Marquez-Juan Tafoya Project
The Project is situated in the Grants Uranium Mineral District of northwest New Mexico, approximately 50 miles west-northwest of Albuquerque, New Mexico. It consists of two adjacent properties, Marquez and Juan Tafoya, which were previously under the control of separate mining companies, Kerr-McGee Corporation and Bokum Resources, respectively. This marks the first time that both properties have been brought under a single company.
The Preliminary Economic Assessment (PEA) has been developed based on a combined mineral resource estimate, as well as a proposed plan for underground mining and on-site mineral processing for the Project. The primary host for known uranium mineralization within the project area is the Westwater Canyon member of the Upper Jurassic Morrison Formation. The Westwater deposits have a gentle westward dip of 1-3 degrees. The mineralization, which takes the form of coffinite and uraninite within primary trend deposits, is found at depths ranging from 1,800 to 2,500 feet.
In the 1970s to early 1980s, extensive mineral exploration through drilling activities delineated substantial uranium resources on both properties. Bokum Resources developed mine and mineral processing infrastructure on the Juan Tafoya section, including a 14-foot production shaft (constructed within 200 feet of the mine zone), a 5-foot ventilation shaft, and a partially built mill processing facility with associated tailings disposal cells. These surface facilities were subsequently dismantled and reclaimed in the early 2000s.
- Project acquired from enCore Energy in 2023
- Historical Indicated uranium resource of 18.1Mlbs at an average grade of 0.127%
- Historical PEA returned NPV of $20.6M at a 7% discount rate and a $60/lb uranium price*
*Marquez-Juan Tafoya Uranium Project, 43-101 Technical report, Preliminary Economic Assessment, BRS, Inc., June 9, 2021, prepared for enCore Energy Corp.
Frank M Deposit
The Frank M deposit, situated within the Morrison Formation’s Salt Wash Member, hosts uranium mineralization spanning from 60 to 100 feet above the Salt Wash base. This mineralization manifests in three stratigraphic horizons: the Upper, Middle, and Lower Zones, with a southwest-to-northeast ascending pattern. Notably, similar mineralization patterns occur in the basal Salt Wash of the nearby Tony M mine, operated by Denison Mines, making it a focal point for exploration.
The project’s surface terrain predominantly comprises the Morrison Formation, encompassing both the Salt Wash and Brushy Basin Members. As envisaged, all mining activities will be confined to the geological formation, with a specific emphasis on the Salt Wash Member. This unique geological setting, spanning approximately 600,000 square miles across multiple U.S. states and Canadian provinces, holds promise for resource development and extraction, shaped by Late Jurassic-era geological processes and the dynamic interplay of fluvial and lacustrine systems.
The Frank M Uranium Project’s history is marked by extensive exploration and drilling campaigns led by Plateau Resources during the 1970s through the early 1980s. Plateau Resources played a pivotal role in shaping the project’s development, conducting drilling operations meticulously spaced at 150-foot intervals and accumulating a vast dataset. Subsequently, Uranium One acquired this wealth of historical data, further complemented by additional core holes drilled for verification and testing purposes in 2007. This historical timeline showcases the project’s evolution and its valuable contributions to uranium resource exploration and understanding in the region.
- Also purchased from Uranium One in 2015, the Frank M Deposit is located only 12 km north of the Shootaring Canyon Mill.
- Frank M has a historic indicated mineral resource estimate of 2.2 million pounds of U3O8 at a grade of 0.101% U3O8.
- The project meets the standards for Indicated Mineral Resources under the CIM Standards on Mineral Resources and Reserves for the Upper and Middle mineralized trends.
Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008.
Frank M historic resource used a GT cut-off of 0.25%. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.
Findlay Tank Breccia Pipes
The Findlay Tank SE Breccia Pipes Project is strategically situated in Mohave County, Arizona, USA, spanning Sections 10-15, 22-24 of Township 38 North, Range 4 West, as well as Sections 7, 18, and 19 of Township 38 North, Range 3 West. The project’s mining claims feature unpatented mining lode claims under the prior ownership of Uranium One. This contiguous claim group encompasses a substantial area, comprising 167 mining claims that collectively cover approximately 3,300 acres.
The Findlay Tank area has a history rooted in sheep and cattle grazing dating back to the late 1800s when “Mormon Pioneers” settled in the region. Mining activities sporadically emerged during the 1940s, initially focusing on copper and gold exploration, but it was in the late 1970s and throughout the 1990s that substantial mining activities centered on uranium took place. These efforts revealed that uranium mineralization was closely linked to vertical geological formations known as “breccia pipes,” spanning over 2,000 feet from the Pennsylvanian Redwall Limestone to the Triassic Shinarump Member of the Moenkopi formation.
Arizona’s uranium mining legacy began in 1918 with carnotite deposits in Carrizzo Mountains, and between 1947 and 1970, the state contributed over 18 million pounds of uranium oxide and 42 million pounds of vanadium oxide. However, production dipped in the early 1970s during a market transition from AEC buying stations to private uranium sales. A resurgence of interest in Arizona’s uranium potential in the late 1970s led to discoveries of high-grade breccia pipes, contributing approximately 23.3 million pounds of uranium at an average grade of 0.60 % U3O8.
- The Findlay Tank Breccia Pipe is located in northern Arizona.
- Anfield holds approximately 10,000 acres of unpatented mining claims and state lease land in Arizona.
- The Findlay Tank Breccia Pipe was acquired in September 2015 from Uranium One and has a historical mineral resource estimate (inferred) of 211,000 tons at an average grade of 0.23% for 954,000 pounds of U3O8.
Date Creek Basin
- The Date Creek Basin project consists of 24 unpatented mining claims situated in Mohave County, Arizona, where the most recent exploration on the property was in 2007, consisting of 35 exploration drill holes.