Wealth Minerals Ltd.

Published : October 15th, 2015

Wealth Renegotiates Mexican Silver Project Option

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Barite |

Wealth Renegotiates Mexican Silver Project Option

Project highlights include surface samples with maximum values of 629 g/t Silver, 18.0% Zinc, 16.6% Lead, 9.5% Copper and 2.68 g/t Gold

VANCOUVER , Oct. 15, 2015 /CNW/ - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSXV: WML, Frankfurt : EJZ, SSE: WMLCL) is pleased to report it has successfully renegotiated its option to acquire the Valsequillo Silver project ("Valsequillo" or the "Property") located in southern Chihuahua state, Mexico (Figure 1).  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 carried out in 2012 identified two significant north-northwest trending structural corridors outlined by extensive artisanal workings that follow en-echelon and segmented precious and base-metal bearing quartz-sulphide (pyrite, galena, sphalerite and chalcopyrite) veins within a broad hornfels gossan.  The mineral-alteration systems identified to date remain open for expansion in all directions (Figure 2).

Analysis by the Company indicates that the large, 2,840 hectare Property covers the uppermost portion of a Tertiary system with potential for high grade and/or bulk tonnage, polymetallic-precious metal type mineralization analogous to the setting at the nearby San Francisco del Oro – Santa Barbara District ("SFSB District") within the Altiplano Polymetallic Belt.  The Property is unexplored by modern methods and the Company believes that it can be rapidly and cost-effectively brought to the drill stage once surface access rights have been secured.  Access and infrastructure are excellent, topography is moderate, with elevations averaging 1,700 metres, and water is readily available.

Renegotiation of the Valsequillo project option terms solidifies Wealth's control of an asset which Wealth believes will be a priority exploration play over the coming two years.

SFSB District

The SFSB District, located 40km northwest of Valsequillo , hosts mid-Tertiary polymetallic quartz sulphide vein deposits, which are among the largest Lead-Zinc-Copper-Silver deposits in Mexico.  These deposits are the closest analogy for the mineralization observed at surface at Valsequillo.  Mineralization was first discovered in 1547 by a group of Spanish explorers who discovered gold ore in the massive Mina del Agua vein, located beside the Rio Santa Barbara.  Mining in the area began as early as 1560 and Mina del Agua became the largest gold mine in North America for the next four decades.

At the SFSB District, the veins are hosted by Cretaceous Parral shale and, since 1650, have produced over 440 million ounces of silver (source: Grant & Ruiz, 1988; Econ. Geol. Vol. 83 pp. 1683-1702).  Total silver production from the district as a whole is estimated at 550 million ounces.  Significant production has come from vein ores (95%) and from several vein-related massive sulphide replacement bodies (5%).

Valsequillo Property Detail

Past artisanal mining activity concentrated on a number of epithermal, zinc-lead-copper-silver veins and/or stock-work and silicified zones.  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 2).  There is no evidence of modern exploration having occurred on the Property.

During the course of the Company's previous property examination in 2012, a total of 176 rock samples were taken.  These samples are best described as characterization samples as they were generally grab samples from outcrops (65%) and float/dump material (35%) at some of the many old workings on the Property.  Assay values ranged from below detection to 2.68g/t gold (average 0.15 g/t gold), 629 g/t silver (average 34 g/t silver), 9.47% copper (average 0.28% copper), 16.55% lead (average 0.52% lead), and 6.38% zinc (average 0.5% zinc).

Western Corridor

At the western edge of the gossan (Figure 2), a north-northwest trending corridor up to 200 metres wide can be traced for at least 1,500 metres and is still open in both directions along strike.  To the south, the vein system trends onto a third party claim.  There are two main veins and associated splays within the corridor.  The west vein dips steeply west, and the east vein dips steeply east; both 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 Corridor.  They are most similar to late-stage veins in the SFSB District.

Eastern Corridor

At the eastern edge of the gossan, a series of en-echelon north-south 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 float and dump 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 lead-zinc, 1% copper and 100 to 150 g/t silver.  Gold grades are higher than in the Western Corridor, with many values in the 0.2 g/t to 1.0 g/t range.  These veins are most similar to early-stage veins in the SFSB District.

Renegotiated Valsequillo Option Agreement

Wealth has successfully renegotiated the original 2012 option agreements under which it held the option to acquire a 100% interest in the Valsequillo property from two private Mexican individuals.  The renegotiated agreements provide for lower overall option payments spread over a longer period, and are primarily tied to the Company obtaining the necessary surface access.  Under the renegotiated agreements, the Company can acquire a 100% interest for a total consideration of US $6.0 million over a 90-month (7.5 years) period.  The option payments are now tied to both the signing of the agreements ("Signing Date") and the date the Company secures the required surface access rights* ("Access Date").  Details of the renegotiated option agreements (collectively) are as follows (all amounts are US Dollars):

1. Initial Payments Related to Signing Date

On Signing

$50,000 (paid)

One Year Anniversary*

$50,000

Two Year Anniversary

$50,000


$150,000

2. Payments Related to Access Date**

12 months

$50,000


18 months

$100,000


24 months

$100,000


30 months

$150,000


36 months

$150,000


42 months

$200,000


48 months

$200,000


54 months

$300,000


60 months

$300,000


66 months

$400,000


72 months

$400,000


78 months

$500,000


84 months

$500,000


90 months

$2,500,000



$5,850,000


* Wealth will negotiate surface access for a period up to 6 months and if unsuccessful, the matter will be referred to the Director General of Mines to enforce an easement as allowed for within the Mexican Mining Law.  The payment of US $50,000 , due on the one year anniversary of signing, will be accelerated or delayed in line with the granting of the easement.  The timing of the payment due on the two-year anniversary will not be changed.

** Once surface access rights have been granted, the second set of option payments will begin, tied to the Access Date.  This provision was negotiated to protect the Company against any delay in securing surface access rights.

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's strategy is to acquire precious metal projects which it believes are undervalued, have low exploration risk, attractive grades and potentially low capital requirements and are located in stable geopolitical jurisdictions.  While Wealth is not a development company, management insist that any acquisitions have a reasonable potential for near-term production.  The Company's flagship asset is the Yanamina Gold Project in Peru.  The Company intends to negotiate strategic partnerships that it believes 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 & Chief Executive Officer

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 including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's belief that the Valsequillo property can be rapidly and cost-effectively brought to the drill stage once surface access rights have been secured, the Company's belief that the deposits in the SFSB District are the closest analogy for the mineralization observed at surface at Valsequillo , and the anticipated business plans and timing of future activities of the Company, 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, 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.

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.  Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.

SOURCE Wealth Minerals Limited

Image with caption: "Figure 1. Valsequillo Location Map (CNW Group/Wealth Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20151015_C5761_PHOTO_EN_521514.jpg

Image with caption: "Figure 2: Valsequillo Geology and Sampling Results; greyed areas are 3rd party concessions. (CNW Group/Wealth Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20151015_C5761_PHOTO_EN_521516.jpg

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Canada | Mexico | Peru | All
Gold and Silver Prices for these countries : Canada | Mexico | Peru | All

Wealth Minerals Ltd.

EXPLORATION STAGE
CODE : WML.V
ISIN : CA9468851006
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Wealth Min. is a gold and cobalt exploration company based in Canada.

Wealth Min. holds various exploration projects in Argentina.

Its main exploration properties are AMBLAYO, LAS CAPILLAS (EL CUCHO), SAN JORGE BASIN (BORORO NUEVO), DIAMANTE - LOS PATOS, PAMPA CORIA, BORONO NOVO and RODEO DE LOS MOLLES in Argentina and MACUSANI in Peru.

Wealth Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 41.9 millions as of today (US$ 32.7 millions, € 28.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 6.12, and its lowest recent point on November 07, 2014 at CA$ 0.03.

Wealth Min. has 77 660 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Wealth Minerals Ltd.
4/1/2017Wealth Minerals begins sampling at Chile's Laguna Verde lith...
Annual reports of Wealth Minerals Ltd.
2008 Annual Report
2006 Annual report
Financings of Wealth Minerals Ltd.
3/11/2013Closes Non-Brokered Private Placement
3/11/2013Closes Non-Brokered Private Placement
1/21/2013Arranges Non-Brokered Private Placement and Debt Settlement
10/26/2009 Closes Non-Brokered Private Placement - New Director Appoin...
9/30/2009Arranges Non-Brokered Private Placement
9/10/2009Closes Non-Brokered Private Placement
8/12/2009Arranges Non-Brokered Private Placement
11/14/2008Closes Non-Brokered Private Placement
9/25/2008Announces Non-Brokered Private Placement
Project news of Wealth Minerals Ltd.
6/3/2011(Rodeo De Los Molles)Commences Drilling on Its Rodeo de los Molles Rare Earth Ele...
3/23/2011(Borono Novo)Commences Discovery Drilling Campaign on Its Bororo Nuevo Ur...
9/19/2008(Pampa Coria)Discovers Outcropping Copper-Gold Porphyry and Uranium Syste...
9/17/2008(San Jose)Discovers Additional High-Grade Uranium
9/9/2008(Macusani)(Revised) Discovers Outcropping Uranium Mineralization
5/2/2008(San Jose)Discovers New Zone of High-Grade Uranium
5/1/2008(Diamante - Los Patos)New Drilling Results at the Bingo Zone
4/15/2008(San Jose)Defines Large Copper Target at San Jose Property
1/30/2008(Diamante - Los Patos)Drilling Continues to Intersect Broad Zones of Uranium
12/5/2007(Diamante - Los Patos)Intersects Large, Potential Bulk Tonnage at Diamante-Los Pat...
10/25/2007(Diamante - Los Patos) Commences 10,000 metre drilling campaign on its Diamante-Lo...
Corporate news of Wealth Minerals Ltd.
6/22/2016Wealth Signs LOI to Acquire Balance of Salar de Aguas Calien...
6/16/2016Wealth Signs LOI to Acquire Pujsa Lithium Project, Salar de ...
6/8/2016Wealth Closes Financing of $2,000,000
6/7/2016Wealth Appoints Tim McCutcheon as President Arranges Non-Bro...
5/31/2016Wealth Completes Listing on OTCQB® Exchange
4/27/2016Wealth Signs LOI to Acquire Puritama Project Salar de Aguas ...
4/21/2016Wealth Closes $1,000,000 Financing
4/18/2016Wealth Announces Appointment of Marcelo A. Awad as Executive...
2/2/2016U.S. lithium firm Albemarle plans to more than double Chile ...
2/1/2016Wealth Enters into Exclusive LOI to Negotiate Agreement to A...
12/30/2015Wealth Closes $540,000 Non-Brokered Flow-through Private Pla...
12/29/2015Wealth Closes $540,000 Non-Brokered Flow-through Private Pla...
12/17/2015Wealth Outlines Coronado Plans
10/15/2015Wealth Renegotiates Mexican Silver Project Option
10/9/2015Wealth Grants Stock Options
10/8/2015Wealth Closes Acquisition of Yanamina Gold Project, Peru
8/17/2015Wealth Completes $450,000 Non-Brokered Private Placement
8/5/2015Wealth Appoints Tang Chief Operating Officer & Director
7/27/2015Wealth Signs Definitive Agreement for Option to Acquire up t...
7/13/2015Wealth Shares Listed on the Foreign Securities Market of the...
6/24/2015Wealth Grants Stock Options
4/7/2015Wealth Grants Stock Options
4/1/2015Wealth Enters into Exclusive LOI to Negotiate Agreement to A...
3/31/2015Wealth Closes $720,000 Non-Brokered Private Placement
2/27/2015Wealth Closes $750,000 Non-Brokered Private Placement
2/23/2015Wealth Arranges $720,000 Non-Brokered Private Placement
2/2/2015Wealth Options N1/N2 Gold Project from Balmoral Resources Lt...
2/2/2015Balmoral Options N1-N2 Project to Wealth Minerals
1/21/2015Wealth Completes Share Consolidation and Debt Settlement
7/9/2013Crosshair Terminates Letter of Intent with Wealth Minerals
7/4/2013Amends Option Grant of 3,150,000
6/21/2013Grants 3,150,000 Options
10/25/2012Enters Into LOI to Sell Argentinean Uranium Projects to Cros...
10/2/2012Confirms Potential for Bulk-Tonnage Silver at Valsequillo Pr...
9/13/2011Tue. Sep. 13/11
7/7/2011Surface Sampling Expands Known Zones of High-Grade Rare Eart...
5/4/2011Intersects Potentially Large, Bulk Tonnage, Uranium System a...
4/11/20114/11/11
4/11/2011Initial Sampling Confirms Presence of High-Grade Rare Earth ...
3/23/2011News Release
5/27/2010Signs Option to Acquire Argentina’s Largest Rare Earth Eleme...
9/2/2008Vientos Property Hosts Large Outcropping Uranium Zone
4/26/2008FILES FORM 15 TO VOLUNTARILY TERMINATE U.S. REGISTRATION
4/9/2008EXPLORATION UPDATE
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (WML.V)FRANKFURT (EJZ.F)
0.540-1.82%0.0070
TSX-V
CA$ 0.540
12/01 15:33 -0.010
-1.82%
Prev close Open
0.550 0.570
Low High
0.540 0.590
Year l/h YTD var.
0.085 -  0.640 535.29%
52 week l/h 52 week var.
0.085 -  0.640 468.42%
Volume 1 month var.
44,248 -12.90%
24hGold TrendPower© : 50
Produces
Develops
Explores for Uranium - Vanadium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/24/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021535.29%0.450.09
2020-52.78%0.380.07
2019-58.14%0.650.16
2018-75.57%2.000.37
201740.80%2.101.14
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.20-1.82%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.45-5.77%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.91-1.36%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.97-2.02%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.85+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.42+1.48%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.00-0.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.42-5.68%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.17-1.76%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.52-6.67%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.84-2.90%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :