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Wealth Minerals Intersects Potentially Large, Bulk Tonnage, Uranium System at Bororo Nuevo Project in San Jorge Basin, Argentina
Published : May 04, 2011

Drill hole B11-A-07 returns 5.05 metres @ 2.19 lbs/ton U3O8 (0.094% uranium) including 1.85 metres @ 4.58 lbs/ton U3O8 (0.194% uranium)

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Mots clés associés :   Canada | Uranium |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Wealth Minerals Ltd. (the "Company" or "Wealth") - (News - Market indicators)(FRANKFURT:EJZ), is pleased to announce initial diamond drill results from its 100%-owned Bororo Nuevo Uranium Project ("BN") located in Chubut Province, Argentina.

Initial Drill Results

Seven drillholes (B11-A-01 to -07) targeting the recently discovered paleo-channel at Alpha Zone each intersected uranium mineralization (Table 1) including drillhole B11-A-07 which returned 5.05 metres @ 2.19 lbs/ton U3O8 (0.094% uranium) including 1.85 metres @ 4.58 lbs/ton U3O8 (0.194% uranium). Discovery drilling to date has successfully traced mineralization for over 300 metres from east to west across a north-south trending paleo-channel that dips shallowly (approximately 5°) to the south (Figure 1 - http://media3.marketwire.com/docs/694126_fig_1.pdf). Uranium mineralization consists of autunite, carnotite and rare uraninite hosted in pebble conglomerates, sandstones and siltstones of the productive Los Abodes Formation – host to the past-producing Cerro Condor and Los Adobes deposits as well as the 10.3 million pound U3O8 Cerro Solo uranium deposit. Grade and thickness of the mineralization progressively increase to the west possibly reflecting increased organic carbon content when moving from channel to overbank facies within the paleo-channel system. Mineralization remains open to the north, south and west.

Table 1: Alpha Zone Drill Intersections
Hole From (m) To (m) Interval (m) U3O8(ppm) lbs/ton U3O8 U (%)
B11-A-01 104.7 105.6 0.9 140.5 0.28 0.012
B11-A-02 6.4 8.2 1.8 126.7 0.25 0.011
B11-A-03 9.65 18 8.35 365.6 0.73 0.031
incl. 15 18 3 593.6 1.19 0.050
B11-A-04 12.2 13.9 1.7 164.0 0.33 0.014
B11-A-05 15.8 18.3 2.5 248.1 0.50 0.021
B11-A-06 16.1 19.1 3 901.5 1.80 0.076
incl. 16.75 19.1 2.35 1103.8 2.21 0.094
B11-A-07 9.6 14.65 5.05 1092.9 2.19 0.093
incl. 12.2 14.65 1.85 2291.9 4.58 0.194
B11-A-08 no significant intersections      
B11-A-09 no significant intersections      

Two drillholes, B11-A-08 and -09, targeting anomalous radon gas levels to the south and north of the primary section at Alpha zone did not intersect significant uranium mineralization (Figure 1). Three drillholes targeting anomalous radon at the Mesa area of Beta zone did not intersect any significant mineralization (Figure 2 - http://media3.marketwire.com/docs/694126_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 10.3 million pound U3O8 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

With over 30 diamond drillholes (>2,000 metres) now complete and the winter season approaching, the discovery drill program at Bororo Nuevo is nearly finished. The Company will use the winter season to review the highly successful results while designing an expanded drill campaign to continue advancing the project towards a potential NI 43-101 uranium resource estimate at Alpha Zone. The program is anticipated to commence in the Argentinean spring (Q4 2011).

Upon completing the remaining few drillholes at Bororo Nuevo, the Company plans to move the drill rig and crew to Rodeo de los Molles, its advanced-stage rare earth element project in San Luis Province where it will commence an aggressive drilling program, the aim of which is to increase known mineralization and define a NI 43-101 compliant resource. Climatic conditions allow work year-round at Rodeo de los Molles and the drilling is anticipated to commence on or about the middle of May, 2011.

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. 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 an early stage mineral exploration company with approximately 47.3 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is on the acquisition and exploration of advanced-stage uranium and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on existing properties, it continues to actively evaluate new potential uranium and rare earth projects in these and other countries.

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 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.

Wealth Minerals Ltd.
John Kocela
604-331-0096
info@wealthminerals.com
www.wealthminerals.com
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Wealth Minerals Ltd.

EXPLORATEUR
CODE : WML.V
ISIN : CA9468851006
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Wealth Min. est une société d’exploration minière d'or et de cobalt basée au Canada.

Wealth Min. détient divers projets d'exploration en Argentine.

Ses principaux projets en exploration sont AMBLAYO, LAS CAPILLAS (EL CUCHO), SAN JORGE BASIN (BORORO NUEVO), DIAMANTE - LOS PATOS, PAMPA CORIA, BORONO NOVO et RODEO DE LOS MOLLES en Argentine et MACUSANI au Perou.

Wealth Min. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 18,3 millions CA$ (14,6 millions US$, 12,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 6,12 CA$, et son plus bas niveau récent le 07 novembre 2014 à 0,03 CA$.

Wealth Min. possède 77 660 000 actions en circulation.

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