alleviate the U.S.'s dependency on foreign supply. Finally, while Japan's near-term nuclear reactor restarts seem to provide a near-term boost to uranium prices, we believe that the build-out of nuclear reactors, both occurring today and currently planned for the future, will likely create a supply/demand imbalance which could only be addressed by a higher longer-term uranium price"
The Project includes both the past-producing Velvet deposit and the Wood deposit, from which there has not yet been production. Between 1979 and 1984, Atlas Minerals, using underground methods, mined approximately 400,000 tons of ore from the Velvet deposit at grades of 0.46% U3O8 and 0.64% V2O5. During this period of operation, approximately 4 million pounds of U3O8 and 5 million pounds of V2O5 were recovered. Some underground infrastructure is already in place at the Velvet mine including a 3,500 ft long, 12' x 9' decline to the mineral resource. During the same time period, Uranerz held the Wood deposit and conducted an extensive drilling program.
The Report analyzes down-hole data available from both historic and recent drill programs. Atlas Minerals and Minerals Recovery Corporation conducted extensive drill programs in the 1970s and 1980s on the Velvet deposit, while Uranerz conducted extensive drilling on the Wood deposit from 1985 through 1991. In 2007 and 2008 Uranium One conducted a drill program which confirmed the previous drilling. Drill holes in all of the programs consist primarily of rotary holes, with some core holes also included.
The mineral resource estimates were developed primarily using radiometric equivalent uranium (eU3O8) data and applying the GT contour method. Results of the calculations for both the Velvet and Wood deposits are shown in the tables below.
Velvet-Wood Project Mineral Resources Summary*
Table 1
----------------------------------------------------------------
|Area/Classification |Pounds eU3O8|Tons |Average|
| | | |Grade |
| | | |%eU3O8 |
|--------------------------------------------------------------|
| | | | |
|--------------------------------------------------------------|
|Velvet Measured Mineral Resource |1,966,000 |362,600|0.27 |
|--------------------------------------------------------------|
|Velvet Indicated Mineral Resource|548,000 |71,200 |0.38 |
|--------------------------------------------------------------|
|Wood Indicated Mineral Resource |2,113,000 |377,000|0.28 |
|--------------------------------------------------------------|
| | | | |
|--------------------------------------------------------------|
|TOTAL MEASURED AND |4,627,000 |810,800|0.29 |
|INDICATED MINERAL | | | |
|RESOURCE | | | |
----------------------------------------------------------------
Table 2
---------------------------------------
| |Pounds |Tons |Average|
| |eU3O8 | |Grade |
| | | |%eU3O8 |
|-------------------------------------|
| | | | |
|-------------------------------------|
|TOTAL INFERRED|552,000|87,000|0.32 |
|MINERAL | | | |
|RESOURCE | | | |
---------------------------------------
*numbers rounded
The report concludes that the known legal, political, environmental and technical risks that could materially affect the development of the mineral resources at the Project are low, as some of the required operating permits and facilities are in place, and due to its location in an area with past and current mine and mill operations.
As recommended in the report, subject to completing the acquisition of the Project, Anfield plans to conduct engineering, mine design and feasibility, as well as evaluate the potential for upgrading mined material on-site by chemical processing through vat or heap leaching. In addition, Anfield plans to conduct further exploration on a potential trend extending to the northwest from the Velvet mine. The technical and economic viability of these recommendations have not been established by completion of a Preliminary Economic Assessment, Preliminary Feasibility Study or Feasibility Study.
Tim Henneberry, P.Geo., Advisor, and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.
About BRS, Inc.
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's Uranium Properties
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy 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 (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on the acquisition and development of an array of strategic energy metals projects as summarized below:
Uranium
Upon the closing of the Shootaring Transaction, Anfield's uranium assets will include mining claims and state leases in southeastern Utah, Colorado, South Dakota and Arizona totalling nearly 65,500 acres (26,507 hectares), targeting areas where past uranium mining or prospecting occurred. Upon the closing of the Shootaring Transaction, Anfield's uranium assets will contain a current measured and indicated U3O8 resource estimate of 4.6 million pounds and a historical measured and indicated U3O8 resource estimate of 2.2 million pounds and will lie within a 125-mile radius of the Shootaring Mill. The flagship resource asset will be the Velvet-Wood Deposit that contains a current resource estimate of measured and indicated U3O8 at an average grade of 0.29%, and had past production of 4 million pounds of U3O8 at an average grade of 0.46%.
Note on Historical Estimates: Anfield is not treating the 2.2 million pound historical estimate referred to above as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The tonnages, grades and sources of the 2.2 million pound historic resources referred to above are as follows: Frank M 1,095,000 indicated tons at 0.101% U3O8 for 2,210,000 pounds (Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA dated 10-June-2008 by BRS, Inc.).
Copper
The Binghampton Copper Queen (BCQ) project, located 17 miles (27 km) southeast of Prescott, Arizona, and within the Arizona VMS Belt, consists of 5,021 acres (2,032 hectares) of both patented and State land, with two past-producing mines on the property.
The North Star Copper Project, located less than 50 miles (80 km) northwest of Tucson, consisting of 200 mining claims covering approximately 4,000 acres (1,619 hectares), targets relatively shallow oxide copper at the historic North Star site in the heart of copper country in southern Arizona.
The Aura Project, a nascent copper operation in Atacama, Chile, is located 20 miles (32 km) east of Copiapo and consists of eight mining concessions totalling over 2,800 acres (1,133 hectares) in one of the foremost copper producing regions in the world.
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.
Contact:
Anfield Resources Inc.
Clive Mostert
Corporate Communications
780-920-5044
info@anfieldresources.com
www.anfieldresources.com
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