Uranium and vanadium group Anfield Energy Inc. (CVE:AEC, OTCQB:ANLDF) hailed a new resource estimate for the Charlie uranium project in the Pumpkin Buttes district in Johnson County, Wyoming, which it says justifies the next stage of its development.
The report shows a higher confidence indicated resource of 1.26mln tons of mineralisation with an average grade of 0.123% eU3O8 (uranium) - that's equivalent to an indicated resource of 3.1mln pounds.
The inferred resource came in at an equivalent of 1.4mln pounds of uranium.
Also an exploration target
Meanwhile, there is also an exploration target at the project, which ranges from between 280,000 and 680,000 tons with an average grade ranging from 0.090 to 0.151% uranium, Anfield added.
That's equivalent to an exploration target ranging from between 500,000 and 1.3mln pounds of uranium.
"We are very pleased to receive an updated resource for the Charlie project," said Corey Dias, the CEO at Anfield.
"We view Charlie as an extremely strategic asset due not only to its advanced nature but also to its close proximity to two of Uranium One's currently-producing mines and its uranium satellite processing plant.
"Based on the updated resource, we believe that there is ample justification to advance to the next development phase on the Charlie project."
The firm struck a deal with Cotter Corporation to acquire the asset in March this year, and Dias said the firm had met with the Wyoming Office of State Lands and Investments with regard to the transfer of the Charlie lease.
"We are aiming to close the ongoing Cotter transaction in the next 60 to 90 days, which will allow us to move the Charlie project forward."
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