Uranium Mining Returns to Cibola

SEBOYETA, N.M. – Uranium mining was once the largest economic strength for the Greater Grants area, which at the time was part of Valencia County, New Mexico. Shortly after the collapse of uranium in the United States, Cibola County was formed and Grants became the county seat. Now, 41 years after the end of uranium mining in the Greater Grants area, a Canadian Company is seeking to bring uranium mining back to Cibola County.

On Friday, July 29, a company called American Fuel Corporation announced to its shareholders a plan to mine uranium in Cibola County.

What is American Fuel Corporation?

Listed as AFFCF on the Nasdaq Stock Exchange, American Fuel Corporation is based in Vancouver, British Columbia, Canada. The company is, as of press time, worth $0.24 per share. The company’s website is listed as “www.thefuturefuel.com” but the link has not worked at least since the Cibola Citizen learned of this announcement over the weekend.

The company is young, with financials ranging only dating as far back as August 2, 2021.

American Fuel Corporation’s Chief Executive Officer and Director is a Luke Montaine, the Chief Financial Officer is Geoffrey Balderson. Company leadership call American Fuel Corporation an “Other Industrial Metals and Mining” company.

Uranium Mining in Cibola?

In a short press release, American Fuel Corporation declared that it owns a 100 percent interest in the “Cebolleta Uranium Project.”

According to Yahoo Finance, a service which seeks to equip would-be investors with the necessary tools to make informed decisions about stock market trades, American Fuel Corporation holds a mineral lease just outside of Seboyeta, N.M. in Cibola County. This mineral lease is approximately 6,700 acres of mineral rights and 5,700 acres of surface rights.

American Fuel Corporation has been looking into this project for several months, focusing on the Seboyeta area because, “the Grants Mineral Belt [is] a prolific mineral belt responsible for approximately 37 [percent] of all Uranium produced in the United States of America. Future Fuel’s Cebolleta Uranium Project is an advanced exploration project with an historical resource estimate of approximately 19,000,000 pounds of uranium.”

The company is expecting to see significant amounts of uranium to be mined at the site, saying that they will “Focus on direct confirmation drilling to confirm the historical resource with the strategy to produce a compliant 43-101 resource.” 43-101 is a Canadian law which requires mining companies to disclose scientific and technical information about their mining operations.

In their press release, the company says that it intends to use “infill drilling” to maximize their yield of uranium. This style of mining works to more effectively increasing yield of materials by minimizing the space between mining wells in an area.

“Lengthy conference calls and discussions with EnCore Energy and knowledgeable geologists with years of experience on Cebolleta, give me confidence in our project,” CEO Montaine, said. “Years of data extending back to the 1950s is being compiled into one data room for ease of understanding. Our project has past production, in a wellknown uranium jurisdiction, and a historical resource calculation we are eager to make current. It has come to our attention that areas have still yet to be explored, which could imply more pounds in the ground if drilling proves successful.”

The press release ends with a caveat to all of the positive news, explaining that the press release is only a look to the future and not a promise of actual results. The caveat reads:

“This news release includes certain ‘forwardlooking statements’ under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims 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.”

Read the Complete Press Release

VANCOUVER, BRITISH COLUMBIA – American Future Fuel Corporation (CSE: AMPS; Frankfurt: K14, WKN: A3DQFB) (the “Company” or “American Future Fuel”) is pleased to report that over the past several months we have been putting plans in place to execute on our exploration program at Cebolleta. The Company anticipates conducting future drilling across the Project with a focus on direct confirmation drilling to confirm the historical resource with the strategy to produce a compliant 43-101 resource. Additional drilling is also contemplated within the historical drill pattern as infill drilling; with the intention to add confidence in the continuity of the Project’s mineralization.

“Lengthy conference calls and discussions with EnCore Energy and knowledgeable geologists with years of experience on Cebolleta, give me confidence in our project,” states Luke Montaine, CEO of the Company. “Years of data extending back to the 1950s is being compiled into one data room for ease of understanding. Our project has past production, in a well known uranium jurisdiction, and a historical resource calculation we are eager to make current. It has come to our attention that areas have still yet to be explored, which could imply more pounds in the ground if drilling proves successful.”

The Company looks forward to the coming drill season and will update shareholders on our progress.

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 Cebolleta 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. Future Fuel’s Cebolleta Uranium project is an advanced exploration project with an historical resource estimate of approximately 19,000,000 lbs of uranium.

On behalf of the Board of Directors,

AMERICAN FUTURE FUEL CORPORATION

Luke Montaine, Chief Executive Officer

This news release includes certain “forwardlooking statements” under applicable Canadian securities legislation. For ward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims 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.