Wealth Minerals Acquires Additional Ground in Ollague Salar
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2022) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") reports the Company has signed an agreement with Lithium Chile Inc. ("Lithium Chile") to acquire 1,600 hectares ("New Ollagüe Licenses") adjacent and near-adjacent to its existing license position in the Ollagüe basin (the "Transaction").
Pursuant to the terms of the agreement, the Company is obligated to Lithium Chile, upon the completion of due diligence, to issue 2,000,000 shares of Wealth Minerals. An additional payment of 1,000,000 shares is payable by the Company to Lithium Chile if within twelve months Wealth either establishes within the acquired licenses a resource with an average grade of 300 parts per million lithium content, or a test well on the acquired licenses that produces material which tests no less than 300 parts per million lithium content. If Wealth does not conduct work necessary to potentially determine a resource or does not have a test well to produce material for lithium testing within twelve months, then Wealth is obligated to pay 500,000 shares to Lithium Chile. If the work necessary to potentially determine a resource or run a test well is completed, but a resource or test well does not produce an average grade higher than 300 parts per million lithium, then no further share payments are due by Wealth to the Seller. The Transaction is subject to TSXV approval.
The New Ollagüe Licenses have historical drilling on them, the highlight results of which are below in Table 1:
Table 1
Table 1
To view an enhanced version of Table 1, please visit:
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The depths of lithium bearing material intersected from the drilling campaign of 2018 coincide very closely with the main low conductivity zone detected by a transient electromagnetic survey ("TEM") completed by Lithium Chile during March 2018 (see Lithium Chile news release of April 3, 2018) which supports Lithium Chile's interpretation that the lithium bearing-material in the salar is open at depth.
Wealth's CEO Hendrik van Alphen, commented: "We look forward working with our partners in the Ollagüe Community to make the Ollague project a success for all stakeholders. This transaction with Lithium Chile clearly shows our commitment to the area, as well as our conviction that it is a superb project for Wealth."
The Ollagüe Project
The Ollagüe Project, after the Transaction, consists of 8,000 hectares located in northern Chile, Region II, near the Chile-Bolivia border. Lithium Chile conducted a drilling campaign in 2018, which returned lithium grades up to 480 Li mg/l and earlier surface sampling work returned lithium grades as high as 1,140 Li mg/l. Readers are cautioned these results are not in any way indicative of mineral deposits on Wealth's mineral properties or position in the Ollagüe basin. Wealth previously conducted a coincident loop Transient Electromagnetic ("TEM") survey on the Ollagüe Project, which identified very highly conductive zones ("Zones") and are interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth. Testing these Zones with drilling is the focus of Wealth's anticipated drilling program for 2022 (see press release of March 28, 2022). The map below (Map 1) shows the license position of Wealth in the Ollagüe basin after the completion of the Transaction.
Map 1: Ollagüe Project Map
To view an enhanced version of Map 1, please visit:
https://orders.newsfilecorp.com/files/4437/122492_4f8af8b584a7db07_003full.jpg
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico and Chile. The Company's main focus is the acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation.
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. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.
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, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
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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 press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. 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, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, 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. 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, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, 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.
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