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Message: The Northern Miner, 5/8/2008

The Northern Miner, 5/8/2008

posted on May 08, 2008 05:13PM

The Northern Miner, 5/8/2008

Wealth Minerals reports progress in two uranium projects in Argentina

Wealth Minerals (WML-V) has reported drilling results from one project, and rock sampling results from another project, both in Argentina.

The company has received drilling results from the Diamante - Los Patos project in the provinces of Salta and Catamarca in northwest Argentina. The company is highlighting two holes in the Bingo zone. Hole 29 returned four metres of 0.043% uranium within a 45-metre interval grading 0.011% uranium, starting at a depth of 24 metres. Hole 20 intersected one metre of 0.12% uranium at a depth of 103 metres.

The goal of the drill campaign was to define the down dip extension of broad zones of outcropping uranium mineralization discovered in an extensive trenching program. The drill program has confirmed the structural control on the higher grade mineralization, as well as defining a large, potentially bulk-leachable deposit. To date, 20 reverse-circulation holes totaling 2,300 metres have tested an area approximately 300 by 300 metres at the Bingo zone. Of these, 18 holes have intersected uranium mineralization. The mineralization is known to extend to depths of about 75 metres and remains open, particularly to the west.

Wealth Minerals has also reported progress at its Bororo Nuevo uranium project in Argentina's San Jorge Basin. The company has found a new zone (named Eta) with mineralized surface rocks.

The company sent 17 rock samples for analysis, and is highlighting results from two rocks collected from the new zone, one grading 0.5% uranium and one with 0.3% uranium. The other 15 rocks were from known zones of mineralization, and they averaged 0.02% uranium. To date, the company has collected 546 samples from Bororo Nuevo, averaging 0.1% uranium.

Eta becomes the seventh zone identified to date at Bororo Nuevo, and extends the corridor of uranium mineralization an additional four km to the northwest. Mineralization at Eta is similar to the other zones at Bororo Nuevo, 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 more sampling and prospecting near Eta. The program is expected to start 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 returned an assay of 0.18% uranium.

Located in southern Argentina, the Bororo Nuevo project is one of the company's flagship properties. The project forms the core part of its 355 sq. km 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 lb. U3O8 Cerro Solo uranium deposit.

Seven large zones of mineralization have been discovered within a corridor measuring nine km by up to seven km, and mineralization remains open in all directions. To date, less than 12% of the property has been explored in systematic fashion, so there is potential for further new discoveries.

Environmental permits have been approved and the company is currently awaiting the 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 start of such work programs, is unknown at present.

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