The Slick Rock project is located in San Miguel County, Southwest Colorado, approximately 23.9 miles north of the town of Dove Creek, Colorado and east of the Dolores River in the Slick Rock District of the Uravan mineral belt. The approximate geographic center of the property is Latitude 38° 2′ 51.7″ North, Longitude 108° 51′ 42.3″ West.
Slick Rock Project
An advanced stage conventional uranium and vanadium project
The Slick Rock Project was a significant acquisition for Anfield resulting from an asset swap with Uranium Energy Corp. (UEC-US) in 2022. This advanced-stage uranium and vanadium project is located in San Miguel County, Colorado, covering approximately 5,333 acres with 315 contiguous mineral lode claims.
In 2023, BRS, Inc. completed a combined Velvet-Wood/Slick Rock PEA, which unveiled a Slick Rock-attributed estimated inferred mineral resource of 7.7 million pounds of U3O8 with an average grade of 0.224%, along with 47.1 million pounds of V2O5 with an average grade of 1.35%. These impressive figures highlight the immense potential of the Slick Rock Project, establishing it as a valuable asset within Anfield Energy’s portfolio. Join us on this exciting venture as we delve into the abundant opportunities presented by this project.
Preliminary Economic Assessment:
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Slick Rock Project
Highlights
Acquired through an asset swap with Uranium Energy Corp. (UEC-US, Buy Rating, US$6.60 Target) earlier this year in exchange for Anfield’s in-situ recovery uranium asset portfolio in Wyoming.
The Slick Rock property is an advanced stage conventional uranium and vanadium project located in San Miguel County, Colorado.
The project consists of 315 contiguous mineral lode claims and covers approximately 5,333 acres.
In 2023, BRS, Inc. completed the Slick Rock Technical Report, which included a preliminary economic assessment and mineral resource estimate for the Project, disclosing an estimated inferred mineral resource of 7.7 Mlbs of U3O8 at an average grade of 0.224% and 47.1 Mlbs of vanadium at an average grade of 1.35%.
Source: Technical Report Preliminary Assessment Slick Rock Project Uranium/Vanadium Deposit, San Miguel County, Southwest Colorado, USA, Author: BRS Inc; Date: effective April 8, 2014
Location
History
Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s (then called the McIntyre district). First mined for radium and minor uranium until 1923, numerous companies sporadically operated small scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. In 1944, the area was worked by the Union Mines Development Corp. for uranium/vanadium ore.
By December of 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro No. 3, 5, and 7 mines to total depths of 408 feet, 414 feet, and 474 feet, respectively. In the same year, initial ore shipments were made to UCNC’s concentrating mill at Slick Rock.
Anfield Energy Inc. entered into a definitive agreement to acquire Slick Rock Property from Uranium Energy Corp. in an asset swap transaction on April 21, 2022. The Slick Rock project comprises 268 mineral lode claims and encompasses an area of approximately 4,976 acres or 7.8 square miles. Certain claims within the block are subject to 1% to 3% royalties of net uranium and vanadium production.
Geology
Uranium/vanadium mineralization is hosted by the Upper Jurassic Morrison Formation and is typical of Colorado Plateau-style uranium/vanadium deposits. Past production came from the upper or third-rim sandstone of the Salt Wash member of the Morrison Formation. This is the target host for uranium/vanadium mineralization within Anfield’s Slick Rock project area.
Uranium and vanadium-bearing minerals occur as fine-grained coatings in detrital grains filling pore spaces between the sand grains and replacing carbonaceous material and some detrital grains (Weeks et al., 1956). The primary uranium minerals are uraninite (UO2) with minor amounts of coffinite (USiO4OH). Montroseite (VOOH) is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Mineralization occurs within tabular to lenticular bodies that are peneconcordant within sedimentary bedding. Mineralization may also cut across sedimentary bedding to form irregular shapes.
Permitting
Exploration and mining activities for the mining claims of the Slick Rock project are administered by the Durango, Colorado BLM field office. Exploration drilling and associated activities require an exploration permit and a reclamation bond that must be posted with the State of Colorado, Department of Natural Resources Division of Reclamation, Mining, and Safety. At the time of the report, Anfield does not possess an exploration permit nor has a reclamation bond been posted.
Access
The Slick Rock project can be accessed via Colorado State Highway 141, County Road CR-T11, and numerous historic drill roads and trails (See Figure 5.4). To access the site: from the post office in Dove Creek, Colorado, drive 2.0 miles west-northwest on State Highway 491; turn right (north) onto State Highway 141; continue for 23.7 miles to County Road CR-T11, and then turn left onto the well-maintained gravel road.
Colorado
The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, Harold H. Hutson, P.E., P.G. and Carl D. Warren, P.E., P.G., of BRS Inc., Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in
accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.