The Seven Salars Project is one of the most important large-scale lithium brine projects in Chile. The Property includes the Salar de La Isla, believed by many to be Chile’s second largest lithium deposit.
The property is a total area of 39,400 hectares located over Seven Salars in Region II, northern Chile. The Seven Salars are Isla, Agua Amerga, Parinas, Grande, Aguilar, Piedra Parada and Maricunga.
Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN) announces that it has executed a binding letter agreement (the “Letter Agreement”), whereby Wealth or a Chilean subsidiary of Wealth has been granted the option and right to acquire 49% of the issued and outstanding shares of San Antonio Sociedad Contractual Minera (“San Antonio”) and a 24.5% beneficial interest in certain exploration and exploitation mining concessions that comprise the Salares 7 Lithium project (the “Property” or the “Seven Salars Project”). The Property is a lithium brine asset portfolio currently owned 50% by Talison Lithium Ltd. (“Talison”) and 50% by San Antonio and has a total area of 39,400 hectares located over seven salars in Region II, northern Chile.
“The Seven Salars Project is one of the most important large-scale lithium brine projects in Chile. The Property includes the Salar de La Isla, believed by many to be Chile’s second largest lithium deposit and where 68 shallow drill hole samples returned an average lithium grade of 863 mg/l,” stated Hendrik Van Alphen, CEO, Wealth Minerals, Canada.
Talison acquired its 50% interest in the Seven Salars Project in 2010 and completed drill testing in 2011, but since then the project has not moved forward.
Marcelo Awad, Executive Director, Wealth Chile, “Wealth will bring a new dynamic to the ownership structure and the Company will be working diligently with the owners, allowing the project to realize its real potential. As a Chilean mining executive, I am pleased to help Chile become the dominant global lithium producer in the new green economy and I believe Seven Salars is one of the most geologically advanced new lithium projects in the country”.
Overview of the Seven Salars Project
Several work programs have been completed on the Property (Figure 2). A regional geochemistry study of salars in Regions I, II and III of northern Chile was undertaken by a combination of government and non-government agencies between 1995 and 1999. The work covered, but was not limited to, the Seven Salars Project. Surface water sampling of springs and lagoons was completed and the results demonstrated widespread occurrences of anomalous lithium and potassium in surface lagoons and ponds, including a maximum value of 1,080 mg/l Li at Salar de La Isla. Anomalous values were also recorded from a number of springs feeding these salars, although results were generally below 50 mg/l.