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Anfield to Complete Mineral Resource Report for Nine Mile Uranium Project

Anfield Resources Inc. is pleased to announce that is has engaged BRS Engineering to complete a mineral resource report for the Nine Mile uranium project in Wyoming.

The Nine Mile project was purchased from Uranium One Americas Inc. ("Uranium One") in September 2016 and is one of the 24 uranium mining properties acquired in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas of Wyoming. As a key part of this 2016 transaction, Anfield also signed a Resin Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One's Irigaray processing plant in Wyoming.

Anfield has previously released two NI 43-101 compliant mineral resource technical reports for properties acquired from Uranium One in the 2016 transaction: 1) the Clarkson Hill uranium project, entitled "Clarkson Hill Uranium Project, Mineral Resource NI 43-101 Technical Report, Natrona County, Wyoming, USA" with an effective date of July 27, 2017 (the "Clarkson Hill Report"); and 2) the Red Rim uranium project, entitled "Red Rim Uranium Project, Mineral Resource Technical Report, National Instrument 43-101, Carbon County, Wyoming, USA" and dated March 31, 2017 (the "Red Rim Report"). These reports are filed on SEDAR and state the following estimated mineral resources:

  • Clarkson Hill:
    • Inferred Mineral Resource of 957,000 tons with an average grade of 0.058 % eU3O8, estimated to contain 1,113,000 pounds of eU3O8.
  • Red Rim:
    • an Indicated Resource of 336,655 tons of mineralized material with an average grade of 0.170% eU3O8 (equivalent to an Indicated Resource of 1,142,449 pounds of eU3O8); and
    • an Inferred Resource of 472,988 tons of mineralized material with an average grade of 0.163% eU3O8 (equivalent to an Inferred Resource of 1,539,447 pounds of eU3O8).

Corey Dias, Anfield CEO, states, "We are pleased to update and further delineate another uranium resource from amongst the 24 Wyoming uranium projects acquired from Uranium One in 2016. Importantly, this is only the third Wyoming project for which we are commissioning a resource report and, given that the Company acquired 24 Wyoming projects form Uranium One, we believe a significant pipeline remains.

Given the recent Cameco news, we also feel it is an important time to solidify our resource base and determine which of our uranium projects are the most viable. Near-term supply disruptions may continue as the spot price remains below the cost of production of many companies, and long-term utility contracts come to an end. We believe that the current uranium price is unsustainable at such low levels, and Anfield is committed to positioning itself as a future uranium producer to coincide with the expected rebound in the uranium price. Ultimately, Anfield aims to pair a future viable uranium resource with the Resin Processing Agreement it has in place with Uranium One in Wyoming whereby it can process up to 500,000 pounds of uranium per year at Uranium One's Irigaray Central Processing Plant."

About the Nine Mile Project

The Nine Mile Project is located in Natrona County Wyoming approximately nine miles north of Casper and both east and west of US Interstate 25. Roll-front type uranium mineralization occurs in the Teapot Sandstone within the Mesaverde Formation. Between November 1976 and November 1980 a test In Situ Leach ("ISL") plant was operated on the Nine Mile Project by Rocky Mountain Energy Company (RME), with mixed results. A total of four wellfield patterns underwent testing and development, 3 patterns were completed using sulfuric acid and one using a carbonate leach. Acid was chosen after preliminary core tests suggested a 90% recovery versus 80% with carbonate leaches. The first test pattern using sulfuric acid created a gypsum build-up, limiting acid contact with the uranium resulting in poor recovery. The second wellfield pattern, also using sulfuric acid, utilized a water jet perforation method developed with the U.S. Bureau of Mines. This test was successful with solution concentrations ranging from 70 to 300 ppm U3O8, averaging a little over 100 ppm. Results for the last two wellfield trials are not available. In addition, in 1977 the US Bureau of Mines, in cooperation with RME, commissioned a field demonstration of hydraulic mining of uranium sands in the same general area of the ISL testing.

In 1981, RME issued an internal report titled "Nine Mile Lake Geological Evaluation" by B. Atherley, C. Heidenreich, and J. Moran, dated April 22, 1981, which summarizes "Uranium Reserves" for mineralized areas east of I25 and "Uranium Resources" west of I25. Both estimates were completed using a standard polygonal method. Both estimates applied a minimum uranium grade cutoff of 0.02 eU3O8. The "Uranium Reserves" east of I25 applied a minimum GT cutoff that varied by depth from 0.13 at 100 feet to 0.30 at 600 feet. The "Uranium Resources" west of I25 applied a minimum GT cutoff of 0.04. The report states "Mineral Reserves" of 3.9 million pounds of uranium (no average grade stated) and "Mineral Resources" of 1.1 million pounds at an average grade of 0.054% eU3O8. Anfield considers these estimates to be historical and cautions that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Anfield is not treating the historical estimate as current mineral resource or mineral reserves.

About BRS

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.

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