Anfield To Commence 20-Hole Drill Program at Colorado Mine in September

Anfield Energy Inc. (TSX.V: AEC) (OTCQB: ANLDF) (FRANKFURT: 0AD) announced that it has received approval for its Notice of Intent (“NOI”), through its wholly owned subsidiary Highbury Resources Inc., with the Colorado Division of Reclamation, Mining and Safety (“DRMS”), to begin a 20-hole, 8,000-foot rotary drill program at the existing JD-7 open pit mine in Montrose County, Colorado. The Company has engaged Tri Park Drilling to undertake the program and expects drilling to commence in mid-September and take approximately two weeks to complete.

The purpose of the in-field exploratory drilling program is to:

Collect geologic information related to uranium mineralization in multiple sandstone hosted deposits throughout the area;
Confirm the existing pit resources;
Confirm the extent and location of underground uranium and vanadium resources
Consider potential uranium and vanadium resource expansion.

With Anfield’s imminent Nasdaq listing, we are very pleased to secure approval for our drill program at our JD-7 mine at this time, one of the twenty-one DoE leases – each consisting of a uranium and vanadium mine – which the Company holds in Colorado. As we also continue to work with the State of Utah’s Department of Environmental Quality to finalize approval of our reactivation plan for Shootaring, it is important to note that the proposed amendment to our radioactive materials license – which increases both mill throughput and annual production capacity – will allow the Company to expand its hub-and-spoke uranium and vanadium production model through the receipt of mill feed from additional mines such as JD-7.

Following the environmental permit approval for the Company’s Velvet-Wood mine in May – and the subsequent advancement of this asset toward mine construction – along the Company’s upcoming Plan of Operations submittal to the Bureau of Land Management (“BLM”) for its Slick Rock mine, Anfield continues to advance its pipeline of near-term uranium and vanadium projects in anticipation of mill restart in 2027.

Finally, we are encouraged by the recent news regarding the U.S. Department of Energy’s Office of Nuclear Energy establishing the Defense Production Act Consortium, which will seek out industry participants to help develop action plans to facilitate nuclear supply chain capacity, including uranium mining and processing. The U.S. Administration’s continued commitment to both establish and secure domestic energy sources, and the enthusiasm shown by government Agencies responsible for implementing this work, provides Anfield with a near-term pathway to produce and contribute to significant domestic uranium demand.Corey Dias, CEO, Anfield Energy Inc.

The JD-7 open pit mine has had historical production as shown in Table 1.1 below and the current mineral resources are summarized in Table 1.2.

Table1.1. JD-7 Historical Production

Table 1.2. JD-7 Mineral Resource Estimates*

* “US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8, AND JD-9, Montrose County, Colorado, USA,
NI 43-101 Mineral Resource”, dated February 25, 2022, BRS Inc. 2022.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

Qualified Persons

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.

Anfield Energy is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

Duane Hope

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing have appeared in publications for North American, European and Asian audiences.