VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSX VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ) is pleased to report, the acquisition of an option to acquire the Valsequillo Silver project, southern Chihuahua state, Mexico. The property is located approximately 40 kilometres southeast of the city of Hidalgo Del Parral within the pre-eminent Altiplano Polymetallic Belt of north-central Mexico. Initial reconnaissance work has identified two significant northwest trending structural corridors characterized by extensive artisanal workings, en echelon and segmented precious and base metal bearing vuggy quartz-sulphide (pyrite, galena, sphalerite and chalcopyrite) veins and a broad colour anomaly (gossan). The mineral-alteration system(s) identified to date remain open for expansion in all directions (Figure 1).
To view Figure 1, visit: http://media3.marketwire.com/docs/wml209_F1.pdf.
Analysis indicates that the large 3,000 hectares property covers the uppermost portion of a Tertiary porphyry/subvolcanic system with potential for high grade and/ or bulk tonnage, polymetallic-precious metal type mineralization analogous to the setting at the Levon Resources Cordero project (located 50 kilometres to the north) or Goldcorp's Peñasquito project (located about 350 kilometres to the southeast) within the Altiplano Polymetallic Belt. The property is unexplored by modern methods and can be rapidly and cost-effectively brought to the drill stage in a timely manner. Access and infrastructure are excellent, topography is moderate with elevations averaging 1,700 metres and water is readily available.
PREVIOUS WORK
Past artisanal mining activity was concentrated on a number of epithermal, Zn-Pb-Cu-Ag veins and/or stock-work and silicified zones. The majority of the mineral occurrences are predominantly concentrated within two northwest-trending corridors along the eastern and western margins respectively of an elongate color anomaly (gossan) occupying the bulk of the property (Figure 1). There is no evidence of modern exploration having occurred on the property.
During the course of the present property examination a total of 33 rock samples were taken. These samples could be described as character samples as they were generally grab samples from dump material at some of the many old workings on the property. Assay values varied from 0.005 to 2.68 ppm (g/t) gold; 0.4 to 629 ppm (g/t) silver; 11 to 66,400 ppm (6.64%) copper; 10 to 165,500 ppm (16.55%) lead and 43 to 63,800 ppm (6.38%) zinc.
WESTERN CORRIDOR
At the western edge of the gossan, a NNW trending corridor up to 200 metres wide can be traced for at least 1,200 metres and is still open in both directions along strike. Within this corridor, there are at least three and possibly as many as six veins or faulted vein segments. The veins dip steeply east, consist predominantly of vuggy, epithermal quartz with varying amounts of calcite and barite as well as scattered clots of base metal sulfides, secondary iron oxides and minor sulfosalts. Base metals predominate, but copper and silver values are significantly higher than those present in the "eastern vein corridor". Grades as high as 499 g/t Ag and 6.6 % Cu were obtained from dump samples. Near the south end of the western corridor (as presently known) the veins appear to coalesce and form a continuous zone of veining, stockwork and silicification at least 50 metres wide. There is also evidence for the presence of one or more veins west of the presently defined "corridor".
EASTERN CORRIDOR
At the eastern edge of the gossan, a series of en-echelon quartz veins/shear zones can be traced for approximately 3,000 metres along strike. This structural zone or corridor is at least 400 metres wide and contains a number of mineralized quartz-calcite-barite-sulphide veins which vary from 1 to 5 metres wide. In unoxidized material, sulfides approximate 5 to 10 % of the vein material and grades average 5% combined lead-zinc, 0.5 % copper, 30 g/t silver and 20 to 100 ppb gold. Locally there are shoots of higher grade material which returned values up to 10 % combined Pb-Zn, 1% Cu and 100 to 150 g/t Ag. Gold grades are generally subdued but selected samples have returned values in the 1 to 2 g/t range.
OPTION AGREEMENT
Subject to TSX Venture Exchange acceptance, Wealth has an option to acquire a 100% interest in the Valsequillo property from a private Mexican family for a total consideration of $6.65 million over a 54-month period. Details of the option agreement are as follows (all values are US Dollars):
- Signing: $ 150,000 (paid)
- 12 Months: $ 200,000
- 24 Months: $ 400,000
- 30 Months: $ 400,000
- 36 Months: $ 500,000
- 42 Months: $ 500,000
- 48 Months: $1,500,000
- 54 Months: $3,000,000
ABOUT WEALTH MINERALS
Wealth is a Canadian based mineral exploration company with listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges.
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, 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 or any of its joint venture partners 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, variations in the market price of any mineral products the Company or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective 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.
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. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") 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:
Dean Linden
604-331-0096 Ext. 1429 or 604-638-1429
info@wealthminerals.com
www.wealthminerals.com