American Energy Fields - Three Projects in Early Stage Uranium Exploration [08Jul11] - 0 views
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American Energy Fields, Inc. (OTCBB:AEFI), formerly Sienna Resources, Inc. is a uranium exploration and development company based in Arizona. Their focus is uranium deposits in the United States. The Company’s three main projects (in which they have sole interest) are the Coso and Blythe projects in California, and Artillery Peak project in Arizona. All three properties have been previously explored and developed, and are currently in early exploration stages. A 43-101 technical report for the Artillery Peak project is available for review on American Energy Field’s website. What we like about American Energy Fields, Inc: Over 9.2 million pounds U3O8 historic resources with 2.8 million pounds 43-101 verified More than $25 million in development work, by past operators, has been spent on AEFI’s current projects Committed to near term production of low cost U.S. Uranium
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The Artillery Peak property consists of 1,777 acres of federal land and is located 112 miles northeast of Phoenix, Arizona. American Energy Fields’ historic records indicate 1.7 million pounds of uranium was previously identified through exploration on Artillery Peak. There has been significant exploration work completed on the property, including over 400 holes drilled by Jacquays Mining, Homestake Mining, Hecla Mining, Getty Oil, Public Service Company of Oklahoma, and Santa Fe Mining between the 1950s-1970s. A 1979 report by Central and South West Fuels, Inc. found that the northern portion of the property contains a historical resource of 1.7 million pounds U3O8 with an average grade of 0.113%. In 2007/2008 new exploration was conducted which included 34 additional drill holes to verify historic drilling and further delineate mineralization. In 1979, the Department of Energy conducted an evaluation of the Date Creek Basin and the Artillery Mountains where they estimated that the area could contain as much as 1,260,000,000 pounds of U3O8. The Company will begin a preliminary exploration program to verify the historic data reported by Central and South West Fuels Inc.
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Coso – Inyo County – California The Coso project covers 169 federal mining claims and 800 state-owned acres and was previously developed by Western Nuclear, Pioneer Resources, Federal Resources, and Union Pacific Mining/Rocky Mountain Energy. An estimated U.S. $20,000,000.00 was spent on exploration and development of the project, including an engineered pit design, where exploration records indicate 5.5 million lbs. of uranium was identified with an average grade of 0.07 U3O8. American Energy Fields recently received its exploration permit for the 800 state-owned acres from the California Land Department and is currently developing an exploration plan to confirm the historic data with the goal of moving the project towards production. Blythe – Riverside County – California The Blythe project consists of 66 Federal mining claims in Riverside County, California covering 3 historic mines, the Safranek, the McCoy Wash, and the Little Ore Hill operated by Humbug Mining and Bokum Corporation. According to Bokum’s records during the years of 1963 to 1964, the Safranek Mine produced and shipped 1,400 tons of uranium ore averaging 0.80% U308 to the VCA mill in Salt Lake City, Utah for processing. These records also indicate the Safranek site currently contains 100 tons at 0.40% U3O8 and 4,000 tons at 0.30% U3O8 of stockpiled ore, while the McCoy Wash has 3,000 tons of stockpiled ore with a grade of 0.20% U3O8. Bokum Corporation drilled the property in the early 1970s and the results indicated approximately 153,000 lbs of U3O8 while outlining a further potential for an additional 2,000,000 lbs of U3O8. American Energy Fields aims to identify, expand, and develop the ore body with the goal of putting the past producing mines back into production. Management