Wealth Minerals Ltd. reports that the Company has signed an agreement with Lithium Chile Inc. to acquire 1,600 hectares (“New Ollagüe Licenses”) adjacent and near-adjacent to its existing license position in the Ollagüe basin (the “Transaction”). Ollagüe (“Vapor Project”) consists of 4,200 hectares located in northern Chile, Region II, near the Chile-Bolivia border and approximately 200km due north from Atacama.
Pursuant to the terms of the agreement, the Company is obligated to Lithium Chile, upon the completion of due diligence, to issue 2,000,000 shares of Wealth Minerals. An additional payment of 1,000,000 shares is payable by the Company to Lithium Chile if within twelve months Wealth either establishes within the acquired licenses a resource with an average grade of 300 parts per million lithium content, or a test well on the acquired licenses that produces material which tests no less than 300 parts per million lithium content.
The depths of lithium bearing material intersected from the drilling campaign of 2018 coincide very closely with the main low conductivity zone detected by a transient electromagnetic survey (“TEM”) completed by Lithium Chile during March 2018 (see Lithium Chile news release of April 3, 2018) which supports Lithium Chile’s interpretation that the lithium bearing-material in the salar is open at depth.
Wealth’s CEO Hendrik van Alphen, commented: “We look forward working with our partners in the Ollagüe Community to make the Ollague project a success for all stakeholders. This transaction with Lithium Chile clearly shows our commitment to the area, as well as our conviction that it is a superb project for Wealth.“