Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) is adding to its land holdings in the Artillery Peak project area of Arizona through a new deal with Wayne Minerals Inc.
The Vancouver-based company announced it is acquiring a 100% interest in 50 unpatented mining claims in the uranium-rich area of Mohave County, adjacent to Anfield’s current project in the Date Creek Basin.
The transaction increases Anfield’s uranium asset acreage in an area where historical records indicate a potential uranium resource of approximately 2.8 million pounds of uranium oxide, according to Anfield.
The claims are near the Anderson uranium mine. Anfield said it will be engaging an engineering firm to review the associated data with both sets of claims to assess the resource prospects for the combined projects.
Corey Dias, Anfield’s CEO, told investors that the deal fit into the company’s overall production strategy.
“(W)e continue to expand our conventional uranium and vanadium assets through strategic tuck-in acquisitions, such as the Artillery Peak Claims. Our aim is to pursue assets to fit both near-term and longer-term production strategies,” Dias said in a statement.
“The near-term strategy centers on our Colorado and Utah uranium and vanadium mines underpinned by our wholly-owned Shootaring Canyon mill, one of only three licensed mills in the US. The longer-term production strategy is to acquire complementary assets with potential to feed additional pounds to our Shootaring Canyon mill.”
As per the term sheet, Wayne Minerals will receive $150,000 in cash, 25 million common shares of Anfield and a 3% net smelter royalty (NSR) on uranium production from the claims.
Anfield will be able to buy back the royalty for $150,000 per percentage point.
Anfield is a uranium and vanadium development and near-term production company with uranium assets in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred.
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