Wealth Minerals Provides Corporate Update
VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE: WMLCL) (Frankfurt: EJZN), provides a corporate update.
|
|||||
Operational Activity
Wealth is wrapping up its drilling program at the Laguna Verde project (see press release of December 21, 2017), part of a comprehensive brine evaluation program which included a transient electromagnetic survey and a gravity survey. Most recently, bench scale test work demonstrated that Tenova Advanced Technologies’ process technology could be successfully applied to the Laguna Verde surface brines.
The current drill program (Picture 1) is targeting brines at 220m below surface where groundwater samples will be collected and at 50m intervals and analyzed to determine lithium content.
A photo accompanying this announcement is available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/776f26b5-0e9b-421d-af54-b5ebff0f792d
Trinity and Atacama Projects
On completion at Laguna Verde, the drill crew will mobilize to the Trinity project and then the Atacama project to complete drill-testing of highest priority drill targets. At both projects, recent geophysical surveys have defined large, near-surface brine targets.
Corporate Activity
Wealth is continually reviewing and completing due diligence on projects within the Company’s extensive portfolio. A key part of Wealth’s business development plan is building a corporate platform, acquiring assets and then allocating resources based on prioritization of projects. Wealth’s top ranked project is Atacama, closely followed by Trinity and Laguna Verde, all three of which are being drill-tested within the current exploration program.
With a view to allocating both management time and financial resources, Wealth has relinquished all interest in the Seven Salars and Pujsa option agreements. At Seven Salars, the option agreement and subsequent negotiations for partnership plans did not give the Company enough control over the development process. As a result, management decided that financial resources were better spent at priority projects like Atacama. At Pujsa, the Company determined that insufficient operational synergies existed between Pujsa and its neighbouring Trinity Project salars (Quisquiro and Aguas Calientes Norte). In its place, Wealth has acquired an additional 2,400 hectares between the Quisquiro and Aguas Calientes Norte salars (see press release January 24, 2018) on the back of Transient Electromagnetic surveys which identified highly conductive zones, indicative of potential brine areas.
Management also notes that in the process of ranking projects, the Company increased its land package at Laguna Verde by 6,300 hectares based on positive Transient Electromagnetic surveys that identified highly conductive zones (see press release June 7, 2017).
In December 2017 Chile elected a new President, Mr. Sebastián Piñera, who is well known for his pro-business approach to governance. Mr. Piñera will assume office March 11, 2018 and he has advanced Mr. Baldo Prokurica as his choice for Minister of Mines. Mr. Prokurica has consistently argued for a more liberal mining regulatory framework to attract foreign and domestic investment to Chile’s natural resource sector. Wealth’s management is preparing to meet with the new Minister of Mines to discuss the Chilean lithium industry and plans for reform.
Wealth Minerals will have a booth at the Prospectors & Developers Association of Canada (PDAC) conference from March 4th to 7th, 2018. The Company’s booth number is #3141 and the entire management team will be there and welcomes visitors to the booth to learn more and discuss Wealth.
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 Aguas Calientes Norte and Quisquiro Salars in Chile (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, anticipated exploration program results from exploration activities, 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, the closing and amount of the Placement, 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, 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 the Placement, 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-V, required for the Placement, 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.