American Future Fuel Corporation (OTCMKTS:AFFCF) Stock Takes a Hit After Recent Rally
New appointments to a company’s board of directors are almost always seen as a significant development, and on Monday, it was American Future Fuel Corporation (OTCMKTS:AFFCF) that made such an announcement. It would be a good time for investors to take a closer look into the announcement so as to make their minds up about the appointment and its possible effect on the company’s future.
The company announced yesterday that it had appointed a new member to its Board of Directors in the form of Michael Henrichsen. The appointment went into effect yesterday. Henrichsen holds considerable expertise in the form of a structural geologist and boasts a proud track record of boosting the reserves as well as the resources of the companies he may be involved in. In the news release yesterday, American Future Fuel Corporation described his appointment as a valuable addition to the leadership cohort at the company.
He held a number of positions with some of the biggest names in the mining industry, including Newmont Corporation, which currently boasts a market capitalization of C$43 billion. During his time at Newmont from 2008 to 2011, Henrichsen was involved with the company’s technical initiative in Ghana, West Africa. In that project, he managed a team of geoscientists and managed technical programs that helped in a range of discoveries in the Ahafo district.
During his leadership, the company had been successful in unearthing a considerable amount of gold. From 2011 to 2013, he had been the Global Structural Geologist at the Newmont. During that stint, he had gone on a major mission to discover iron ore of premium grade in Peru and Nevada.
In 2015, he joined Auryn Resources and continued as the technical lead at the company until 2020. In 2020, he joined Torq Resources as its Chief Geological Officer. In his role at the company until the present, Henrichsen has been credited with overseeing the company’s expansion of its high-quality exploration portfolio in Chile. The Chief Executive Officer of American Future Fuel, David Suda, stated that everyone at the company was delighted to welcome Henrichsen on to the board of directors of the company.
On September 22, American Future Fuel was in the news cycle after it announced radiometric assay results from the first completed confirmation drill hole located at the Cebolleta Uranium Project. The project is situated in the Grants Uranium Mineral Belt. The company announced at the time that the results were, in fact, highly encouraging.
Suda, the CEO, noted that the results from the first confirmation drill hole had surpassed the historical grade at the site. He went on to note that it was a highly encouraging sign since it would bring American Future Fuel closer to proving the historical resource to the tune of 18.98 pounds. In this context, Suda also revealed that the company was taking the Caboletta project forward at a time when Uranium was on the verge of having a bull run.
