Business
Wealth Copper Corporate Update
VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfur
About this update from Wealth Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces a corporate update on Wealth Copper Ltd. (“Wealth Copper”), a company 42.63% owned subsidiary of the Company. Overview Wealth Copper is a copper asset development company with two projects in Chile: the Cristal property (the “Cristal Project”) and the Escalones property (the “Escalones Project”). Wealth Copper’s management strongly believes that due to underinvestment in copper projects, as well as global and macro demand dynamics, copper will have a strong market for the next 3 – 7 years. Wealth Copper plans to take advantage of this opportunity by advancing its projects by way of geological work, engineering and permitting for eventual partnering, sale, and/or mine construction. Wealth Copper, with the assistance of the Company, is currently conducting a going-public transaction with a capital pool company, Allante Resources Ltd. (“Allante”) (see news release dated September 27, 2019). More information about Wealth Copper can be found at: www.wealthcopper.com. Cristal Project Description The Cristal Project is a porphyry copper target located in northern Chile, near the Peru/Chile border, and comprises 9 km2 of exploitation concessions. The Cristal Project was the subject of a technical report prepared pursuant to National Instrument 43-101 Standard of Disclosure for Mineral Projects (“NI 43-101”) entitled “National Instrument 43‑101 Technical Report for the Cristal Copper Property, Province of Arica, XV Region of Arica and Parinacota, Chile”, dated effective February 28, 2018, prepared by Thomas A. Henricksen and filed on New Energy Metals Corp. (“ENRG”)’s SEDAR profile on March 29, 2018. It is anticipated that Wealth Copper’s initial focus on the Cristal Project will be to drill-test the center of coincident magnetic, gravity and electromagnetic anomalies reported by BHP Billiton Ltd. as a result of airborne geophysical data surveys conducted by it on the Cristal Project between 2012 and 2014. This large geophysical anomaly is expected to be the primary target at the Cristal Project, with the target depth expected to be 600 m to 800 m from surface (see news release dated December 4, 2019). ...