American Future Fuel Acquires Prospective Red Basin Uranium Project

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VANCOUVER, British Columbia, Sept. 27, 2022 (GLOBE NEWSWIRE) — American Future Fuel Corporation (CSE: AMPSFrankfurt: K14WKN: A3DQFB, OTCQB: AFFCF) (the “company”, or “Fuel of the American future”) is pleased to announce that it has acquired (the “Acquisition”) the Conca Roja Uranium Project (the “project” or “Red Basin”) located in the Red Basin – Pie Town mining district of Catron and McKinley counties in 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 BC Ltd. (“1344726“), a private company that controls the Project.

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Location and geological 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 consists of 400 claims containing a land mass of 7,320 acres.

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The project is based on the south-dipping Eocene Baca Formation and the Cretaceous Crevasse Formation. The Baca Formation is approximately 550–580 m (1,800–1,900 ft) thick and consists of sandstones, mudstones, and conglomerates. The Crevasse Canyon Formation is 335–520 m (1,100–1,700 ft) thick and consists 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 Oligocene Datil-Mogollon volcanics consisting of rhyolite, andesite and volcaniclastic rocks.

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Geological History
Upper Cretaceous: deposition of the Crevasse Canyon Formation, mainly sandstones and shales. Folding and faulting during the Laramide Orogeny (Upper Cretaceous).

Paleocene: development of a paleosol at the top of the Crevasse Canyon Formation and uranium deposition at redox boundaries. The uranium was probably leached from Upper Cretaceous shales and intrusions.

Eocene: discharge of uranium-rich waters from the Mogolló elevation into the Baca basin. Deposition of the Baca Formation and burial of the Paleosol and Upper Cretaceous uranium deposits. Deposition of the Mogollon-Datil volcanic rocks, uplift and deposition of roll-type deposits in the Baca Formation.

Occurrence and prospectivity of existing uranium
Uranium occurs in three distinct stratigraphic horizons at the project: the Crevasse Canyon Formation, the Baca Formation, and the paleosol developed in the Crevasse Canyon Formation. The location of uranium occurrences was determined from radiometric anomalies defined with a handheld gamma-ray scintillometer (measured in counts per second, cps). Background gamma radiation from the Crevasse Canyon and Baca Formations typically ranges from 30 to 50 cps (unweathered shales of the Crevasse Canyon Formation yielded 60-90 cps). Oligocene volcanic rocks also show high background gamma radiation. Intermediate volcanic breccias average 20 to 40 cps and rhyolitic tuffs can present between 60 and 100 cps.

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The primary exploration target (and where recent drilling has occurred) is the south-dipping subsurface projections of the paleosol developed between the Crevasse Canyon and Baca formations.

Conditions of acquisition
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 in a situation of freedom with 1344726 and its shareholders. The Acquisition does not constitute a fundamental change or change of business for the Company, nor has it resulted in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Stock Exchange . In connection with the completion of the Acquisition, the Company has issued 500,000 common shares to an independent third party that helped bring the Acquisition to the Company, as well as 120,002 common shares to a third party in consideration for the administrative services necessary to complete the ‘acquisition.

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Confirmation of qualified person
The technical information in this press 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 has a 100% interest in the Ceboletta uranium project, located in Cibola County, New Mexico, USA, and located 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.

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On behalf of the Board of Directors,
AMERICAN FUTURE FUEL CORPORATION

Luke Montaine, CEO

For more information, please contact:

Luke Montaine at info@thefuturfuel.com

This press release contains certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while believed to be reasonable, are subject to risks, uncertainties and other known and unknown factors that could cause actual results and future events to differ materially from those expressed or implicit for these forward-looking statements. These 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 these statements are accurate, as actual results and future events could differ materially from those anticipated in these 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 statement, whether as a result of new information, future events or otherwise, except as required by law.