Anfield Energy Inc (CVE:AEC; OTCQB: ANLDF; FRANKFURT: 0AD) revealed that BRS Engineering Inc has begun work on a resource report for the recently acquired Charlie uranium project in Wyoming.
BRS will use the data from previous exploration activities and estimates that it will complete the report within 60 days.
“We are very pleased to begin updating the technical reports on the Charlie Project, and anticipate, based on previous reports commissioned by Cotter Corporation, that the BRS report will be positive," said Corey Dias, the Anfield chief executive.
"We view Charlie as an extremely strategic asset in our portfolio due not only to its advanced nature but also to its close proximity to two of Uranium One’s currently-producing mines and its uranium satellite processing plant where Anfield has a processing agreement.
"Based on the new report we would hope to quickly move into the next development phase on the Charlie project.”
The property lies in the Powder River Basin in Wyoming near an existing uranium ISR (in-situ recovery) mine and operating oilfields which have road and power line infrastructure.
Previous owners and operators have conducted sufficient exploration drilling to delineate a portion of a major roll-front system which crosses the property and continues on to adjacent lands.
As a result of this previous work, a database of over 1300 drill holes is available as well as several hydrological, analytical and mineralogical reports.
In January 1995 Power Resources Inc (PRI) completed what it defined as a “feasibility study” under an agreement with Cotter Corp for development as an ISR mine.
PRI estimated what it defined as "total geologic (indicated and inferred) ore reserves” for the project based on a data from some 1,252 exploration drill holes using an initial cutoff of 2 feet of 0.02 % uranium.
This resulted in range of 3.1 to 4.6mln pounds of uranium oxide.
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.