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Wealth Receives Positive Geophysical Results for the Atacama Lithium Brine Project, northern Chile(December 14, 2017)
VANCOUVER, British Columbia, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), reports that it has received positive results from geophysical surveys at the Atacama project (“Atacama” or the “Atacama Project”).
Magneto-Telluric (“MT”) and coincident loop Transient Electromagnetic (“TEM”) surveys identified very highly conductive zones, which are interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth (Figure 1). The results provide the Company with both near-surface and deeper drill targets, and initial drill testing of shallow targets is planned for Q1 2018.
A photo accompanying this announcement is available at
“Completion of this extensive geophysical survey is a major milestone for the Company and the positive result has provided us with drill targets for testing early next year,” stated Henk van Alphen, Wealth Minerals CEO. “Geophysical results point to shallow drill targets, less than 100 meters from surface, like operations located to the south. In addition, the geophysics defines deeper drill targets which extend over an area of 10km by 15km. These targets are interpreted to represent high salinity, lithium-bearing brines.”
Geophysical Survey Results
The survey was completed by Southernrock Geophysics and consisted of a total of 141 MT and coincident loop TEM sites located along 13 lines. Survey lines were carefully planned along historical seismic survey lines to minimize the environmental impact of the work. Data was processed according to standard methodologies with TEM data providing static corrections for the MT data. 1D inversion modelling results were used to generate plan maps (Figure 1) and 3D visualizations (Figure 2). The inversion model resistivity data may be used to interpret the general character of the geoelectrical structure to depths of over 2,000m below surface.
The geophysical data identified very high conductivity (very low resistivity) zones, which are interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth (Figures 1 and 2).
1D inversion model data is presented as depth slices in Figure 1, with inverted data shown at approximately 100m and 900m below surface. The most conductive domain is focused toward the southeast and extends northwest in a broad, approximately 10km-wide corridor, although the north-easterly extent of this feature is poorly constrained by the present survey coverage.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/10cc7d5f-c3a2-42b5-a1e6-c86bccd0f080
The <1?m contour is shown on Figure 1 for reference. Sub-surface resistivity in the Atacama Project area is very low with approximately 90% of modelled responses below 15?m and sub 2?m material accounting for around 50% of the surveyed subsurface. Extensive highly conductive (<1 ?m) zones are predominantly observed in the east and southeast of the survey area greater than 500m from surface, which is interpreted to represent a potential increase in salinity.
Geophysical results have defined shallow drill targets in the southwest at approximately 100m to 150m below surface. Deeper drill targets are located in the southeast at approximately 500m to 900m below surface in an area measuring approximately 10km wide by 15km long. Zones of high conductivity are interpreted to represent high salinity, potentially lithium-bearing brines.
A drill program will now be planned for Q1 2018 to drill test the conductive anomalies, beginning with the shallow anomalies in the southwest.
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 with interests in Canada, Mexico, Peru and Chile. The Company’s main focus is the acquisition of lithium projects in Chile. To date, the Company has acquired interests at the Trinity project, Laguna Verde, the Five Salars project, and the Seven Salars project, as well as the prolific Atacama, where the Company has acquired land alongside existing lithium producers.
About 35% of global lithium production is sourced from the Atacama. Atacama’s brines contain high grade lithium (1,840 mg/l) and potassium (22,630 mg/l). Production in the salar is from property held by CORFO (the Chilean Economic Development Agency) which it leases to both Sociedad Química y Minera (SQM) and Albermarle's Rockwood Lithium Corporation. Together these two companies have combined production of over 62,000 tonnes of Lithium Carbonate Equivalent (LCE) annually making up 100% of Chile's current lithium output.
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.
On Behalf of the Board of Directors of
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
E-mail: [email protected]
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 exercise of the Company’s option to acquire the Project, the anticipated content, commencement, timing and costs of the recommended exploration program on the Project and exploration program results from same, 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 on the Project, 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, 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, as applicable, 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.