Business
Wealth Minerals Extends Cooperation Agreement with the Indigenous Quechua Community of Ollague for a Second Drilling Campaign
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Wealth Minerals Ltd. (TSXV: WML) ...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals Extends Cooperation Agreement with the Indigenous Quechua Community of Ollague for a Second Drilling CampaignVancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") announces the Company has signed an agreement with the Indigenous Quechua Community of Ollagüe (Ollagüe Community), setting the terms of cooperation between the two parties as an extension of the original cooperation agreement signed previously (see press release March 28, 2022). Wealth remains committed to respect community rights and traditions and to be open and transparent in all activities regarding the Ollagüe Project.The two parties have agreed that Wealth may drill up to twelve holes in the Ollagüe salar basin, designed to maximize information to improve and potentially increase the resource estimate for the Ollagüe Project (see press release January 17, 2023). The data collected, including from flow-test wells, will also allow the Company to advance towards a prefeasibility study proceeding from the pending preliminary economic assessment (\"PEA\"). Wealth management expects the PEA to be completed and announced by the end of Q3-2023.A fundamental part of the Company's drill program is the minimization of its footprint in the area by using existing roads and having as unobtrusive presence as possible so as to minimize the impact on Ollagüe residents and the surrounding environment. During the course of Wealth's drilling program, the Company will prioritize local service providers for transport, vehicles, food and lodging, as well as contracting Ollagüe Community members to monitor the drilling activities as part of our commitment to transparency and participation. The Company has also committed to advance the Ollagüe Project with an end-goal of using only Direct Lithium Extraction technology (\"DLE\") and not water-wasteful solar evaporation.Wealth's CEO Hendrik van Alphen commented, \"This agreement with the Quechua Community is yet another significant step in the progression of our Ollagüe Project, including work we are doing in parallel on DLE technology development and testing. The agreement is also a demonstration of our capacity to partner effectively with communities and to contin...