FOR IMMEDIATE RELEASE…Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN) announces that new data that has been released regarding an ongoing Environmental Impact Assessment report (“EIA”) published in 2022 by Sociedad Química y Minera de Chile S.A. (“SQM”) regarding potential brine extraction at the Atacama Salar (see news release dated December 21, 2022)1,2.
Wealth’s CEO, Hendrik van Alphen, commented: “New data revealed by SQM is very positive for Wealth. Just 400 metres from our license package’s southern border, SQM drilled a well that produced results with broad implications for Wealth: 1,238mg/l lithium content brine starting at 87m depth for 72 metres. This lithium-bearing interval matches our geological model for the Atacama Project.”
EIA Report and Wealth’s Atacama Studies – Background
SQM’s EIA report covered an area labelled “North Zone,” which overlaps with a significant portion of Wealth’s license package in the Atacama Salar (the “Project”; Figure 1)1,2 (see news releases dated December 14, 2017 and September 17, 2018). New data has been published by SQM as a result of a government review of the initial EIA filing3.
Analysis and Wealth Conclusions
SQM drilled a hole (marked as a red star) to a depth of 161 metres (Hole labeled PN -001P; red star). In the EIA, brine chemistry data is provided from 87 to 159 metres depth and has an average lithium grade of 0.104% (equivalent to 1,238 mg/litre based on the average brine density of 1.184 g/cc). This 72-metre interval of lithium-bearing brine is consistent with Wealth’s geological model for the Atacama Salar Project, as described in press release December 21, 2022, which is based upon a combination of previous geophysical studies, geological mapping, and publicly available data including the EIA1,2,3. True thickness is not described in the EIA, nor are results from the entire 161 meters of hole PN -001P.
Figure 1: Map of Wealth Atacama License Package and SQM study area North Zone
Source: Wealth data, SQM, Google Maps. Note that information and data including deposits and infrastructure that lie outside of Wealth’s exploration licences are provided for geological context and are not necessarily an indication that similar mineralization is present on Wealth’s land position.
SQM’s brine distribution model for the North Zone is shown in Figure 21,2. According to the SQM model, higher density, lithium prospective brines (greater than 1.2g/ml NaCl equivalent) displace fresh water, transitional and undersaturated brines and occupy lower positions in the Atacama basin where they are concentrated. The northern portion of the Salar is 50 meters higher in elevation than the south where fresh water migrates into the Salar toward the lowest elevation where they form a wedge above more saline waters (Figures 1 and 2). Wealth’s geophysical surveys (conducted in 2017 and 2018) suggest there is potential for a substantial brine resource at depth (Figure 2). The SQM EIA report represents independent support for this interpretation1,2,3. Geophysical resistivity cross-sections taken from SQMs Environmental Impact Assessment (L206)1,2,3 and Wealth Minerals data (Line K; see press releases of December 14, 2017 and September 17, 2018) contain resistivity measurements to a depth of 400m below surface and suggest that the lithium endowed resistive feature on the SQM land position dips under the Wealth Minerals land position (see press release December 21, 2022). The approximate location and depth of Hole PN-001P is provided on Figure 2 (black drill hole trace with the lithium brine interval shown by the red bracket).
Figure 2: SQM study of freshwater to brine thresholds, location of Hole PN-001P along data long section of geophysical lines SQM L206 and Wealth Line K
Source: Wealth data, SQM 1,2,3
References
1 “EIA: Plan de reducción de extracciones en el Salar de Atacama” (EIA: Extraction reduction plan in the Salar de Atacama). Status: In evaluation. Published: 31 January 2022 Source: https://seia.sea.gob.cl/expediente/ficha/fichaPrincipal.php?modo=ficha&id_expediente=2154490 427
2 ESTUDIO DE IMPACTO AMBIENTAL PROYECTO PLAN DE REDUCCIÓN DE EXTRACCIONES EN EL SALAR DE ATACAMA. ANEXO 5-1: MODELO HIDROGEOLÓGICO CONCEPTUAL DEL SALAR DE ATACAMA: https://seia.sea.gob.cl/elementosFisicos/enviados.php?id_documento=2154490432
3 SQM February 2023: Adenda 1: Apéndice O (Anexo 7-7): Actualización Modelo Hidrogeológico Zona Norte
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, PGeo, Advisor to The Company. Mr. MacNeil is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
PDAC Convention
Wealth Minerals is pleased to be participating in the PDAC 2023 Conference being held in Toronto, Ontario from March 5-8, 2023 at The Metro Toronto Convention Centre in booth 3141 at the Investors Exchange. Team members will be available to answer questions. Interested parties that wish to schedule a meeting, or who would like more information regarding the conference and events, please contact Michael Pound at (604) 331-0096 or email mpound@wealthminerals.com. Corporate presentation and fact sheet information materials are available on the Company’s website at www.wealthminerals.com.
Stock Option Grant
The Company also reports that, pursuant to the Company’s 2004 Incentive Stock Option Plan, the Company has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase up to 8,700,000 common shares in the capital stock of the Company. The options are exercisable on or before February 23, 2025 at a price of $0.38 per share.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada and Chile. The Company’s 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 Hendrik 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.