FULL DISCLOSURE: The Deep Dive is long the equity of Anfield Energy.
Anfield Energy (TSXV: AEC) is ready to build a mine. The company this morning indicated that it has received final approvals from the Utah Department of Oil, Gas and Mining for the Velvet-Wood uranium project.
The state approvals follow the US Department of the Interior earlier this year granting the required environmental permits for the project as part of the federal government’s fast track program. Anfield now has the required approvals at both the State and Federal level to proceed with the construction of the mine.
With approvals in hand, Anfield has indicated that the acceleration of mine preparation is underway, with immediate mobilizing commencing and groundbreaking expected to occur within the next 30 days. Near term plans for the mine include the reopening of the mine portal, dewatering, construction of surface facilities, underground inspection and pre-construction assessment, and finally the construction of a new incline into the mine.
WATCH: Uranium Is Back On America’s Radar | Corey Dias – Anfield Energy
“Having achieved this critical milestone, Anfield’s path is now clear to advance the Velvet-Wood mine to construction and, ultimately, to production. This reinforces our view that Velvet-Wood’s status as a past-producing uranium and vanadium mine with a small environmental footprint is advantageous to the Company’s aim to pursue near-term production. The Company will now pivot to advancing the project through the construction phase of its plan,” commented Corey Dias, CEO of Anfield Energy.
The Velvet-Wood mine previously operated from 1979 through to 1984, recovering an estimate 4.0 million pounds of uranium and 5.0 million pounds of vanadium. Current resources for the project are estimated at 4.6 million pounds of eU3O8 at grades of 0.29% in the measured and indicated category, and a further 552,000 pounds of eU3O8 at grades of 0.32% in the inferred category.
Anfield Energy last traded at $11.80 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Anfield Energy. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
