Wealth Initiates New Geophysical Survey in Atacama Region
VANCOUVER, Sept. 17, 2018 - Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces that following up on positive Transient Electromagnetic (“TEM”) and Magnetic Telluric (“MT”) geophysical survey results (see news release December 14, 2017), at the Company’s Atacama Project (the “Project”), Wealth has completed a comprehensive re-interpretation of geophysical data and established a large 100km2 area of anomalous data, interpreted to represent high-salinity brines at depth.
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In addition, with a view to expanding the Company’s already extensive (46,000 hectares) footprint in the Atacama region, a geophysical survey (the “Geophysical Survey”) was recently initiated as part of due diligence on several additional properties in the area that Wealth has begun negotiations to acquire. Results from the Geophysical Survey are expected to be available in the coming weeks and will be used by the Company in determining whether to proceed with the acquisition of the additional properties.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/35305dbf-77a5-40ae-b4ab-1ed24fcfab9b
Geophysical results at the Project
Re-interpretation of MT geophysical data has generated a new resistivity cross section (Figure 1) across the southern portion of the Project (Figure 2). The cross section outlines a large area, measuring more than 10km in width, where data shows a zone of very low resistivity (less than 1 ohm-m) that ranges from 0.5km to 2km in thickness. This zone is interpreted to cover an area of at least 100km2 within the Project. The very low resistivity anomaly is interpreted to represent porous media with high salinity fluids and potentially lithium-bearing brines.
Drilling Update
The Company is continuing to work with all stakeholders towards the goal of commencing drilling at the Project as soon as possible. Drilling data and brine sampling results will help determine the potential volume of fluid and lithium content within the target aquifer.
“Our work with stakeholders in and around the Atacama Project is progressing well and we hope to be drilling soon,” stated Henk Van Alphen, Wealth’s CEO. “As well as testing shallow drill-targets in the west of the Project, we plan to drill this 2km thick brine target in the east.”
Mr. Van Alphen continued, “There are two important lithium producing areas in the world today. In the hard-rock lithium world it is called Greenbushes, located in western Australia. In the lithium brine world, it is the Atacama in northern Chile and Wealth has a large land position in the Atacama, which we hope will prove to have significant value once drill testing begins and results become available.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1bc30a76-6cf6-4091-89cd-fa982e47473f
Qualified Person
Mr. Keith Henderson, P.Geo., is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Henderson has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Mr. Henderson is not independent of the Company.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company’s main focus is the acquisition of lithium projects in South America. To date, the Company has positioned itself to develop the Trinity Project, as well as to work alongside existing producers in the prolific Atacama Salar, in addition to the Laguna Verde lithium project acquisition. The Company has also positioned itself to play a role in asset consolidation in Chile with the Five Salars Project.
The Company is transitioning from an asset acquisition phase to developing its current high potential portfolio. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
For further details on the Company readers are referred to the Company’s website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik Van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Marla Ritchie
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
E-mail: info@wealthminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the results and expected completion date of the Geophysical Survey, the acquisition of additional properties in the Atacama region, the commencement of drilling at the Project, the discovery and delineation of mineral deposits/resources/reserves on the Project and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained lithium demand and prices, the receipt of any necessary permits, licenses and regulatory and community approvals required for the exploration and development of the Company’s Chilean lithium projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects, and the Company’s ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, issues raised in respect of the Geophysical Survey, operating and technical difficulties in connection with mineral exploration and development activities at the Company’s projects, including continuing delays in the commencement of drilling at the Project, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of lithium and precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations required, including TSX Venture Exchange acceptance of any current or future property acquisitions or financings and other planned activities, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management’s Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
