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Anfield Energy to Complete a Preliminary Economic Assessment of its Slick Rock Uranium Project
VANCOUVER, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pl
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that BRS Engineering (“BRS”) has begun a Preliminary Economic Assessment (PEA) for the Company’s Slick Rock uranium and vanadium project (“Slick Rock”). Slick Rock is located in the prolific Uravan region of Colorado, in close proximity to Anfield’s West Slope uranium and vanadium project. The property holds a historical inferred resource of 2.5 million tons at 0.228% uranium and 1.37% vanadium, returning 11.6 million pounds of uranium and 69.6 million pounds of vanadium* and, between 1957 and 1983, Slick Rock produced 2.2 million pounds of uranium and 13.9 million pounds of vanadium. Finally, in 2014 Uranium Energy Corporation (“UEC”), the previous owner of Slick Rock, issued a PEA which stated a pre-tax project Internal Rate of Return (IRR) of 33% and a Net Present Value of US$63.5 million, based on a discount rate of 7% and a uranium price of US$60 per pound, along with a vanadium price of US$10 per pound**. The mineral resource estimates and PEA cited above are based on data and reports prepared by the previous operator of the project. Anfield is treating these reports as historic in nature. Work necessary to independently verify the classification of the mineral resource estimates and the PEA in accordance with National Instrument 43-101, verified by a qualified person, and in compliance with CIM standards has not been completed. This historical estimate and PEA should not be relied upon. Anfield CEO, Corey Dias, stated, “We are excited at the prospect of both confirming, and improving upon, the Slick Rock PEA results previously issued, especially given that the results will consider the use of our wholly-owned conventional mill – Shootaring – for the purpose of producing both uranium and vanadium from Slick Rock ores. We believe that Anfield remains well-positioned to create further shareholder value with regard to its undervalued uranium and vanadium assets through the upgrading of its resource assets. Our two-fold strategy includes a near-term focus on uranium and vanadium production from our primary assets – Velvet-Wood, West Slope and Slick Rock – while our longer-term projects – such as Frank M, Findlay Tank and Artillery Peak – are expected ...