The exploration target report by BRS Engineering, shows a vanadium exploration target of between 6.3 million pounds and 9.7 million lb at a grade of between 0.4% V2O5 (vanadium oxide) and 0.61% V2O5.
The potential quantities and grades are conceptual in nature and have been approximated.
The company said there has been insufficient exploration to define a mineral resource for vanadium.
It is also uncertain if additional exploration will result in the exploration target being delineated as a mineral resource.
Corey Dias, Anfield's chief executive officer, said: "We are pleased to announce a vanadium exploration target at our Velvet-Wood mine, which builds on the historical production of five million pounds of vanadium at this site -- as stated in our 2016 preliminary economic assessment for the Velvet-Wood project.
“We believe that the recent upsurge of interest in vanadium provides Anfield with a unique opportunity to create a vanadium co-product production plan," which will both complement and enhance the attractiveness of uranium extraction at the Velvet-wood mine.
The current mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8 at a grade of 0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8 at a grade of 0.32% U3O8 (inferred resource).