Anfield Engages Engineering Agency for Anticipated Useful resource Improve at Slick Rock

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VANCOUVER, British Columbia, Aug. 02, 2024 (GLOBE NEWSWIRE) — Anfield Power Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Firm”) is happy to announce that it’s to have interaction BRS, Inc., an engineering agency, to finish an up to date uranium and vanadium useful resource for its Slick Rock property. The Firm beforehand obtained remaining approvals for its drill allow software to begin a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium and vanadium venture, positioned in San Miguel County, Colorado. Anfield is within the technique of securing a neighborhood drilling contractor, after which it’ll begin its 20-hole drill program at Slick Rock. As soon as the drill program is full, Anfield plans to each safe a big mine allow for this property and use the drill outcomes to improve its uranium and vanadium useful resource for Slick Rock as present in its current PEA.

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Corey Dias, Anfield’s CEO commented: “We’re very happy to deliver BRS onboard as we advance our Slick Rock venture. BRS beforehand accomplished a PEA for a mixture of our Slick Rock, Velvet-Wooden and Shootaring mill initiatives; subsequently, leveraging that have with the Firm’s Slick Rock venture – post-drilling – to each affirm current historic outcomes and supply an up to date uranium and vanadium useful resource is warranted. As we goal to fulfill the factors for a big mine allow, adopted by a Plan of Operations, we intend to align the event timelines of each the Slick Rock and Velvet-Wooden mines. Our goal is to have each prepared for manufacturing previous to the restart of the Shootaring Canyon mill, with preliminary feed prepared for transport as soon as the mill is able to obtain it.”

Moreover, the Firm proclaims {that a} Director has offered a one-year mortgage of $1.65 million, with an efficient annual rate of interest of 10%, for working capital functions. The mortgage is taken into account a “associated social gathering transaction” as outlined below Multilateral Instrument 61-101 – Safety of Minority Securityholders in Particular Transactions (“MI 61-101”). The Firm has relied on the exemptions from the formal valuation and minority shareholder approval necessities of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, because the mortgage doesn’t exceed 25% of the Firm’s market capitalization.

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Certified Individuals

Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is a Certified Individual as outlined in NI 43-101 and has reviewed and authorised the technical content material of this information launch.

About Anfield

Anfield is a uranium and vanadium growth and near-term manufacturing firm that’s dedicated to changing into a top-tier energy-related fuels provider by creating worth by sustainable, environment friendly progress in its property. Anfield is a publicly traded company listed on the TSX-Enterprise Trade (AEC-V), the OTCQB Market (ANLDF) and the Frankfurt Inventory Trade (0AD). Anfield is targeted on its typical asset centre, as summarized beneath:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically positioned inside one of many traditionally most prolific uranium manufacturing areas in the US, and is one among solely three licensed uranium mills in the US.

Anfield’s typical uranium property encompass mining claims and state leases in southeastern Utah, Colorado, and Arizona, concentrating on areas the place previous uranium mining or prospecting occurred. Anfield’s typical uranium property embrace the Velvet-Wooden Mission, the Frank M Uranium Mission, the West Slope Mission, in addition to the Findlay Tank breccia pipe. A NI 43-101 PEA has been accomplished for the Velvet-Wooden Mission. The PEA is preliminary in nature, and contains inferred mineral sources which are thought of too speculative geologically to have financial issues utilized to them that might allow them to be categorized as mineral reserves and, resultantly, there is no such thing as a certainty that the included preliminary financial evaluation can be realized. All typical uranium property are located inside a 200-mile radius of the Shootaring Mill.

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Technical Disclosure

Desk 1. Anfield’s current typical uranium-vanadium venture portfolio sources.

* The Firm’s Certified Individual has not accomplished enough work to categorise these historic estimates as present mineral sources and Anfield is just not treating such historic sources as present mineral sources.

Velvet-Wooden: The PEA for Velvet-Wooden/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (Might 6, 2023). Mineral sources are usually not mineral reserves and would not have demonstrated financial viability in accordance with CIM requirements. GT cut-off varies by locality from 0.25%-0.50%.

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West Slope: NI 43-101 useful resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, accomplished by BRS Inc. (efficient March 2022); Historic useful resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, accomplished by Behre Dolbear for Cotter Company (August 2007). Indicated and Inferred sources utilizing GT cut-off of 0.1 ft% eU₃O₈; historic sources utilizing cut-off of 0.05% U₃O₈.

Slick Rock: The PEA for Velvet-Wooden/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (Might 6, 2023). Mineral sources are usually not mineral reserves and would not have demonstrated financial viability in accordance with CIM requirements. GT cut-off varies by locality from 0.25%-0.50%.

Frank M: Historic Technical Report for Frank M, ready for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic useful resource used a GT cut-off of 0.25%.

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Findlay Tank: Historic Technical Report for Findlay Tank, ready for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic useful resource used a grade cut-off of 0.05% eU₃O₈.

Artillery Peak: Artillery Peak Exploration Mission, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.

Marquez-Juan Tafoya: The Historic Technical Report, Preliminary Financial Evaluation, for Marquez-Juan Tafoya, ready for Uranium Power Company, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021. The mineral sources are reported at a 0.60 GT cut-off..

On behalf of the Board of Administrators
ANFIELD ENERGY INC.
Corey Dias, Chief Government Officer

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.

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Contact:
Anfield Power, Inc.
Clive Mostert
Company Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

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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 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’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.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.

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