Wealth Discovers New Zone of High-Grade Uranium Mineralization at its Bororo Nue
posted on May 08, 2008 05:08PM
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2008) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ), is pleased to announce the results from additional sampling at its Bororo Nuevo Project (BNP) in southern Argentina.
Results from an additional 17 rock samples have been received and confirm the discovery of a new high-grade uranium occurrence. Two characterization samples collected from the new occurrence returned values of 11.7 lbs/ton U3O8 (0.497% uranium) and 7.12 lbs/ton U3O8 (0.302% uranium). The remaining 15 samples were collected from known zones of mineralization and returned values ranging from below detection (10 ppm U) to 1.22 lbs/ton U3O8 (0.052% uranium) and averaging 0.46 lbs/ton U3O8 (0.020% uranium). To date, the Company has collected a total of 546 samples from BNP, averaging 2.43 lbs/ton U3O8 (0.103% uranium).
The newly-identified "Eta" zone becomes the seventh zone identified to date at BNP, and extends the fairway of uranium mineralization an additional four kilometres to the northwest (see Figure 1). Mineralization at Eta is similar to the other zones at BNP, consisting of disseminated carnotite hosted in sedimentary rocks. The high-grade mineralization registered greater than 10,000 counts/second with a scintillometer and could be traced at these levels for 20 metres along strike. The Company's field crews are currently planning another field campaign to carry out additional sampling and prospecting in the vicinity of the Eta zone. The program is expected to commence in late May.
In addition, a historical CNEA (Comision Nacional de Energia Atomica) drill site was identified by Company personnel at the southernmost Alpha zone. Estimated to be in excess of 20 years old, the on-site drill cuttings were still highly radioactive and returned an assay of 4.22 lbs/ton U3O8 (0.179% uranium).
To view Figure 1: Bororo Nuevo Zones of Mineralization, please click on the following link: http://media3.marketwire.com/docs/0502wml.jpg
Bororo Nuevo Project Overview
Located in southern Argentina, the Bororo Nuevo project is one of the Company's flagship properties and forms the core part of the Company's extensive 355 square kilometre land-holdings targeting high-grade uranium mineralization in the productive San Jorge Basin, which is host to the past-producing Cerro Condor and Los Adobes uranium deposits as well as the 10.3 million pound U3O8 Cerro Solo uranium deposit.
Seven large zones of mineralization have been discovered within a uranium fairway measuring 9 kilometres by up to 7 kilometres and mineralization remains open in all directions. To date, less than 12% of the property has been explored in systematic fashion, indicating the excellent potential for further new discoveries.
Environmental permits have been approved and the Company is currently awaiting the necessary permits and approvals to conduct both the initial drill testing of known showings and a detailed HiRAM (High-Resolution Radiometrics and Magnetics) survey designed to rapidly prospect the remaining 90% of the project area. Timing for the issuance of the applicable permits, and hence the commencement of such work programs, is unknown at this time.
Qualified Person & QA/QC Controls
R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Heffernan is not independent of Wealth by virtue of being an officer and a holder of incentive stock options.
Wealth's work programs are supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President, Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at each project rigorously collect and track samples which are then sealed and shipped to Alex Stewart Assayers Argentina S.A. (ASA) laboratory facilities in Mendoza, Argentina for analysis. ASA's quality system complies with the requirements for the International Standard ISO 9001:2000. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.
Laboratory results are received in parts per million uranium. The conversion factor used to convert parts per million uranium to pounds per short ton U3O8 is 1.179, which was verified with the Saskatchewan Research Council (ppm uranium x 1.179 equals ppm U308; 10,000 ppm uranium equals 1% equals 20 lbs/ton uranium).
About Wealth Minerals Ltd.
Wealth is a well financed mineral exploration company with approximately 26.7 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is the acquisition and exploration of prospective uranium properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium projects in these and other countries.
For further details on the Company readers are referred to the Company's web site (www.wealthminerals.com) and Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of WEALTH MINERALS LTD.
Henk Van Alphen, President & Chief Executive Officer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the timing, cost and nature of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves and the potential size and nature of any uranium deposit at Bororo Nuevo. 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 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, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's current 20F for a more complete discussion of such risk factors and their potential effects.
This press 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 US Securities and Exchange Commission's mining guidelines 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.
All of the Company's 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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release, which has been prepared by management.