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Wealth Minerals and the Quechua Indigenous Community of Ollague Sign Agreement to Jointly Develop the Kuska Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Wealth Minerals Ltd. (TSX...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals and the Quechua Indigenous Community of Ollague Sign Agreement to Jointly Develop the Kuska Lithium ProjectVancouver, British Columbia--(Newsfile Corp. - February 3, 2025) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") - and the Quechua Indigenous Community of Ollagüe (\"CIQO\"), collectively the \"Parties\", have agreed (the \"Agreement\") to form a joint venture company (the \"JV\") to develop the Kuska Lithium Project (\"Kuska\") on the territory of the Ollagüe Salar.The Agreement considers that CIQO will make their best efforts to promptly work with the Wealth team to establish a Chilean legal entity to serve as the JV, and CIQO will own a 5% free-carried interest in the JV and have the right to one of five director seats on the Board of Directors of the JV. Both Wealth and CIQO believe this structure is the right balance to bring Kuska to production and ensure the highest standards of community participation and transparency. The Parties have also discussed the JV developing new projects in the CIQO general area of interest where there may be synergies with Kuska. The Kuska Project is located in the Ollagüe Salar, Antofogasta region, northern Chile, and is presently 100% owned by Wealth Minerals and royalty-free. The maiden resource report published by Wealth Minerals Ltd. (see press release January 17, 2023 and Technical Report of January 13, 2023 \"Estimated Lithium Resources Ollagüe Project\" posted on SEDARPlus) estimates 741,000 tons Lithium Carbonate Equivalent (\"LCE\") indicated resources grading 175 mg/L (plus 701,000 tons LCE inferred resources grading 185 mg/L) with an average indicated lithium grade of 175mg/l. On January 4, 2024, Wealth announced the key highlights of a PEA produced by DRA Global Limited. The PEA describes the Kuska Project development towards a 20,000 metric tpa LCE output and an anticipated Life of Mine (\"LOM\") of 20 years. The Kuska Project in the PEA estimates a Pre-Tax NPV10% of US$1.65 bn and a 33% IRR. The PEA was filed on SEDARPlus on February 16, 2024.On September 30, 2024, the Government of Chile announced that the Strategic Council of the Lithium and Salt Flats Committee (\"Strategic Council\") had approved a first group of six locations for the development of lithium projects in Ch...