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Anfield Energy Secures A Majority Of Department Of Energy Leases In Colorado

FULL DISCLOSURE: This is sponsored content for Anfield Energy.

Anfield Energy (TSXV: AEC) has expanded its holdings in Colorado for prospective uranium and vanadium leases, while at the same time gaining ownership over a majority of the US Department of Energy leases available in the state.

In total, Anfield has acquired twelve leases from Gold Eagle Mining and Golden Eagle Uranium in the state, bringing its control over DOE leases in Colorado to 21, out of a possible 31 leases.

“We are quite pleased to acquire these twelve additional DOE Leases which we believe are complementary to both our Slick Rock project and the nine DOE leases we currently hold in Colorado and underscores our commitment to uranium and vanadium production coming from this state. The strategic value of these Leases cannot be overstated, as many of them are contiguous to Anfield’s current Colorado holdings and could, therefore, be combined to create improved production economies of scale,” commented Corey Dias, CEO of Anfield Energy.

The twelve leases on a combined basis have historically produced 4.2 million pounds of uranium at 0.26% U3O8, along with 24.1 million pounds of Vanadium at 1.39%, from a total of 791,088 tonnes of material. As per the Department of Energy’s Uranium Lease Program, ten leases on a combined basis are estimated to contain 2.03 million pounds of U3O8 (although not NI43-101 compliant), while two contain an undefined amount of uranium. The figure is based on historical permitted ore at the leases, minus production.

The acquisition of the additional leases comes at a time when the company is preparing to increase its production capacity to 1,000 tons per day of material at its Shootaring Canyon operation, an increase from the prior 750 tons per day under the mill restart plan. The mill is one of just three licensed, permitted, and constructed conventional uranium mills in the US.

“The uranium and vanadium pounds associated with these DOE leases may serve as near-term feed under either the mill’s current throughput capacity of 750 tons per day or the proposed expanded throughput capacity of 1,000 tons per day,” continued Dias.

“We will continue to seek out prospective uranium and vanadium assets which align with our two-fold production strategy. The near-term strategy centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope, Slick Rock and our newly-acquired DOE leases – underpinned by our wholly-owned Shootaring Canyon mill [..] The long-term production strategy remains focused on the acquisition of complementary assets with the potential to feed additional uranium and vanadium resources to our Shootaring Canyon mill.”

The twelve DOE leases were acquired for US$4.75 million in cash and US$1.25 million in shares, of which US$0.5 million is to be paid upfront, along with the issuance of shares.

Anfield Energy last traded at $0.075 on the TSX Venture.


FULL DISCLOSURE: Anfield Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Anfield Energy. The author has been compensated to cover Anfield Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

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