Wealth Minerals Ltd.: Drilling Expands Mineralized Channel System at Bororo Nuevo Project in San Jorge Basin, Argentina
August 18 2011 - 9:00AM
Marketwired Canada
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 approx. 400 metre wide, north-south trending paleo-channel system that
dips shallowly (approximately 5 degrees) 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(i)
---------------------------------------------------------------------------
From To Interval lbs/ton
Hole (metres) (metres) (metres) U3O8(ppm) U3O8 U (%)
---------------------------------------------------------------------------
B11-A-10 8.7 20.5 11.8 514.4 1.03 0.044
incl. 15.0 18.0 3.0 1796.5 3.59 0.152
---------------------------------------------------------------------------
B11-A-11 0.0 10.4 3.0 178.9 0.36 0.015
---------------------------------------------------------------------------
incl. 5.9 8.8 2.9 481.0 0.96 0.041
---------------------------------------------------------------------------
B11-A-12 24.0 37.3 13.3 180.5 0.36 0.015
---------------------------------------------------------------------------
incl. 25.1 31.1 6.0 277.8 0.56 0.024
---------------------------------------------------------------------------
B11-A-13 30.0 46.8 16.8 136.8 0.27 0.012
---------------------------------------------------------------------------
incl. 31.3 34.3 3.0 443.2 0.89 0.038
---------------------------------------------------------------------------
(i)Intersections given represent approximate true widths.
One of four drillholes (426.65 metres) targeting high-level (greater than 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.
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