VANCOUVER, BC / ACCESSWIRE / November 23, 2015 / Wealth Minerals Limited (WML.V) (Frankfurt:EJZ.F) (SSE:WMLCL) ("Wealth" or the "Company") is pleased to provide details on its 100%-owned Coronado Project, located in Chihuahua, Mexico, about 25 kilometers east of the Company’s Valsequillo Project (see previous news release October 15, 2015).
Property Details
The 100% Wealth-owned Coronado property is large, covering 9,911 hectares ("Ha"). Within the Coronado concession, there are two areas owned by outside interests: the small Torito concession (30 Ha), which covers the immediate area overlying a mineralized diatreme in the southwest of the concession, and a series of concessions covering 450 Ha where the Company is not aware of any mineralization of interest (Figure 1).
The target at Coronado is a Peñasquito-type Au-Ag breccia deposit. Initial reconnaissance work carried out by the Company in 2012 identified one showing on the small 30-hectare Torito concession (owned by a third party), consisting of a small knoll (known as a peñasquito) measuring about 70 metres in diameter and rising about 20 metres above the surrounding terrain. The knoll consists of a brownish, limonitic, silicified, polymictic breccia with a number of small artisanal pits. Three grab samples of the mineralized material from the workings and dumps on the knoll all returned high grade copper with anomalous gold (ranging from 1 to 7% copper and 0.5 to 4.6 g/t gold). An additional seven samples from dumps and talus around the base of the knoll returned an average of approximately 1% copper, 0.5 g/t gold and 10 g/t silver. This reconnaissance data was a key driver leading to acquisition of the large Coronado property.
Regional Setting
Coronado property lies within the Mesa Central of Northern Mexico. This area coincides with a regional tectonic feature known as the Chihuahua Trough within which numerous carbonate replacement type lead-zinc (silver-copper-gold) deposits are located. In some cases these deposits can be linked to deep seated, higher temperature intrusive/porphyry settings. The recent discoveries at Concepcion del Oro / Peñasquito and Cinco de Mayo demonstrate a continuum between distal, low temperature, carbonate replacement and epithermal systems through proximal skarn settings to deeper seated porphyry copper (molybdenum, gold) deposits.
The Concepcion del Oro district comprises five current or past producing mines including Peñasquito, with current reserves and resources of approximately 1.3 billion tonnes grading 0.5 g/t gold, 30 g/t silver and 1% combined lead-zinc. The potential for the discovery of skarns,replacements, high- and low-sulphidation epithermal systems and mineralized breccia bodies all centrally located around one or more deep seated porphyry copper systems is considered to be excellent.
Figure 1: Location of the Company’s Coronado and Valsequillo properties
To view an enhanced version of Figure 1, please visit:
https://www.accesswire.com/uploads/18183_wealth2.jpg
Figure 2: Schematic Cross-Section through the southwest portion of the Company’s Coronado and third-party Torito properties, illustrating an idealized Peñasquito-type breccia target; grab samples taken in 2013 are labelled within the Torito property.
To view an enhanced version of Figure 2, please visit:
https://www.accesswire.com/uploads/18183_wealth4.jpg
Planned Work
To the south and east of the knoll are several low-lying outcrops of medium- to fine-grained granodiorite to quartz monzonite with minor irregular xenoliths of older gneissic rock as well as garnet skarn. A low-lying ridge about 500 meters to the south consists of shallowly north-dipping recrystallized limestone with minor skarn patches. To the north and northwest, bedrock is obscured by a flat lying area of alluvium and colluvium. It is under this cover that mineralized breccia may occur and a soil grid is planned to test for a geochemical evidence of buried mineralization.
There is no record of exploration work completed on the Coronado property. On the third party Torito property there are a number of shallow artisanal workings, but no evidence of modern exploration or drilling. On adjacent ground (not part of the Coronado property) about 3 km to the east and southeast there are at least six known copper occurrences in skarn settings. Some of these showings have small exploration pits and shafts and one has been recently drilled (no record of results). There are no recorded showings on the small internal block of third party claims located about 7 km northeast of the Torito property, covering the eastern contact of a linear granitic intrusion and the Company has no plans to acquire this property.
The property has excellent road access, topography is essentially flat at an elevation of 1,580 metres and work can be carried out year round. Surface rights are held by a local ejido.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Drobe is not independent of the Company, as he is a shareholder.
ABOUT WEALTH MINERALS LTD.
Wealth is an early stage mineral exploration company with listings on the TSX Venture and Frankfurt Stock Exchanges. Wealth’s strategy is to acquire projects in stable geopolitical project locations, with low exploration risk, attractive grade, and potentially low capital requirements. While Wealth is not a development company, management insist on reasonable potential for near-term production. The Company intends to negotiate partnerships that will open up potential project development routes.
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"
Hendrik van Alphen
President & CEO
For further information, please contact:
Henk Van Alphen or David Smith
Phone: 604-331-0096
E-mail: info@wealthminerals.com
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.
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. 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, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, 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 may produce or plan to produce; the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its activities, the inability of the Company 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 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.
SOURCE: Wealth Minerals Limited