Wealth Receives Positive Geophysical Results for the Vapor Lithium Brine Project, Northern Chile and Provides Corporate Update
VANCOUVER, Feb. 28, 2019 - Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), reports that it has received positive results from geophysical surveys conducted on and around certain concessions in the Company’s Vapor project (the “Vapor Project”), located in the Ollague Salar, and has identified high-priority drill targets for 2019 (see press release dated February 11, 2019).
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“The extremely low resistivity signals at the Vapor Project represents an area of approximately 5,200 hectares. With this low signal extending down to at least 500 meters below surface, it appears that Vapor is a project with high potential; an opinion strongly supported by drill results from other explorers in the salar” stated Henk van Alphen, Wealth’s CEO.
Geophysical Survey Results
The Transient Electromagnetic (“TEM”) surveys (Figure 1) identified highly conductive zones, which are interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth. Multiple anomalies are identified within the survey area with several potential drill targets. On the basis of TEM data, Line 4 (Figure 2) represents the highest priority target with the highest tenor conductivity (lowest resistivity) suggesting potentially greater saturation and/or potentially higher salinity.
The survey was completed by Southernrock Geophysics S.A. and consisted of a total of 90 stations of 250m coincident loop TEM sites located along 4 lines (Figure 1). Data was processed according to standard methodologies and 1D inversion modelling was used to generate compiled sections and 3D visualizations. 1D inversion modelling has provided reasonably robust images of the subsurface resistivity characteristics to around 500m depth from surface. A median resistivity of 2.2 Ωm throughout the modelled interval along all lines illustrates the very conductive subsurface environment, often with a significant intervals of less than 1 Ωm.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/a1ad5c92-a61b-4c83-a6e4-bb028fec93e0
http://www.globenewswire.com/NewsRoom/AttachmentNg/35c863e9-c382-4572-a38f-8705e98b0425
Project Background
The Vapor Project consists of 5,200 hectares located in northern Chile, Region II, near the Chile-Bolivia border. Recent drilling activity by a peer company in the area returned lithium grades up to 480 Li mg/l and surface sampling has returned lithium grades as high as 1,140 Li mg/l. Readers are cautioned that the properties held by a peer company are adjacent properties and that Wealth has no interest in or right to acquire any interest in any part of these properties, and that mineral deposits on adjacent or similar properties are not in any way indicative of mineral deposits on Wealth’s mineral properties or position in the Ollague salar.
Atacama Payment
As announced on February 11, 2019, Wealth renegotiated the payment schedule for the Atacama project as originally announced on November 23, 2016. The payment of USD 500,000 and the issue of 5,000,000 common shares has been completed. The next payment of USD 2,000,000 is due March 31, 2019.
PDAC Conference
Wealth is participating in the PDAC 2019 conference to be held in Toronto, Ontario from March 3-6, 2019 at The Metro Toronto Convention Centre. Wealth Minerals will be in booth 3141 at the Investors Exchange. Team members will be available to answer questions. Interested parties that wish to schedule a meeting, or who would like more information regarding the conferences and events noted above, please contact Michael Pound at (604) 638 3665, or email mpound@wealthminerals.com. Corporate presentation and fact sheet information materials are available on the Company’s website at www.wealthminerals.com.
Qualified Person
Keith J. Henderson, P.Geo, a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for the technical disclosure in this news release. Mr. Henderson is not independent of the Company as he is a shareholder, a consultant to the Company and holds incentive stock options 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 and development of lithium projects in South America. To date, the Company has positioned itself to develop the Quisquiro Salar in Chile (the Trinity project), as well as to work alongside existing producers in the prolific Atacama Salar, where the Company has a substantial licenses package. The Company has also positioned itself to play a role in asset consolidation in Chile with various lithium properties throughout the country.
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, anticipated exploration program results from exploration activities on the Vapor Project and the Company’s project generally, the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves 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 approvals in connection with the future 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 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, operating and technical difficulties in connection with mineral exploration and development activities, 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, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, the fact that the Company’s interests in its mineral properties (including the Vapor Project and the Atacama project) are options only and there is no guarantee that the Company’s interests in same, if earned, will be certain, 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, including acceptance by the TSX Venture Exchange required for the acquisition of additional mineral properties, 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 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.
