Drill hole B11-A-10 returns 11.8 metres @ 1.03 lbs/ton U3O8 (0.044% uranium) including 3.0 metres @ 3.59 lbs/ton U3O8 (0.152% uranium)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(OTCQX:WMLLF)(PINK SHEETS:WMLLF)(FRANKFURT:EJZ), is pleased to announce final diamond drill results from its 100%-owned Bororo Nuevo Uranium Project ("BN") located in Chubut Province, Argentina.
Alpha Zone Drilling
An additional four drillholes targeting the recently discovered paleo-channel at Alpha Zone have each intersected significant uranium mineralization (Table 1), including drillhole B11-A-10, which returned 11.8 metres @ 1.03 lbs/ton U3O8 (0.044% uranium) including 3.0 metres @ 3.59 lbs/ton U3O8 (0.152% uranium). Stepout drillholes B11-A-11 to -13 successfully traced mineralization to both the west and south and mineralization remains open in both of these directions.
To date, eleven out of the thirteen holes drilled at Alpha zone have successfully intersected significant uranium mineralization and have defined a minimum ~400 metre wide, north-south trending paleo-channel system that dips shallowly (approximately 5°) to the south (Figure 1: http://media3.marketwire.com/docs/wml-0818-fig-1.pdf).
Uranium mineralization consists of autunite, carnotite and rare uraninite hosted in pebble conglomerates, sandstones and siltstones of the productive Los Adobes Formation – host to the past-producing Cerro Condor and Los Adobes deposits as well as the Cerro Solo uranium deposit.
Table 1: Alpha Zone Drill Intersections*
One of four drillholes (426.65 metres) targeting high-level (>95th percentile) radon soil-gas anomalies in an area covered by pediment at 'Area 78' intersected anomalous levels of uranium mineralization up to 0.28 lbs/ton U3O8 (0.014% uranium) over 0.70 metres at a depth of 121.30 from surface indicating potential for additional buried channels on the property. Fourteen drillholes (711.45 metres) targeting outcropping high-grade uranium mineralization at Delta, Gamma and Beta zones did not intersect any significant uranium mineralization (Figure 2: http://media3.marketwire.com/docs/wml-0818-fig-2.pdf).
Bororo Nuevo Property Overview
The Bororo Nuevo property is the flagship of the Company's five uranium properties in the productive San Jorge Basin, which is host to the past-producing Cerro Condor and Los Adobes deposits as well as the Cerro Solo uranium deposit. The San Jorge Basin lies within the Patagonian Provinces of Santa Cruz and Chubut and is readily accessible via an all-season paved road and a network of well-maintained gravel roads. The Company currently owns, or has the exclusive right to acquire, 76 'minas' and 'cateos' (concessions) that total approximately 600,000 hectares (6,000 square kilometres) representing the largest land position in the San Jorge Basin.
The BN property consists of 4 minas and 6 cateos that total approximately 35,500 hectares (355 square kilometres). To date, nine large zones of mineralization have been discovered within a uranium fairway measuring 12 by 4 kilometres and less than 12% of the property has been mapped and prospected. The stratigraphy is known to be productive and the continued success of surficial exploration programs at BN clearly highlights the uranium-rich and underexplored nature of the San Jorge Basin.
Future Work
The Company is actively seeking joint venture partners to advance the Bororo Nuevo project while its efforts and resources are concentrated on the high-grade, advanced stage Rodeo de los Molles rare earth element project.
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 work programs are supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President, Exploration, who is 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 Alex Stewart Assayers Argentina S.A. (ASA) laboratory facilities in Mendoza, Argentina for analysis. ASA's quality system complies with the requirements for the International Standard ISO 9001:2000. 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. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.
Laboratory results are received in parts per million uranium. The conversion factor used to convert parts per million uranium to pounds per short ton U3O8 is 1.179, which was verified with the Saskatchewan Research Council (ppm uranium x 1.179 = ppm U308; 10,000 ppm uranium = 1% = 20 lbs/ton uranium).
About Wealth Minerals Ltd.
Wealth is a Canadian based mineral exploration company with listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges. The Company's primary focus is on the exploration and development of its advanced-stage Rodeo de los Molles rare earth element project in San Luis Province, Argentina.
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 and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the possibility of finding a suitable joint venture partner to continue work at Bororo Nuevo and successfully concluding a joint venture transaction, 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.
Cautionary Note Concerning Similar or Adjacent Mineral Properties
This press 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. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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.
Contact Information
Wealth Minerals Ltd.
John Kocela
604-331-0096
604-408-7499 (FAX)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(OTCQX:WMLLF)(PINK SHEETS:WMLLF)(FRANKFURT:EJZ), is pleased to announce final diamond drill results from its 100%-owned Bororo Nuevo Uranium Project ("BN") located in Chubut Province, Argentina.
Alpha Zone Drilling
An additional four drillholes targeting the recently discovered paleo-channel at Alpha Zone have each intersected significant uranium mineralization (Table 1), including drillhole B11-A-10, which returned 11.8 metres @ 1.03 lbs/ton U3O8 (0.044% uranium) including 3.0 metres @ 3.59 lbs/ton U3O8 (0.152% uranium). Stepout drillholes B11-A-11 to -13 successfully traced mineralization to both the west and south and mineralization remains open in both of these directions.
To date, eleven out of the thirteen holes drilled at Alpha zone have successfully intersected significant uranium mineralization and have defined a minimum ~400 metre wide, north-south trending paleo-channel system that dips shallowly (approximately 5°) to the south (Figure 1: http://media3.marketwire.com/docs/wml-0818-fig-1.pdf).
Uranium mineralization consists of autunite, carnotite and rare uraninite hosted in pebble conglomerates, sandstones and siltstones of the productive Los Adobes Formation – host to the past-producing Cerro Condor and Los Adobes deposits as well as the Cerro Solo uranium deposit.
Table 1: Alpha Zone Drill Intersections*
One of four drillholes (426.65 metres) targeting high-level (>95th percentile) radon soil-gas anomalies in an area covered by pediment at 'Area 78' intersected anomalous levels of uranium mineralization up to 0.28 lbs/ton U3O8 (0.014% uranium) over 0.70 metres at a depth of 121.30 from surface indicating potential for additional buried channels on the property. Fourteen drillholes (711.45 metres) targeting outcropping high-grade uranium mineralization at Delta, Gamma and Beta zones did not intersect any significant uranium mineralization (Figure 2: http://media3.marketwire.com/docs/wml-0818-fig-2.pdf).
Bororo Nuevo Property Overview
The Bororo Nuevo property is the flagship of the Company's five uranium properties in the productive San Jorge Basin, which is host to the past-producing Cerro Condor and Los Adobes deposits as well as the Cerro Solo uranium deposit. The San Jorge Basin lies within the Patagonian Provinces of Santa Cruz and Chubut and is readily accessible via an all-season paved road and a network of well-maintained gravel roads. The Company currently owns, or has the exclusive right to acquire, 76 'minas' and 'cateos' (concessions) that total approximately 600,000 hectares (6,000 square kilometres) representing the largest land position in the San Jorge Basin.
The BN property consists of 4 minas and 6 cateos that total approximately 35,500 hectares (355 square kilometres). To date, nine large zones of mineralization have been discovered within a uranium fairway measuring 12 by 4 kilometres and less than 12% of the property has been mapped and prospected. The stratigraphy is known to be productive and the continued success of surficial exploration programs at BN clearly highlights the uranium-rich and underexplored nature of the San Jorge Basin.
Future Work
The Company is actively seeking joint venture partners to advance the Bororo Nuevo project while its efforts and resources are concentrated on the high-grade, advanced stage Rodeo de los Molles rare earth element project.
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 work programs are supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President, Exploration, who is 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 Alex Stewart Assayers Argentina S.A. (ASA) laboratory facilities in Mendoza, Argentina for analysis. ASA's quality system complies with the requirements for the International Standard ISO 9001:2000. 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. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.
Laboratory results are received in parts per million uranium. The conversion factor used to convert parts per million uranium to pounds per short ton U3O8 is 1.179, which was verified with the Saskatchewan Research Council (ppm uranium x 1.179 = ppm U308; 10,000 ppm uranium = 1% = 20 lbs/ton uranium).
About Wealth Minerals Ltd.
Wealth is a Canadian based mineral exploration company with listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges. The Company's primary focus is on the exploration and development of its advanced-stage Rodeo de los Molles rare earth element project in San Luis Province, Argentina.
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 and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the possibility of finding a suitable joint venture partner to continue work at Bororo Nuevo and successfully concluding a joint venture transaction, 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.
Cautionary Note Concerning Similar or Adjacent Mineral Properties
This press 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. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's 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.
Contact Information
Wealth Minerals Ltd.
John Kocela
604-331-0096
info@wealthminerals.com
www.wealthminerals.com
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