VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 15, 2011) – Wealth Minerals Ltd. (the “Company” or “Wealth”) (TSX VENTURE:WML)(FRANKFURT:EJZ) announces the completion of the first phase of diamond drilling at its Rodeo de los Molles (“Rodeo”) Rare Earth Element (“REE”) Project in San Luis Province, Argentina.
The Phase I drilling consisted of 26 drill holes (975.5 metres) targeting outcropping, high-grade REE mineralization confirmed by channel saw sampling results (see Wealth News April 11, 2011 and July 7, 2011).
The program was designed to test the distribution and continuity of the mineralization at the two main zones of mineralization, such that a larger, more-aggressive, multi-rig drill program can be initiated to systematically test the 1.5 kilometre by 500 metre core of the property in the most optimal fashion (Figure 1).
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/wml815_F01.pdf.
Rodeo de los Molles Exploration Highlights:
Rodeo de los Molles Rare Earth Deposit Overview
The Rodeo REE deposit is the largest undeveloped REE project in Argentina with an historical resource of 5.6Mt at 2.1% total rare element oxide. The historical geologic resource estimate for Rodeo was prepared in 1992 (including metallurgical testwork) and is based on approximately 6,000 metres of RAB drilling. This historical resource estimate is considered relevant by the Company given the global concerns regarding secure future supplies of REEs and for the purposes of the Company’s decision to acquire the property and to guide the Company in formulating an exploration program for the property. However, the Company cautions that the resource estimate was prepared before the introduction of NI 43-101, and is therefore historical in nature and the Company is not treating such resource as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resource, and therefore it should not be relied upon.
Historical exploration at the Rodeo deposit has only tested REE mineralization exposed on surface and to very shallow depths, typically less than 35 vertical metres. The mineralization discovered to date remains open for expansion in all directions.
The Rodeo property may be worked all year round and infrastructure is excellent – a paved road is within 2 kilometres of the deposit and power and water are within 8 kilometres.
Looking Ahead
Phase I diamond drilling results are anticipated imminently. Resource definition Phase II diamond drilling is expected to consist of a minimum 10,000 metres of drilling with the aim to expand the areas of known mineralization and to define a NI 43-101 compliant resource. The Phase II program is anticipated to commence once all results from Phase I have been received and analyzed in conjunction with the data from other recent fieldwork.
Wealth’s field crews remain busy with compilation of data from recently completed stream sediment sampling, surface geophysics (magnetic and radiometrics) and structural and alteration interpretation from satellite imagery. These data will provide a solid framework for identification and prioritization of other REE targets across the Company’s dominant 6,000 hectare land position.
In addition, expert REE geologist and Wealth Advisory Board member Dr. Tony Mariano is nearing completion of his initial process tests investigating optimization of physical REE recovery from the predominantly coarse-grained bastnasite REE mineralization at Rodeo.
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.
Wealth’s activities to date at Rodeo have been supervised by R. Scott Heffernan, P.Geol., Wealth’s Vice-President Exploration, and Diego Charchaflie, P.Geo, Principal of LPF Consulting SRL, who are 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 the Activation Laboratorios Ltda. laboratory facilities in Coquimbo, Chile for preparation and then forwarded to Activation Laboratories Ltd. (“Actlabs”) of Ancaster, Ontario for geochemical analysis by ‘8-REE Assay Package by Fusion ICP & ICP/MS’. Actlabs’ Quality System is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Comission (ISO/IEC) 17025. 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.
About Wealth Minerals Ltd.
Wealth is a Canadian based mineral exploration company with listings on the TSX Venture 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.
Comments
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Wealth is a great company, whatever they dream they try to achieve them and they prove them too. Now they are finished up with their first phase, let’s what their next phase is.