Anfield Energy receives Utah approval for Velvet-Wood uranium project

VANCOUVER - Anfield Energy Inc. (NASDAQ:AEC; TSX.V:AEC) announced Tuesday it has received approval from the Utah Department of Oil, Gas and Mining to advance its Velvet-Wood uranium project to the construction phase.

The approval follows earlier environmental permitting from the U.S. Department of Interior, which had previously selected the project as part of the federal response to an energy emergency declared by President Trump.

With both federal and state approvals now secured, Anfield plans to begin mobilization immediately, with groundbreaking expected within 30 days. The company’s near-term plans include reopening the mine portal, dewatering operations, constructing surface facilities, and building a new mine incline.

The Velvet-Wood mine, acquired by Anfield in 2015, previously produced approximately 4 million pounds of uranium and 5 million pounds of vanadium between 1979 and 1984. According to a preliminary economic assessment, the project contains measured and indicated resources of 4.6 million pounds of uranium at a grade of 0.29% eU3O8, with additional inferred resources.

"Having achieved this critical milestone, Anfield’s path is now clear to advance the Velvet-Wood mine to construction and, ultimately, to production," said Corey Dias, CEO of Anfield, in the press release statement.

Anfield will post an increased reclamation bond with the Bureau of Land Management as required for the project.

The company owns the Shootaring Canyon mill in Utah, one of only three licensed conventional uranium mills in the United States. The U.S. currently consumes approximately 50 million pounds of uranium annually while producing less than 1% domestically.

In other recent news, Anfield Energy has reported significant progress in its drilling program at the JD-7 uranium and vanadium mine in Montrose County, Colorado. The company completed the first 12 out of 20 planned drill holes, with 10 of these showing notable uranium mineralization. Key findings include a 17-foot section grading 0.519% eU3O8 and a 19-foot section grading 0.238% eU3O8, according to Anfield Energy’s press release. These results are part of a drilling initiative that commenced on September 15. In addition to these developments, Anfield Energy announced the appointment of former U.S. House Representative Jeff Duncan to its board of directors. Duncan, who has a strong background in energy policy, represented South Carolina’s 3rd District until his retirement in 2024. His experience includes serving on committees related to Energy and Commerce, Natural Resources, Homeland Security, and Foreign Affairs.

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