Anfield sets out US asset details

Monday, 23 February 2015

Anfield Resources has produced a summary of the US uranium assets including royalty rights and surface stockpiles that it is set to acquire on the closing of its August 2014 agreement with Uranium One.

The assets to be bought include the mothballed Shootaring Canyon uranium mill, one of only three licensed conventional uranium mills in the USA, and the Velvet-Wood uranium project, with historic measured and indicated resources of 4.63 million pounds (1781 tU). In addition, the company will also acquire Uranium One's 50% interest in the Wate breccia pipe uranium project in Arizona, which it will own jointly with Energy Fuels.

Energy Fuels anticipates processing future production from Wate at its own mill, White Mesa, and plans to produce a NI43-101 compliant resource estimate for the deposit, historically estimated to contain 1.1 million pounds U3O8 (432 tU) at an average grade of 0.79%.

In addition to the uranium assets, the transaction also includes royalty arrangements on several operations which are not currently in operation. These include Azarga's Dewey-Burdock uranium project in South Dakota, currently undergoing permitting, as well as royalties on the San Rafael, Whirlwind and Energy Queen projects in Utah.

The deal will also see Anfield acquire two surface stockpiles at Shootaring Canyon and the Lisbon Valley, which are historically estimated at 250,000 pounds U3O8 (96 tU) and 165,000 pounds U3O8 (63 tU), respectively.

Anfield CEO Corey Dias said the stockpiles would provide the company with the option of toll-milling the ore, selling it or using it as the initial feed for its own mill. "The assets are synergistic and provide a strategic, stepped approach to production and revenue generation," he said.

No date has yet been given for the closing of the transaction.

Earlier this month, Anfield appointed engineering and geology consultancy BRS, Inc to prepare a preliminary economic assessment for Velvet-Wood.

Researched and written
by World Nuclear News