American Future Fuel Secures Extra Mining Opportunities
SEBOYETA, N.M. – American Future Fuel is a Canadian company looking to jumpstart uranium mining in Cibola County. The company first announced their interest in the Cibola area at the end of July, where they explained that they hold a 100 percent stake in the Cebolleta area of Cibola County. Since the announcement, the company has been putting plans into place to execute their uranium mining goal. On September 27, the company announced further acquisition of land on the border of Cibola and Catron counties where they look to expand their uranium mining operations.
While the mining has not yet begun in Cibola, the company is putting out “forward looking statements” that shed a positive light on the future of uranium mining in the county. American Future Fuel is so optimistic about the Cebolleta project that they just acquired additional land to conduct mining operations in Cibola and Catron Counties. The company announced on September 27 that they acquired the land known as Red Basin, just south of the Grants Mineral Belt, within the Pie Town Mining District of Catron County. The newly acquired land includes 7,320 acres of land. To pay for this land, AFF released 6,000,100 common shares of their company.
There are several layers of rock and soil in this area that will need to be mined out, but the company expects to find uranium under the sandstone formations.
American Future Fuel is listed on the United States Stock Market as AFFCF, as of press time it was trading at $0.35 per share. While the company increases its land holdings, it is in the process of developing a plan for the Cebolleta zone to begin mining operations.
Press Release
The company released a press release to discuss the specifics of the new land acquisition read it below: VANCOUVER, BRITISH COLUMBIA – American Future Fuel Corporation (CSE: AMPS, Frankfurt: K14, WKN: A3DQFB, OTCQB: AFFCF) (the “Company”, or “American Future Fuel”) is pleased to announce that it has acquired (the “Acquisition”) the Red Basin Uranium Project (the “Project” or “Red Basin”) located in the Red Basin – Pie Town Mining District of Catron and Cibola counties of New Mexico. The Acquisition was completed pursuant to a definitive share purchase agreement (the “Purchase Agreement”), dated September 27, 2022, in which the Company acquired all of the outstanding share capital of 1344726 B.C. Ltd. (“1344726”), a privately held company which controls the Project.
Location and Geologic Environment Red Basin is located approximately 90 kilometers (km) south of the Grants Mineral Belt and 21 km north of the town of Datil and is comprised of 400 lode claims containing a 7,320 acres land mass. The Project is underlain by the southerly dipping Eocene Baca Formation and the Cretaceous Crevasse Formation. The Baca Formation is approximately 550 – 580m (1,800 – 1,900ft) thick and consists of sandstones, mudstones, and conglomerates. The Crevasse Canyon Formation is 335 – 520m (1,100 ‐1700ft) thick and consist of sandstones, shales, and coal. A well‐developed paleosol is preserved at the boundary between the formations. Uranium is mainly associated with redox boundaries and organic material in both formations and particularly within the paleosol. The Cretaceous – Eocene sedimentary package is overlain by Oligocend Datil‐Mogollon volcanics comprised of rhyolite, andesite, and volcanoclastic rocks.
Geologic History
Late Cretaceous: deposition of the Crevasse Canyon Formation, primarily sandstones and shales. Folding and faulting during the Laramide Orogeny (Late Cretaceous).
Paleocene: development of a paleosol at the top of the Crevasse Canyon Formation and deposition of uranium at redox boundaries. The uranium was likely leached from shales and Late Cretaceous intrusions.
Eocene: flushing of uranium‐rich waters from the Mogollon uplift into the Baca Basin. Deposition of the Baca Formation and burial of the paleosol and Late Cretaceous uranium deposits. Deposition of the Mogollon‐ Datil volcanic rocks, uplift and deposition of roll‐type deposits in the Baca Formation.
Existing Uranium Occurrence and Prospectivity
Uranium occurs in three different stratigraphic horizons on the Project: The Crevasse Canyon Formation, the Baca Formation, and the paleosol developed on and within the Crevasse Canyon Formation. The location of uranium occurrences were determined from radiometric anomalies defined with hand‐held gamma‐ray scintillometer (measured in counts per second, cps). Background gamma radiation of the Crevasse Canyon and Baca Formations typically range 30 – 50 cps (unweathered shales of the Crevasse Canyon Formation produced 60‐90 cps). The Oligocene volcanic rocks are also show elevated background gamma radiation. Intermediate volcanic breccias average 20 – 40 cps and rhyolitic tuffs can exhibit 60 – 100 cps. The primary exploration target (and where recent drilling has occurred) is the southerly dipping subsurface projections of the paleosol developed between the Crevasse Canyon and Baca Formations.
Acquisition Terms
Pursuant to the Purchase Agreement, and in consideration for the Acquisition, the Company has issued 6,000,100 common shares and to the existing shareholders of 1344726. The Company did not assume any material liabilities or obligations in connection with the Acquisition. The Company is at arm's length from 1344726 and its shareholders. The Acquisition neither constitutes a fundamental change nor a change of business for the Company, nor has it resulted in a change of control of the company within the meaning applicable securities laws and the policies of the Canadian Securities Exchange. In connection with completion of the Acquisition, the Company has issued 500,000 common shares to an arms-length thirdparty who assisted by introducing the Acquisition to the Company as well as 120,002 common shares to a third-party in consideration for administrative services necessary to complete the Acquisition.
Qualified Person Confirmation
The technical information in this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., an independent geological consultant to the Company, and a Qualified Person as defined in National Instrument 43-101.
ABOUT AMERICAN FUTURE FUEL
American Future Fuel Corporation is a Canadian-based resource company focused on the strategic acquisition, exploration and development of alternative energy projects. The Company holds a 100% interest in the Ceboletta Uranium Project, located in Cibola County, New Mexico, USA, and situated within the Grants Mineral Belt, a prolific mineral belt responsible for approximately 37% of all Uranium produced in the United States of America. American Future Fuel’s Ceboletta Uranium project is an advanced exploration project.
On behalf of the Board of Directors, AMERICAN FUTURE FUEL CORPORATION Luke Montaine, Chief Executive Officer