Anfield Resources to Evaluate Vanadium Potential at its Velvet-Wood Mine
| Date: Nov 22, 2017 |
| Anfield Resources to Evaluate Vanadium Potential at its Velvet-Wood Mine
VANCOUVER, BC–(Marketwired – November 21, 2017) – Anfield Resources Inc. (TSX VENTURE: ARY) (OTCQB: ANLDF) (FRANKFURT: 0AD) (“Anfield” or “the Company”) announces that it is placing increased emphasis on the vanadium potential of its Velvet-Wood Mine, located in Utah. Anfield has engaged BRS Engineering, Inc. to update Anfield’s NI 43-101 resource report related to the Velvet-Wood Mine to include a vanadium exploration target. The report is expected to be completed within six to eight weeks. Anfield’s prospective energy partners have shown a greater interest in the Company’s vanadium assets due to the significant upturn in the vanadium price this year. Anfield is also exploring the feasibility of including a vanadium circuit on its Shootaring Canyon uranium mill, which would allow it to process vanadium. Velvet-Wood Mine Based upon historical production, the Velvet-Wood Mine has the potential to be a significant source of vanadium. Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% V2O5, recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5. The current mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8 at a grade of0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8 at a grade of 0.32% U3O8 (inferred resource). (Source: Velvet-Wood Mine Uranium Project, San Juan County, Utah USA NI 43-101 Mineral Reserve and Resource Report, Author: BRS Inc.; Date: 11/14/2014). Corey Dias, Anfield’s CEO stated, “Vanadium is increasingly being embraced by battery manufacturers as a core material in the production of batteries to be used in both small-scale and large-scale applications; in fact, vanadium redox-flow batteries (VFBs) have started to grow in influence as energy companies look to improve energy storage. This ranges from grid-scale uses, such as Prudent Technology’s use of a VFB for its solar installation in Italy, to smaller-scale uses such as Warren Buffett’s BYD company using vanadium batteries for its electric vehicles and Subaru using a VFB to power its Subaru G4e vehicle. Vanadium is clearly viewed as an attractive alternative to other battery technology sources. Anfield is fortunate in having two energy metal resources together, both with highly positive demand projections: uranium and vanadium.” Vanadium – an important commodity in a strategic location 85% of current vanadium production comes from three countries: China, Russia and South Africa. With increasing geopolitical trade uncertainty, it is clearly an advantage to have a domestic U.S. supply source for a strategic material driving an important new technology. Vanadium has traditionally been used to strengthen steel; however, its recent resurgence has come about due to its large-scale energy storage potential. VFBs have the ability to store mass energy, which potentially strengthens grid stability and the case for electric vehicles, and renewable energy. Technical advances are driving flow battery technology closer to mass commercialization. In Dalian, China, there are plans to create a 200MW – 800MWh storage station, the largest VFB installation in the world. Since 2014, more than 30 VFB installations have either been deployed or are currently under construction. In addition, the use of VFBs in vehicles has the potential to improve upon lithium-ion batteries by increasing the voltage and energy density metrics. With all the developing needs and uses for advanced battery technology, industry spending on energy storage is expected to reach US$200 billion in 2020 alone — providing attractive marketing opportunities for Anfield. |
