Anfield Resources (
TSX: V.ARY,
Stock Forum) significantly advanced its efforts at the newly acquired Velvet-Wood project located in the Lisbon Valley Uranium District, Utah, when the company announced today that it had received a NI 43-101 compliant technical report for the project.
According to the
news release, the report, prepared by Douglas L. Beahm of BRS, Inc., estimated that the project, including the combined Velvet and Wood properties, holds a combined measured and indicated resource of 4.627 million pounds U308 at an average grade of 0.29%.
While the near-term ramping up of uranium demand in the world market, driven Japan’s nuclear reactor restarts and nuclear utilities returning to the market to purchase product, has created favorable pricing, the company expects long-term facility build-outs and America’s need to be independent in terms of uranium supply will continue to support an upward trend, allowing the company to play a pivotal role in meeting the increased demand.
The report analyzed down-hole data available from both historic and recent drill campaigns including Altlas Minerals and Minerals Recovery Corporation’s extensive drill programs on the Velvet deposit during the 70s and 80s, Uranerz’s comprehensive drilling on the Wood deposit and finally Uranium One’s considerable drill efforts which confirmed previous drill results.
The projects have been deemed low risk according to the report based on known legal, political, environmental and technical risks associated with the project due to some of its required operating permits and facilities being in place as well as its location in an area with past and current mine and mill operations.
The company is expected to follow the report’s recommendations upon completion of the project’s acquisition where it will carry out engineering, mine design and feasibility studies as well as evaluating the potential for upgrading mined material on-site through vat or heap leaching.
There are also plans to explore a potential trend extending to the northwest from the Velvet mine.
Company CEO, Corby Dias, commented on the report, “We are very pleased with the results of the technical report for the Velvet-Wood Project. As recommended in the report, after completing the purchase of the Project we intend to move forward with both mine design and feasibility studies for the Project, as we expect that it will be an important source of feed for the anticipated restart of the Shootaring Canyon Uranium Mill.”
Anfield Resources was in the news recently when
the Vancouver-based company when it announced renewing permits with the Utah School & Institutional Trust Lands Administration back at the beginning of November.
Shares edged up 1.43% on the news to $0.355 per share.
Currently there are 20.3m outstanding shares with a market cap of $7.2 million.