Business
Wealth Minerals Announces Option Agreement and Flow-through Offering for the Kootenay Nickel-Cobalt-Copper Project
VANCOUVER, British Columbia, Oct. 29, 2019 (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, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), reports it has negotiated an option agreement for the Kootenay nickel-cobalt-copper property in south eastern British Columbia, (the “Kootenay Project” or the “Project”; see Figure 1). The Project comprises two separate claim blocks: Ledgend, covering 1,728 hectares, and Lardeau, covering 6,136 hectares. The Kootenay Project is within the prospective Lardeau group, which hosts numerous volcanogenic massive sulphide deposits, including the past-producing Goldstream mine, located north of Revelstoke, British Columbia. The Project covers some of the most prospective (95th and 99th percentile) of the anomalous nickel-cobalt silt anomalies produced by the regional stream sampling programmes of the B.C. Ministry of Mines. The proceeds from the Company’s flow-through financing (as discussed below) are expected to be used for a helicopter-borne VTEM™ and magnetic geophysical survey covering 2,900 hectares (641 line kilometres) of the Kootenay Project. Henk van Alphen, Wealth’s CEO, stated: “Wealth continues its focus on battery metals. World nickel inventories are very low and management of Wealth anticipates that these inventory levels will remain tight as global demand continues well ahead of the pace of nickel production in the future. For example, in the past two years nickel inventories at a key benchmark, the London Metal Exchange, have fallen by 80% to about 77,000 metric tons, or less than two weeks of global nickel consumption. Specifically, the Kootenay Project offers upside potential of exploration success in a part of British Columbia where the province’s own geological service has highlighted the potential of nickel mineralization discovery.” Ledgend Property: Exploration to Date The Ledgend property contains the first documented occurrence of nickel-cobalt bearing massive sulphides in the Kootenay region. The mineralization was first described in 1998 by the B.C. Geological Survey as outcropping massive pyrrhotite with nickel and cobalt minerals. The mineralized horizon can be traced in anomalous soil samples and rock float over hundreds of meters along strike. In 2016, the underlying owners located float boulders from the discovery area and grab sam...