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Wealth Signs Letter of Intent to Acquire the Laguna Verde Lithium Project in Chile
(via TheNewswire) Vancouver, British Columbia / TheNewswire / December 19 2016 -...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Signs Letter of Intent to Acquire the Laguna Verde Lithium Project in Chile(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / December 19 2016 -: Wealth Minerals Ltd. (the \"Company\" or \"Wealth\") - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZ), announces that its wholly-owned Chilean subsidiary (\"Wealth Chile\") has entered into a letter of intent dated December 12, 2016 with arm's length vendors (the \"Vendors\"), whereby it has been given the exclusive right and option (the \"Option\") to acquire a 100% royalty-free interest in the mining concessions (the \"Concessions\") referred to as the Laguna Verde project (\"Laguna Verde\" or the \"Project\"). The Project comprises 23 Concessions for a total of 2,438 hectares and is located in Region III, northern Chile, 193 km east of the regional capital city of Copiapo, adjacent to Highway 60 and 15 km west of the border with Argentina (Figure 1).\n\n \n \nHistorical Inferred Resource\n\n \n \nPrevious operators have conducted exploration and sampling programs on the Project, including, sampling programs conducted in 2009 and 2010, which were used as the basis for a technical report dated May 5, 2010 prepared by John Hiner, Licensed Geologist and Registered Member of SME, for Pan American Lithium Corp. under National Instrument 43-101 (\"NI 43-101\"). The 2010 technical report includes disclosure of an inferred resource of 512,960 tonnes of lithium carbonate equivalent and 4,223,123 tonnes of potassium chloride equivalent (the \"Historical Inferred Resource\").\n\n \n \nThe Historical Inferred Resource is considered relevant because it was completed using standards consistent with current CIM guidelines as such relate to lithium brine resource estimation. In order to verify the Historical Inferred Resource, the Company has retained the author of the 2010 technical report to conduct a site visit to the Project in the first quarter of 2017 and thereafter to prepare a technical report under N1 43-101 addressed to the Company. The Company cautions that the Historical Inferred Resource is historical in nature and the Company is not treating such resources as a current mineral 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 Inferred Resource as a c...