Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) told investors it has entered into a definitive agreement with LiVada Corporation to acquire a 100% interest in 119 unpatented mining claims and historical data to further consolidate its uranium-rich Artillery Peak project area in Arizona’s Mohave County.
The Vancouver-based uranium and vanadium development company said the claims, which are contiguous to its current project in the Date Creek Basin, double the number of its claim holdings in the area to 238. The combined claim body will be considered by BRS Inc. as part of its upcoming NI 43-101 uranium resource report for its Date Creek Basin/Artillery Peak projects, Anfield added.
"We are pleased to begin 2023 with a further expansion of our uranium holdings in the Artillery Peak project area through the acquisition of these additional claims and related data,” Anfield CEO Corey Dias commented in a statement.
“We will maintain this momentum as we continue to expand our Arizona-based holdings in this region which also hosts Uranium Energy Corporation’s Anderson uranium mine,” Dias said. “In addition to its uranium prospectivity, the seller also believes the project area is prospective for lithium mineralization.”
READ: Anfield Energy calls 2022 'transformational' as it continues bid to become near-term US-based uranium and vanadium producer
Anfield said it will pay US$50,000 in cash and 6 million common shares as consideration for the claims and associated data.
Completion of the acquisition of the claims, and the issuance of the consideration shares, remains subject to the approval of the TSX Venture Exchange, it added. Following issuance, the consideration shares will be subject to statutory restrictions on resale for a period of four months and one day. No finders’ fees or commissions are owed by the company in connection with the acquisition of the claims, Anfield said.
“This undertaking fits our previously-stated two-fold strategy of acquiring uranium assets which fit into either our near-term or longer-term production plans. The near-term strategy centers on our Colorado- and Utah-based uranium and vanadium mines, underpinned by our wholly-owned Shootaring Canyon mill, one of only 3 licensed conventional mills in the US,” Dias continued.
“The longer-term production strategy – of which the Artillery Peak project is part – includes the acquisition of complementary assets with the potential to feed additional uranium and vanadium resource to our Shootaring Canyon mill. We believe that the expected uranium resource delineated for these expanded holdings will serve as a core component of our longer-term strategy," he concluded.
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets.
A key asset in Anfield’s portfolio is its wholly-owned Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project, as well as the Findlay Tank breccia pipe.
Contact the author at stephen.gunnion@proactiveinvestors.com