Wealth Transitions from Acquisitions to Development
Commences Drilling at Laguna Verde
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Completes Atacama and Trinity Geophysical Surveys
VANCOUVER, British Columbia, Dec. 08, 2017 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), reports that it commenced drilling at the Laguna Verde lithium project, in Region III (Atacama), northern Chile (the “Laguna Verde Project”). Drilling at Laguna Verde is part of a more extensive evaluation program which is ongoing at Laguna Verde, Atacama and Trinity projects.
“At the beginning of this year, Wealth was named Number 3 in the 2017 TSX Venture 50®, a ranking of the top ten performers on the TSX Venture. This was a great honour for the Company and helped to set the tone for a successful year in which acquisitions at the Five Salars and Seven Salars projects solidified our position as the largest single holder of lithium brine properties in Chile,” stated Henk van Alphen, Wealth’s CEO.
Mr. van Alphen continued, “During the latter part of 2017, Wealth’s focus has shifted from acquisitions to development with work programs under way at the Atacama, Trinity and Laguna Verde projects. At Laguna Verde, we announced receipt of positive geophysical data in Q3 and the resulting drill targets are currently being drill tested with results expected in Q1 2018. At the Atacama and Trinity projects, extensive geophysical surveys have been completed and the Company is expecting to receive results imminently.”
Laguna Verde Drilling
The Company previously completed Transient Electromagnetic (“TEM”) and Gravity surveys at Laguna Verde, the results of which were positive, prompting the Company to acquire an additional 6,300 hectares of property at Laguna Verde for a total of 8,700 hectares. The geophysical data defined shallow drill targets where potentially lithium-bearing brines are interpreted to exist at 200-300m from surface (Figure 1). More recently, the Company received positive results from a Tenova Advanced Technologies (“Tenova”) processing study, which succeeded in producing a Li₂SO₄ solution with purity greater than 99.9% (previous news release NR17-20 dated November 16, 2017)
The Company has initiated drilling at Laguna Verde to begin drill testing geophysical anomalies (Figure 2). Initial drill holes are each planned to reach approximately 300m depth. The primary objective of the program is to collect groundwater / brine samples at 50m intervals, which will be analyzed to determine lithium content.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/09d367c7-cbe4-49db-b4cb-13cee438d34d
http://www.globenewswire.com/NewsRoom/AttachmentNg/1e82a6ab-5ab7-4728-95f4-c6fbbed3e40f
Atacama and Trinity Geophysical Surveys
Geophysical surveys have been ongoing at the Atacama and Trinity projects since October 2017. The objective of the surveys is to delineate drill targets as was done at Laguna Verde earlier in the year. It is anticipated that results will be available before year-end and that drill testing will be completed in Q1 2018.
Qualified Person
Mr. Keith Henderson, PGeo, is a qualified person as defined by National Instrument 43-101. Mr. Henderson and 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 Chile. To date, the Company has acquired interests at the Trinity project, Laguna Verde, the Five Salars project, and the Seven Salars project, as well as the prolific Atacama Salar, where the Company has acquired land alongside existing lithium producers.
Almost 40% of global lithium production is sourced from the Salar de Atacama. Atacama’s brines contain high grade lithium (1,840mg/l) and potassium (22,630mg/l). Production in the salar is from property held by CORFO (the Chilean Economic Development Agency) which it to both Sociedad Quimica y Minera (SQM) and Albermarle's Rockwood Lithium Corp.. Together these two companies have combined production of over 62,000 tonnes of Lithium Carbonate Equivalent (LCE) annually making up 100% of Chile's current lithium output.
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 anticipated content, commencement, timing and cost of exploration programs in respect of the Laguna Verde Project and otherwise, anticipated results from the exploration activities, the discovery and delineation of mineral deposits/resources/reserves on the Laguna Verde Project, the anticipated business plans and timing of future activities of the Company, the successful negotiation and execution of a definitive option agreement for the Concessions and the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, 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. 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 during the Company's due diligence on the Concessions and the Laguna Verde Project, 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 and precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, 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 or authorizations required, including TSX-V 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 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.