Wealth Minerals Ltd. reports the company has received TSX Venture Exchange acceptance of the agreement with Lithium Chile Inc. (“Lithium Chile”) to acquire 1,600 hectares (“New Ollagüe Licenses”) adjacent and near-adjacent to its existing license position in the Ollagüe basin (the “Transaction”) (see news release dated May 3, 2022). Pursuant to the terms of the agreement, the Company has issued 2,000,000 shares of Wealth Minerals to Lithium Chile Inc. Any future payments required under the Transaction will be subject to TSXV acceptance.
On June 13, 2022, Wealth announced the start of drilling on its licenses in the Ollagüe basin. Since then, the Company has made good progress on drilling its planned program, which continues to move forward on time and on budget. Management anticipates drill results by the end of summer 2022.
The Ollagüe Project, after the Transaction, consists of 8,000 hectares located in northern Chile, Region II, near the Chile-Bolivia border. Lithium Chile conducted a drilling campaign in 2018, which returned lithium grades up to 480 Li mg/l and earlier surface sampling work returned lithium grades as high as 1,140 Li mg/l. Readers are cautioned these results are not in any way indicative of mineral deposits on Wealth’s mineral properties or position in the Ollagüe basin. Wealth previously conducted a coincident loop Transient Electromagnetic (“TEM”) survey on the Ollagüe Project, which identified very highly conductive zones (“Zones”) and are interpreted to represent porous media with high-salinity fluids (potentially lithium-bearing brines) at depth.
Testing these Zones with drilling is the focus of Wealth’s anticipated drilling program for 2022.