28.9% TREO in Initial Sampling Confirms Presence of High-Grade Rare Earth Element Mineralization at Wealth's Rodeo de los Molles Project, Argentina
Highlights include 8.7 metres at 1.34% TREO; 2.2 metres at 3.53% TREO; and 3.2 metres at 3.06% TREO.
- (1888PressRelease) April 22, 2011 - Vancouver, British Columbia -- Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSX VENTURE:WML) (FRANKFURT:EJZ) announces that the initial results from its Phase I surface exploration at its Rodeo de los Molles (Rodeo) Rare Earth Element (REE) Project in San Luis Province, Argentina confirm the presence of outcropping high-grade REE mineralization.
Additionally, 136 selected rock grab samples collected from outcrop and material quarried by the previous operator average 1.70% Total Rare Earth Oxide (TREO) with values ranging from detection limits to 28.9% TREO.
Following a highly successful recent property visit by Wealth's ( http://www.wealthminerals.com ) specialist REE expert advisory committee comprised of Dr. Tony Mariano, Alastair Neill, and Dr. Raul Lira, the Company has decided to significantly increase the planned exploration and resource definition work on this exciting new discovery. Specifically, the advisory board commented on the well-developed near-site infrastructure, large land-package including outcropping potential REE mineralization (confirmed by this initial sampling program) and anticipated favourable metallurgical or recovery characteristics of the mineralization (test-work is currently in progress).
Commenting on these results, President and CEO Henk Van Alphen stated: "The results returned from this initial phase of work at Rodeo confirm the existence of the high-grade REE mineralization reported by previous operators. While one of our primary objectives is to establish the presence of a National Instrument 43-101 estimated resource, the presence of high grade REE mineralization outside the historic deposit areas is especially encouraging and these targets will be tested during the upcoming drill program, which is anticipated commence in the very near future."
Results
Channel samples, cut with a portable rock saw, were systematically collected from surface exposures both peripheral to and from within the two main zones, 'La Juli' and 'Mina Norte', as well as the under-explored 'El Rulo' zone. The final results (Table 1) successfully confirm the tenor of REE mineralization present at Rodeo and highlight the potential for additional discovery.
Representative grab samples of quarried material from the La Juli zone stockpiles (~250 meter diameter) averaged 2.02% TREO from 61 samples. Similarly, 38 selected grab samples collected from stockpiles at the Mina Norte zone (~400 metres by ~150 metres), averaged 1.55% TREO.
Click Here for Table ( http://www.marketwire.com/press-release/Wealth-Minerals-Ltd-Initial-Sampling-Confirms-Presence-High-Grade-Rare-Earth-Element-TSX-VENTURE-WML-1425541.htm )
Average Composition
The average composition of individual REE's from the 136 grab rock samples is summarized in Table 2.
Click Here for Table ( http://www.marketwire.com/press-release/Wealth-Minerals-Ltd-Initial-Sampling-Confirms-Presence-High-Grade-Rare-Earth-Element-TSX-VENTURE-WML-1425541.htm )
Looking Ahead
The Company will commence Phase II of its aggressive exploration program upon completion of the detailed surface work, the aim of which is to increase the known mineralization and define a NI 43-101 compliant resource. The field portion of Phase II will begin with approximately 2,000 metres of diamond drilling (20 to 30 holes) and include additional mapping, sampling and prospecting and metallurgical work. The program is expected to cost approximately $450,000 and take approximately two months to complete. The Company anticipates commencing the drilling portion of the program once the on-going drill program at the Company's Bororo Nuevo uranium property is complete (anticipated to be on or about the middle of May, 2011).
To view maps associated with this release, please visit the following link: media3.marketwire.com/docs/wml411d.pdf.
Rodeo de los Molles Rare Earth Deposit Overview
The Rodeo de los Molles ("Rodeo") rare earth deposit is the largest undeveloped Rare Earth Element 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 resources, and therefore they should not be relied upon.
Historical exploration at the Rodeo deposit has only tested REE mineralization to very shallow depths of approximately 35 to 50 vertical metres. The mineralization discovered to date remains open for expansion in all directions, including at depth.
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.
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 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 SA, 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 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 the acquisition and exploration of prospective uranium and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on its 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 (wealthminerals.com) and its Canadian regulatory filings on SEDAR at sedar.com.
On Behalf of the Board of Directors of:
WEALTH MINERALS LTD.
Hendrik Van Alphen, President & CEO
Press & Media Contact:
John Kocela
Wealth Minerals Ltd.
Suite 2300 - 1177 West Hastings Street
Vancouver, BC - V6E 2K3 Canada
604-638-3281
info ( @ ) wealthminerals dot com
http://www.wealthminerals.com
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