REE Distribution at Rodeo Very Encouraging
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ), announces additional results from surface exploration at its Rodeo de los Molles (Rodeo) Rare Earth Element (REE) Project in San Luis Province, Argentina.
Results from an additional 11 sawn channels continue to expand and highlight the extensive nature of high-grade REE mineralization present on surface at Rodeo. Highlights at the southern La Juli zone include RM-38 that assayed 1.54% Total Rare Earth Oxide (TREO) over 8.5 metres and RM-40, located over 100 metres to the west, that returned 1.41% TREO over 5.6 metres. Similarly at Mina Norte zone, channel RM-44 (located over 150 metres west of the main workings) returned 0.91% TREO over 5.0 metres including 3.3 metres at 1.35% TREO.
Table 1: New Channel Sample Data
To view Figures 2-4, please visit the link: http://media3.marketwire.com/docs/wml_F2-4.pdf
Previous channel sample results can be viewed in NR11-05 (April 11, 2011) (http://www.wealthminerals.com/s/NewsReleases.asp?ReportID=451248&_Type=News-Releases&_Title=Initial-Sampling-Confirms-Presence-of-High-Grade-Rare-Earth-Element-Mineral) and a complete summary of channel sampling to date, along with updated maps and figures will be made available on the Company's website in the coming days. Channel sampling to date represents nearly 300 metres of cutting and 387 samples (including QA-QC). Channels are cut across the observed strike or apparent trends of mineralization and to the complete extent of the rock exposure.
Rare Earth Element Distribution
Based on the analysis of 120 representative samples of material collected from the stockpiles of quarried material at the main Mina Norte and La Juli zones, Figure 1 graphically highlights the distribution of individual rare earth elements within mineralization at the Rodeo deposit. The samples average 1.67% TREO.
To view Figure 1, please visit the link: http://media3.marketwire.com/docs/wml_F1.pdf
"Element distribution in this Light Rare Earth deposit is very attractive given its high neodymium (Nd) and praseodymium (Pr) content which appear from initial results to be around 24% of the total REE content. This concentration of key materials required in the high-growth magnet industry would give Wealth a potential advantage over other bastnasite deposits being brought to commercialization," stated expert Wealth Advisory Board member Alastair Neill. "In light of skyrocketing REE prices due to increased demand and shrinking supply, the extremely high percentage of Nd and Pr should be strong economic drivers for the Company as we continue to advance this exceptional REE project."
Looking Ahead
The Company is currently drilling Phase I of a two phase campaign which aims to expand the areas of known mineralization and to define a NI 43-101 compliant resource at Rodeo. Phase I will consist of approximately 2,000 metres of diamond drilling (20 to 30 holes) designed to test the geometry and continuity of REE mineralization in the known zones such that a larger, more-aggressive, multi-rig drill program can be initiated to systematically test the 1.5 kilometre by 500 metre core of the property in the most optimal fashion.
Wealth's field crews remain busy with compilation of data from recently completed stream sediment sampling, surface geophysics (magnetic and radiometrics) and structural and alteration interpretation from satellite imagery. These data will provide a solid framework for identification and prioritization of exploration targets across the Company's dominant 6,000 hectare land position at Rodeo. Evaluation of high-priority regional targets is expected to commence in the coming weeks.
In conjunction with the aggressive field campaigns underway, expert REE geologist and Wealth Advisory Board member Dr. Tony Mariano is nearing completion of his investigations which are expected to help fast-track recovery and processing testing of the predominantly coarse-grained bastnasite REE mineralization from Rodeo.
Rodeo de los Molles Rare Earth Deposit Overview
The Rodeo rare earth deposit is the largest undeveloped Rare Earth Element project in Argentina, with an historical resource of 5.6Mt at 2.1% total rare element oxide. The historical geologic resource estimate for Rodeo was prepared in 1992 (including metallurgical testwork) and is based on approximately 6,000 metres of RAB drilling. This historical resource estimate is considered relevant by the Company given the global concerns regarding secure future supplies of REEs and for the purposes of the Company's decision to acquire the property and to guide the Company in formulating an exploration program for the property. However, the Company cautions that the resource estimate was prepared before the introduction of NI 43-101, and is therefore historical in nature and the Company is not treating such resource as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resource, and therefore they should not be relied upon.
Historical exploration at the Rodeo deposit has only tested REE mineralization exposed on surface and to very shallow depths, typically less than 35 vertical metres. The mineralization discovered to date remains open for expansion in all directions.
The Rodeo property may be worked all year round and infrastructure is excellent – a paved road is within 2 kilometres of the deposit and power and water are within 8 kilometres.
Qualified Person & QA/QC Controls
R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Heffernan is not independent of Wealth by virtue of being an officer and shareholder and a holder of incentive stock options.
Wealth's activities to date at Rodeo have been supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President Exploration, and Diego Charchaflie, P.Geo, Principal of LPF Consulting SRL, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to the Activation Laboratorios Ltda. laboratory facilities in Coquimbo, Chile for preparation and then forwarded to Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario for geochemical analysis by '8-REE Assay Package by Fusion ICP & ICP/MS'. Actlabs' Quality System is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Commission (ISO/IEC) 17025. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards.
About Wealth Minerals Ltd.
Wealth is an early stage mineral exploration company with approximately 50.73 million shares issued and listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges. The Company's focus is on the acquisition and exploration of prospective rare-earth element and uranium properties, primarily in Argentina. In addition to ongoing work programs on existing properties, it continues to actively evaluate new potential rare earth and uranium projects in these and other countries.
For further details on the Company readers are referred to the Company's web site (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, President & CEO
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, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for representative samples of material collected from the stockpiles of quarried material at the main Mina Norte and La Juli zones to represent the distribution of REE's in the Rodeo deposit as a whole, the potential to identify a 43-101 compliant resource at Rodeo, the potential for the expansion of the known mineralized zones at Rodeo, the potential for Rodeo to have high levels of Nd and Pr and for these to be strong economic drivers for the Company, business and financing plans and business trends, 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, variations in the nature, quality and quantity of any mineral deposits that may be located, dilution, the volatility of the Company's common share price and volume; variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability 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 Management Discussion and Analysis filed with certain securities commissions in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. 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.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2011) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ), announces additional results from surface exploration at its Rodeo de los Molles (Rodeo) Rare Earth Element (REE) Project in San Luis Province, Argentina.
Results from an additional 11 sawn channels continue to expand and highlight the extensive nature of high-grade REE mineralization present on surface at Rodeo. Highlights at the southern La Juli zone include RM-38 that assayed 1.54% Total Rare Earth Oxide (TREO) over 8.5 metres and RM-40, located over 100 metres to the west, that returned 1.41% TREO over 5.6 metres. Similarly at Mina Norte zone, channel RM-44 (located over 150 metres west of the main workings) returned 0.91% TREO over 5.0 metres including 3.3 metres at 1.35% TREO.
Table 1: New Channel Sample Data
To view Figures 2-4, please visit the link: http://media3.marketwire.com/docs/wml_F2-4.pdf
Previous channel sample results can be viewed in NR11-05 (April 11, 2011) (http://www.wealthminerals.com/s/NewsReleases.asp?ReportID=451248&_Type=News-Releases&_Title=Initial-Sampling-Confirms-Presence-of-High-Grade-Rare-Earth-Element-Mineral) and a complete summary of channel sampling to date, along with updated maps and figures will be made available on the Company's website in the coming days. Channel sampling to date represents nearly 300 metres of cutting and 387 samples (including QA-QC). Channels are cut across the observed strike or apparent trends of mineralization and to the complete extent of the rock exposure.
Rare Earth Element Distribution
Based on the analysis of 120 representative samples of material collected from the stockpiles of quarried material at the main Mina Norte and La Juli zones, Figure 1 graphically highlights the distribution of individual rare earth elements within mineralization at the Rodeo deposit. The samples average 1.67% TREO.
To view Figure 1, please visit the link: http://media3.marketwire.com/docs/wml_F1.pdf
"Element distribution in this Light Rare Earth deposit is very attractive given its high neodymium (Nd) and praseodymium (Pr) content which appear from initial results to be around 24% of the total REE content. This concentration of key materials required in the high-growth magnet industry would give Wealth a potential advantage over other bastnasite deposits being brought to commercialization," stated expert Wealth Advisory Board member Alastair Neill. "In light of skyrocketing REE prices due to increased demand and shrinking supply, the extremely high percentage of Nd and Pr should be strong economic drivers for the Company as we continue to advance this exceptional REE project."
Looking Ahead
The Company is currently drilling Phase I of a two phase campaign which aims to expand the areas of known mineralization and to define a NI 43-101 compliant resource at Rodeo. Phase I will consist of approximately 2,000 metres of diamond drilling (20 to 30 holes) designed to test the geometry and continuity of REE mineralization in the known zones such that a larger, more-aggressive, multi-rig drill program can be initiated to systematically test the 1.5 kilometre by 500 metre core of the property in the most optimal fashion.
Wealth's field crews remain busy with compilation of data from recently completed stream sediment sampling, surface geophysics (magnetic and radiometrics) and structural and alteration interpretation from satellite imagery. These data will provide a solid framework for identification and prioritization of exploration targets across the Company's dominant 6,000 hectare land position at Rodeo. Evaluation of high-priority regional targets is expected to commence in the coming weeks.
In conjunction with the aggressive field campaigns underway, expert REE geologist and Wealth Advisory Board member Dr. Tony Mariano is nearing completion of his investigations which are expected to help fast-track recovery and processing testing of the predominantly coarse-grained bastnasite REE mineralization from Rodeo.
Rodeo de los Molles Rare Earth Deposit Overview
The Rodeo rare earth deposit is the largest undeveloped Rare Earth Element project in Argentina, with an historical resource of 5.6Mt at 2.1% total rare element oxide. The historical geologic resource estimate for Rodeo was prepared in 1992 (including metallurgical testwork) and is based on approximately 6,000 metres of RAB drilling. This historical resource estimate is considered relevant by the Company given the global concerns regarding secure future supplies of REEs and for the purposes of the Company's decision to acquire the property and to guide the Company in formulating an exploration program for the property. However, the Company cautions that the resource estimate was prepared before the introduction of NI 43-101, and is therefore historical in nature and the Company is not treating such resource as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resource, and therefore they should not be relied upon.
Historical exploration at the Rodeo deposit has only tested REE mineralization exposed on surface and to very shallow depths, typically less than 35 vertical metres. The mineralization discovered to date remains open for expansion in all directions.
The Rodeo property may be worked all year round and infrastructure is excellent – a paved road is within 2 kilometres of the deposit and power and water are within 8 kilometres.
Qualified Person & QA/QC Controls
R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Heffernan is not independent of Wealth by virtue of being an officer and shareholder and a holder of incentive stock options.
Wealth's activities to date at Rodeo have been supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President Exploration, and Diego Charchaflie, P.Geo, Principal of LPF Consulting SRL, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to the Activation Laboratorios Ltda. laboratory facilities in Coquimbo, Chile for preparation and then forwarded to Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario for geochemical analysis by '8-REE Assay Package by Fusion ICP & ICP/MS'. Actlabs' Quality System is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Commission (ISO/IEC) 17025. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards.
About Wealth Minerals Ltd.
Wealth is an early stage mineral exploration company with approximately 50.73 million shares issued and listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges. The Company's focus is on the acquisition and exploration of prospective rare-earth element and uranium properties, primarily in Argentina. In addition to ongoing work programs on existing properties, it continues to actively evaluate new potential rare earth and uranium projects in these and other countries.
For further details on the Company readers are referred to the Company's web site (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, President & CEO
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, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for representative samples of material collected from the stockpiles of quarried material at the main Mina Norte and La Juli zones to represent the distribution of REE's in the Rodeo deposit as a whole, the potential to identify a 43-101 compliant resource at Rodeo, the potential for the expansion of the known mineralized zones at Rodeo, the potential for Rodeo to have high levels of Nd and Pr and for these to be strong economic drivers for the Company, business and financing plans and business trends, 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, variations in the nature, quality and quantity of any mineral deposits that may be located, dilution, the volatility of the Company's common share price and volume; variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability 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 Management Discussion and Analysis filed with certain securities commissions in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. 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.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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.
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