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American Future Fuel Acquires Future Red Basin Uranium Project, Canadian Business Journal

VANCOUVER, British Columbia, September 27, 2022 (GLOBE NEWSWIRE) — American Future Fuel Corporation (CSE: Amplifier,Frankfurt: K14WKN: A3DQFB, OTCQB: AFFCFMore) (“Company“, Also “american future fuel“) teeth,(“acquisition”) Red Basin Uranium Project (“plan” Also “red basin) in the Red Basin-Pie Town mining districts of Catron and McKinley counties, New Mexico. The acquisition is subject to a definitive share purchase agreement (“purchase contract”), on September 27, 2022, the Company becomes 1344726 BC Ltd. (“1344726”), a privately held company that manages the project.

Location and geological environment
The Red Basin is located approximately 90 kilometers (km) south of the Grants Mineral Belt and 21 kilometers north of the town of Datil and consists of 400 deposits comprising 7,320 acres of land.

The project is supported by the southward-dipping Eocene Baka Formation and the Cretaceous Cretaceous Crevasse Formation. The Baka Formation is about 550–580 m (1,800–1,900 ft) thick and is composed of sandstone, mudstone, and conglomerate. The Crevasse Canyon Formation is 1,100 to 1,700 feet (335 to 520 meters) thick and is composed of sandstone, shale, and coal.

Well-developed paleostrata are preserved at the boundaries of strata. Uranium is mainly associated with redox boundaries and organic matter within both formations, particularly paleosols. The Cretaceous-Eocene sedimentary package is overlain by the asymptotic Datil-Mogollon volcano, consisting of rhyolite, andesite and pyroclastic rocks.

geological history
Late Cretaceous: Deposition of the Crevasse Canyon Formation, which is primarily sandstone and shale. Folds and faults during the Laramid orogeny (Late Cretaceous).

Paleocene: Development of paleosols at the crest of the Crevasse Canyon Formation and deposition of uranium at redox boundaries. Uranium was likely leached from shale and Late Cretaceous intrusions.

Eocene: Outflow of uranium-rich water from the Mogollon uplift into the Baka Basin. Deposition of the Baca Formation and burial of paleosols and late Cretaceous uranium deposits. Deposition of Mogollon-Datil volcanic rocks, uplift and deposition of roll-type deposits in the Baca Formation.

Existence and Possibility of Existing Uranium
Uranium occurs in three different stratigraphic strata in the project. The Crevasse Canyon Formation, the Baka Formation, and paleosols developed on and within the Crevasse Canyon Formation. The location of uranium occurrence was determined from the radiation anomaly defined by a handheld gamma-ray scintillometer (measured in counts per second, cps). Background gamma rays in the Crevasse Canyon Formation and Baka Formation are typically in the range of 30-50 cps (the unweathered shale of the Crevasse Canyon Formation produces 60-90 cps). Oligocene volcanic rocks also show elevated background gamma radiation. Intermediate volcanic breccia averages 20-40 cps, while rhyolite tuff can show 60-100 cps.

The primary exploration target (and location of recent drilling) is the south-sloping subsurface projection of paleosols developed between the crevasse canyon and the Baka Formation.

Acquisition terms
Pursuant to the purchase agreement, the Company issued 6,000,100 shares of common stock and issued 1,344,726 shares to existing shareholders as consideration for the acquisition. The Company did not assume any material liability or obligation in connection with the acquisition.

The Company is at an independent distance from 1344726 and its shareholders. The Acquisition does not constitute a fundamental or business change of the Company, nor does it result in a change of control of the Company within the meaning of applicable securities laws and Canadian Stock Exchange policy. In connection with the closing of the Acquisition, the Company issued 500,000 shares of common stock to third parties who assisted it in introducing the Acquisition to the Company, as well as 120,002 shares for administrative services necessary for the Acquisition. issued shares of its common stock to third parties. Complete the acquisition.

Qualified Person Confirmation
Technical information in this news release has been reviewed and approved by our independent geological consultant, Michael Dufresne, M.Sc., P.Geol., Qualified Person as defined in National Instrument 43-101 .

About American Future Fuel

American Future Fuel Corporation is a Canada-based resources company focused on the strategic acquisition, exploration and development of alternative energy projects. The Company holds his 100% interest in the Sevoletta Uranium Project in Cibola County, New Mexico, USA, located within the Grants Mineral Belt. American Future Fuel’s Ceboletta Uranium project is an advanced exploration project.

On behalf of the Board of Directors,
American Future Fuel Corporation

Luke Montein, Chief Executive Officer

For more information, please contact:

Luke Montein [email protected]

This news release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements, while believed to be reasonable, are subject to known and unknown risks, uncertainties and the possibility that actual results and future events may differ materially from those expressed or implied. It is necessarily based on numerous estimates and assumptions that are influenced by certain other factors. by such forward-looking statements. Such factors include, but are not limited to, general business, economic, competitive, political and social uncertainties and uncertain capital markets. Delayed or failed regulatory approval. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected in such statements. You should not place undue reliance on forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CBJ Newsmaker

American Future Fuel Acquires Future Red Basin Uranium Project, Canadian Business Journal

Source link American Future Fuel Acquires Future Red Basin Uranium Project, Canadian Business Journal

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