Anfield to Acquire Dripping Springs Quartzite Uranium Project

VANCOUVER, British Columbia, Feb. 13, 2023 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has entered into a definitive agreement with ACCO Resources (“ACCO”, or “the Seller”), an arms-length party, 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 (“Dripping Springs”), located in Gila County, Arizona.

Corey Dias, Anfield’s CEO commented: “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.’s Workman Creek project.

“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 U.S. 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.”

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. For example, a historical uranium resource estimate prepared by Dravo Engineers (August 1980) as part of a feasibility study for the Dripping Springs Quartzite area, using a cut-off grade of 0.05%, returned 4.4 million tons containing approximately 9.8 million pounds. This historical mineral resource also encompasses Uranium Energy Corp.’s Workman Creek project. While the Company cautions that the presence of mineralization in the vicinity of the claims to be acquired by the Company is not necessarily indicative of mineralization that may existing on those claims, it is indicative of the mineralization hosted regionally in the Dripping Springs Quartzite area.

As consideration for the claims and associated data, the Seller will receive US$50,000 in cash and 15 million common shares (the “Consideration Shares”) of Anfield. Completion of the acquisition of the Claims, and the issuance of the Consideration Shares, remains subject to the approval of the TSX Venture Exchange. 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 owing by the Company in connection with the acquisition of the Claims.

About Dripping Springs Quartzite Project

The Dripping Springs Quartzite Project consists of 115 unpatented lode mining claims covering more than 2,300 acres. It is located in a remote area approximately 90 miles northeast of Phoenix, AZ.

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.

There has been substantial subsequent exploration of the area. Wyoming Minerals Corp., a subsidiary of Westinghouse, conducted a drill campaign in the 1970s of more than 400 exploration and development holes in the Workman Creek area that is currently held by Uranium Energy Corp. A feasibility study by Dravo Engineers included designs for both open pit and underground mining, with conventional acid leach, solvent extraction, and ammonia precipitation processes. Resultant uranium recovery was in the range of 94%.

Uranium Energy Corp.’s Workman Creek project is near the center of the larger Dripping Springs Quartzite formation that covers more than 8,000 square miles in central Arizona. Exploration of the surrounding areas has revealed equally attractive deposits with the potential for large ore reserves. Based on a wealth of available data, the most attractive targets have been chosen, including several past producing mines with significant tonnage having been shipped to the Cutter buying station in Globe, AZ in the late 1950s.

Qualified Persons

Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical content of this news release.

About Anfield

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. Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the 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. A NI 43-101 PEA has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and, resultantly, there is no certainty that the included preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

Technical Disclosure

Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.

* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not treating such historical resources as current mineral resources.

Velvet-Wood: The PEA for Velvet-Wood was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 31, 2016). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

West Slope: NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU₃O₈; historic resources using cut-off of 0.05% U₃O₈.

Slick Rock: Historical resource estimate prepared by BRS Engineering, Inc. (effective April 2014). GT cut-offs range from 0.25%-0.50%.

Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic resource used a GT cut-off of 0.25%.

Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU₃O₈.

Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

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