Wealth Announces Trinity Project Drill Program
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), provides a Trinity Project (the “Project”) update. The Company is finalizing a drill contract and expects to begin drilling before the end of May 2018. Drilling will consist of three drill holes to test priority drill targets identified during Transient Electromagnetic (“TEM”) surveys.
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“Wealth holds the largest portfolio of lithium brine projects in Chile and our recently announced partnership with ENAMI has paved the way for development of those projects. With this critical partnership, the Company has shifted priorities from accumulation of projects to systematic technical evaluation to determine which projects will be prioritized moving forward, especially now with the ENAMI alliance that allows both Companies to move the projects forward quickly. Henk van Alphen, Wealth Minerals’ CEO, stated: “The worldwide demand for inexpensive and accessible lithium is on the verge of a dramatic spike with the continued implementation of new transportation and communication technologies and an ever-increasing demand for energy-storage solutions. Wealth’s project portfolio is poised to become an increasingly important factor in the global lithium industry, and we have a visionary strategy for bringing this essential commodity to market.”
“Drill testing of targets at Trinity is an important step in a process that will see several projects evaluated by the end of H1 2018.” Mr. van Alphen continued, “The Company is planning an initial program of three holes to test highly conductive zones interpreted to represent potential near-surface lithium brines.”
Drilling Program
The Company completed TEM surveys (see previous news release, January 28, 2018) on the Trinity Project. TEM surveys 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 drill targets southwest of the surface brine area. These targets represent the highest priority for exploration as they have the highest tenor conductivity (lower resistivity) suggesting greater saturation and/or higher salinity (Figure 1, 2 and 3).
The drilling program is scheduled to drill three holes using a sonic drill rig to a depth of 400m each, collecting brine samples at 50m intervals. Management expects the drill rig to be at site by the end of May and to have completed the drill program by June.
Photos accompanying this announcement are available at http://resource.globenewswire.com/Resource/Download/62bab2ee-b134-477c-9d6f-5f7e9bc24b67
http://resource.globenewswire.com/Resource/Download/10f18e52-89ed-4d44-8599-1b5005e13762
Community Outreach
While the immediate area adjacent to the Trinity Project is devoid of a permanent population, Wealth has engaged with the greater area population to ensure that all stakeholders in the Trinity Project development area are informed as to the Company’s activities and to ensure that the Company has a social license to operate.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/fc509ddf-5317-4446-8782-aab613a5b766
About Qusiquiro Property
The Quisquiro property, part of the Company’s Trinity Project, has been designated by the Chilean Government as one of the top 15 potential lithium producers in the country, and an additional independent analysis has given the property the highest possible ‘Tier One’ designation, strongly suggesting expected lithium-brine concentrations found to range from 423 mg/l to 1,080 mg/l Quisquiro Salar is held by SQM and Wealth Minerals only.
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 focussed on the acquisition and development of lithium projects in Chile, South America. To date, the Company has positioned itself to develop the Laguna Verde and Trinity projects as well as to work alongside existing producers in the prolific Atacama where we are developing our 46,000 hectares land right. The Company aims to bring a reliable source of ethically produced lithium to market in close cooperation with government agencies and local stakeholders. 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: Henk van Alphen or 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 the Work Program and otherwise, anticipated exploration program results from the Work Program, the discovery and delineation of mineral deposits/resources/reserves on the Project, the anticipated business plans and timing of future activities of the Company 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 Project, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including the Work Program, 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.