Receives Positive Assay Results from July 2012 Sampling Outlines Phase II Exploration Program
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ) is pleased to announce that geological mapping and sampling at the Valsequillo property has provided confirmation of bulk-tonnage potential. In the Western Corridor (Figure 1, Table 1), discovery of additional veins and silicified fault zones now outlines a priority target area measuring approximately 900 metres long and 1,000 metres wide. Sampling of artisanal workings (29 samples) returned encouraging grades peaking at 494 g/t silver, 1.07 g/t gold, 11.9% zinc, 4.09% lead and 9.47% copper (data ranges and mean grades are provided in Table 1). Phase II exploration is now being planned with the goal of defining priority targets for drill testing.
To view Figure 1, please click http://media3.marketwire.com/docs/wml1002-F1.pdf.
Western Corridor Silver - Base Metal Prospect
A total of 56 rock samples were taken during a recent geological mapping and sampling program. Twenty nine samples were taken from the new Western Corridor prospect (Figure 1), primarily from artisanal workings and mineralized vein structures. Mean grades are presented in Table 1, together with low and high ranges.
|Table 1: Assay Ranges and Average grade for Western Corridor Prospect (n=29)
|Geochemical Result Range|
|Silver||0.4 g/t||494 g/t||63.04 g/t|
|Gold||below detection||1.07 g/t||0.11 g/t|
Mean grades for all samples (56), including mineralized samples, tectonic breccias, silicified sediments and wall-rock samples are presented in Table 2. These samples include 18 wall-rock samples, adjacent to the high-grade veins. All samples represent characteristic material from continuous or intermittent rock chips over variable widths of up to several metres. Near the main veins, the sampling carefully avoided visibly high-grade sulphide. The sampling demonstrates that the Valsequillo Property as a whole has relatively high background levels of mineralization and thus has potential for bulk-tonnage precious metal and base metal mineralization, similar in style to that of the nearby Santa Barbara Mine at Hidalgo del Parral.
|Table 2: Assay Ranges and Average for all samples
Silver-bearing polymetallic vein systems and deeply buried porphyry-style mineralization are the two potential exploration targets. The exploration to date has already identified two prominent mineralized corridors with silver-bearing polymetallic veins in outcrop and in artisanal workings, of which, the Western Corridor is the most promising to date. The 2,840-hectare Valsequillo Property (Figure 1) covers the uppermost portion of a Tertiary porphyry or sub-volcanic system with potential for high grade and / or bulk tonnage, polymetallic and precious-metal type mineralization analogous to existing deposits within the Altiplano Polymetallic Belt. Past artisanal mining activity concentrated on a number of epithermal, zinc-lead-copper-silver veins, stockworks and silicified zones. The mineral occurrences are predominantly concentrated within two northwest-trending corridors along the eastern and western margins of a large anomalous iron-oxide color anomaly more than 3 km across.
Phase II Exploration Plans
The Company intends to complete a second phase of multi-disciplinary exploration over the entire property, focusing on the Western Corridor. This proposed program includes acquisition of high-resolution satellite imagery, completion of more detailed geological mapping, additional rock sampling to define the extent of mineralization, property-wide geophysical magnetic surveys and geochemical soil sampling, followed by a targeted geophysical induced polarization survey. The results from this work will define drill targets to be tested in Phase III.
About Valsequillo Silver Project
The Valsequillo Silver project is located in southern Chihuahua State, Mexico. The property is located approximately 40 kilometres southeast of the city of Hidalgo Del Parral within the prolific Altiplano Polymetallic Belt of north-central Mexico where access and infrastructure are excellent.
The Company has an option to acquire a 100% interest in the Valsequillo property from a private Mexican family for a total consideration of US$6.65 million over a 54-month period (previous news release February 9, 2012). Two mineral claims are located within the Valsequillo claim and are owned by third party artisanal miners (Figure 1).
The technical aspects of this news release have been reviewed and approved by James M. Dawson, P. Eng., who is a qualified person as defined by National Instrument 43-101. Mr. Dawson is not independent of the Company as he is a director and holds common shares and stock options.
ABOUT WEALTH MINERALS
Wealth is a Canadian-based mineral exploration company with listings on the TSX Venture, OTCQX and Frankfurt Stock Exchanges.
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On Behalf of the Board of Directors of WEALTH MINERALS LTD.
Hendrik Van Alphen, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company or any of its joint venture partners are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company or its joint venture partners may produce or plan to produce, the inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners to produce minerals from their properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement their respective business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.