Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) said it has entered into a definitive agreement with ACCO Resources to acquire a 100% interest in 115 unpatented mining claims and associated data covering more than 2,300 acres of the Dripping Springs Quartzite uranium project in Gila County, Arizona.
The Dripping Springs Quartzite Project consists of 115 unpatented lode mining claims covering more than 2,300 acres in a remote area approximately 90 miles northeast of Phoenix, Arizona.
“We are pleased to acquire the Dripping Springs Quartzite Uranium Project, given both the history of uranium exploration and the identification by the US Geological Survey of more than 100 uranium deposits in the area. Moreover, the region hosts eight past-producing mines – which shipped material to the Globe, Arizona-based uranium buying station in the 1950s – along with Uranium Energy Corp. (NYSE:UEC)’s Workman Creek project,” Corey Dias, Anfield’s CEO said in a statement.
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“We will continue to seek out prospective assets which align with our two-fold strategy of acquiring both near-term and longer-term uranium and vanadium assets which will fit into our overall production plan. The near-term strategy centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope and Slick Rock – underpinned by our wholly-owned Shootaring Canyon mill, one of only 3 licensed conventional mills in the US.”
As consideration for the claims and associated data, the seller will receive $50,000 in cash and 15 million common shares of Anfield. Completion remains subject to the approval of the TSX Venture Exchange.
“The longer-term production strategy includes the acquisition of complementary assets with potential to feed additional uranium and vanadium resource to our Shootaring Canyon mill. Much like our Artillery Peak acquisition, we believe that Dripping Springs will both complement our existing portfolio of assets and serve as part of our longer-term uranium production strategy,” he added.
While the company has not yet identified a uranium resource on its claims, studies of the greater Dripping Springs region have confirmed uranium resource in the vicinity.
Uranium deposits were discovered in the area between 1950 and 1954, leading to extensive exploration activity in the area. The US Geological Survey conducted a survey on behalf of the US Atomic Energy Commission and, by 1957, identified more than 100 uranium deposits in the broader Dripping Springs Quartzite area.
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.
Contact the author at jon.hopkins@proactiveinvestors.com