EJZN), reports it has negotiated an option agreement for the Ko otenay nickel- cobalt-copper
Suite 2300 – 1177 West Hastings Street, Vancouver, BC Canada V6E 2K3
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
NR19-22 October 29, 2019
Wealth Announces Option Agreement and Flow-through Offering for
the Kootenay Nickel-Cobalt-Copper Project
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE SERVICES**
FOR IMMEDIATE RELEASE....Vancouver, British Columbia: Wealth Mi nerals Ltd.
(the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WM LCL; Frankfurt:
EJZN), reports it has negotiated an option agreement for the Ko otenay nickel- cobalt-copper
property in south eastern British Columbia, (the “Kootenay Proj ect” or the “Project”; see Figure
1). The Project comprises two separate claim blocks: Ledgend, c overing 1,728 hectares, and
Lardeau, covering 6,136 hectares.
The Kootenay Project is within the prospective Lardeau group, w hich hosts numerous
volcanogenic massive sulphide depos its, including the past-prod ucing Goldstream mine, located
north of Revelstoke, British Columbia. The Project covers some of the most prospective (95th and
99th percentile) of the anomal ous nickel-cobalt silt anomalies produced by the regional stream
sampling programmes of the B.C. Ministry of Mines.
The proceeds from the Company’s flow-through financing (as disc ussed below) are expected to
be used for a helicopter-borne VTEM™ and magnetic geophysical survey covering 2,900 hectares
(641 line kilometres) of the Kootenay Project.
Henk van Alphen, Wealth’s CEO, stated: “Wealth continues its fo cus on battery metals. World
nickel inventories are very low and management of Wealth anticipates that these inventory levels
will remain tight as global demand continues well ahead of the pace of nickel production in the
future. For example, in the pas t two years nickel inventories at a key benchmark, the London
Metal Exchange, have fallen by 80% to about 77,000 metric tons, or less than two weeks of global
nickel consumption. Specifically, the Kootenay Project offers u pside potential of exploration
success in a part of British Columbia where the province’s own geological service has highlighted
the potential of nickel mineralization discovery.”
Ledgend Property: Exploration to Date
The Ledgend property contains the first documented occurrence of nickel-cobalt bearing massive
sulphides in the Kootenay regi on. The mineralization was first described in 1998 by the B.C.
Geological Survey as outcropping massive pyrrhotite with nickel and cobalt minerals. The
mineralized horizon can be traced in anomalous soil samples and rock float over hundreds of
meters along strike. In 2016, the underlying owners located float boulders from the discovery area
and grab samples of massive pyrrhotite–pyrite float returned values of 0.15% to 0.76% nickel and
100 to 900 ppm cobalt, and anomalous copper and zinc.
Wealth Minerals Ltd. - 2 - October 29, 2019
NR19-22 – Continued
In October 2017, a newly discovere d large outcrop at the origin al showing was cleaned and chip
sampled, with 4 metres grading 0.22% nickel and 161ppm cobalt, including a one metre sample
grading 0.39% nickel and 0.028% cobalt. True widths should be close to sample widths. Massive
to semi-massive pyrite-pyrrhotite occurs between an upper horiz on of siliceous biotite schist and
lower horizon of talc-tremolite schist.
In May 2018, approximately 90 line kilometres, or 375 hectares, of drone airborne magnetometer
geophysics was flown in order to trace the sulphide horizon. The survey successfully outlined the
favourable horizon as a strong analytical signal anomaly over 1 200 metres in length, coincident
with nickel, cobalt and copper soil geochemical anomalies, and open to the south. Ten hand-dug
trenches were excavated across the Property to test the stronge r soil/geophysical anomalies,
concentrating on the high-priority Central Zone and East Zone of the Property. While the shallow
trenching failed to uncover more massive sulphides, sampling of deeply weathered gossanous units
and a siliceous, chrome-rich horizon indicated significant pote ntial for deeper semi-massive
sulphides.
The nickel-cobalt mineralization is hosted by talc-tremolite-ca rbonate schist within northwest-
trending, east dipping, tightly fol ded sericite and biotite sch ists, and quartzite of the Index
Formation, a member of the Lardeau group. Adjacent graphitic an d manganiferous layers are
particularly anomalous in metals and thought to be seafloor exh alatives generated by submarine
hydrothermal fluids. The rock type s and style of mineralization are similar to the Outokumpu
massive sulphide district in central Finland.
Note that the exploration results described here for the Kootenay Project are preliminary in nature
and not conclusive evidence of the likelihood of a mineral deposit.
Lardeau Property: Exploration to Date
The Lardeau property covers 6,136 Ha of mostly low-lying forest with sparse outcrop west of the
Lardeau River. It was staked on the basis of anomalous nickel-c obalt regional silt anomalies
produced by the regional sampling programmes of the B.C. Minist ry of Mines. Initial work by a
previous operator in 2017 included 126 silt samples at approximately 200-metre spacing from the
numerous small creeks which cut across the regional geological trend in the fall of 2017. Three
drainages returned highly anomalous nickel (>100 ppm), cobalt (>30 ppm) and copper (>50 ppm)
values, over up to three kilometres of their length.
Limited reconnaissance work along the access roads on the Lardeau property identified listwanite
float in the northern anomalous creeks. Listwanite is a quartz- carbonate alteration product of
nickel-bearing ultramafic rocks, and like the talc and actinolite schists found on Ledgend property,
is associated with nickel-cobalt mineralization. Ultramafic roc ks are also associated with the
massive sulphides at the Standard volcanogenic massive sulphides (“VMS”) showing.
Wealth intends to fly a helicopter-borne VTEM™ and magnetic geo physical survey covering
2,900 hectares (641 line kilometres) over the Lardeau claim block in the fall of 2019. Base metal
mineralization at Lardeau is expected to be associated with pyrrhotite, which has a strong magnetic
signature based on results from the Ledgend property. New logging roads planned for this area are
expected to aid in access for prospecting and geochemical sampl ing of geophysical anomalies to
generate drill targets. If overburden is problematic, then grou nd geophysical surveys are
anticipated to be used to delineate drill targets.
Wealth Minerals Ltd. - 3 - October 29, 2019
NR19-22 – Continued
Exploration Potential
Wealth believes the metavolcanic and metasedimentary units of t he southern Lardeau group to
have excellent potential for hosting VMS with significant nicke l-cobalt (± copper-zinc) content.
The other known VMS occurrences in the belt were either discove red in areas of good rock
exposure, at high elevations, or by chance during construction of forestry roads. The heavily
vegetated low-elevation regions a re under-explored, and few pre vious workers in the area
recognized the potential for nickel-cobalt mineralization related to widespread, narrow ultramafic
horizons altered to tac-schist and listwanite (siliceous iron carbonate). Past exploration has focused
on lead-zinc- silver replacement and silver-gold vein deposits.
The claims within the Lardeau group cover some of the most prospective (95th and 99th percentile)
of the anomalous nickel-cobalt silt anomalies produced by the r egional stream sampling
programmes of the B.C. Ministry of Mines. More details on the p roperties comprising the
Kootenay Project are available at www.WealthMinerals.com.
Wealth Minerals Ltd. - 4 - October 29, 2019
NR19-22 – Continued
Figure 1: Location of Kootenay Properties in Southeast B.C.
Details of Option Terms
Subject to approval of the TSX Venture Exchange (the “TSXV”), t he Company has entered into
an option agreement to acquire the Kootenay Project, comprising claims totaling 7,864 hectares.
The underlying beneficial owners of the Kootenay Project are Cr ockite Resources Ltd. and
Dawson Geological Consultants Lt d. (collectively, the “Vendors” ), bo th of which are at arm ’s
length to the Company. Wealth has been granted the exclusive o ption to acquire a 100% interest
in the Kootenay Project by issuing an aggregate of 3,000,000 co mmon shares in its capital and
making payment to the Vendors in the aggregate amount of CAD$1,000,000 over a four-year term,
the details of which are as follows:
Wealth Minerals Ltd. - 5 - October 29, 2019
NR19-22 – Continued
Date Cash (CAD) and Wealth Shares
Closing No cash or shares
Year 1 Anniversary $200,000 and 500,000 shares
Year 2 Anniversary $300,000 and 1,000,000 shares
Year 3 Anniversary $500,000 and 1,500,000 shares
Total $1,000,000 and 3,000,000 shares
The claims comprising the Kootenay Project are subject to a 2% net smelter return royalty. Wealth
will have the right to purchase ½ of the royalty applicable to the Kootenay Project for a payment
of CAD$1,500,000 in cash at any time following the date that Wealth exercises its right to acquire
the claims. In addition, one of the claims comprising the Lard eau property is subject to a 2.5%
net profits interest royalty.
Flow-Through Offering
Wealth announces a non-brokered private placement of up to 1,00 0,000 flow-through common
shares at an offering price of $0.40 per share to raise gross p roceeds of up to $400,000
(the “Offering”).
The proceeds of the Offering are expected to be used to incur e ligible “Canadian exploration
expenses” that will qualify as “flow-through mining expenditure s” (within the meaning of the
Canada Income Tax Act) related to the Kootenay Project s for renunciation to the subscribers under
the Offering.
Finder’s fees may be payable to arm’s length parties that have introduced the Company to certain
subscribers participating in the Offering. All securities issued in the Offering are subject to a four-
month hold period, during which time the securities may not be traded. Closing of the Offering is
subject to the approval of the TSX Venture Exchange.
The securities offered have not been and will not be registered under the United States Securities
Act of 1933 (the “U.S. Securities Act”), as amended, or any applicable stat e securities laws and
may not be offered or sold in the United States or to "U.S. per sons", as such term is defined in
Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from
the registration requirements. Th is news release shall not cons titute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.
Qualified Person
John Drobe, P.Geo., Wealth's Exploration Manager and a qualified person as defined by National
Instrument 43-101 Standards of Disclosure for Mineral Projects , has reviewed the scientific
information that forms the basis for this news release, and has approved the disclosure herein.
Mr. Drobe is not independent of the Company as he is a consultant and shareholder of Wealth and
holds incentive stock options of the Company.
Wealth Minerals Ltd. - 6 - October 29, 2019
NR19-22 – Continued
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. Readers are cautioned
that the Company has no interest in or right to acquire any interest in any such properties, and that
mineral deposits, and the results of any mining thereof, on adj acent or similar properties are not
indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The
Company’s main focus is the acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects, namely copper and nickel, where
it has a peer advantage in project selection and initial evaluation.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural
issues with the industry meeting anticipated future demand. Wea lth is positioning itself to be a
major beneficiary of this future mismatch of supply and demand. In parallel with lithium market
dynamics, Wealth believes other battery metals will benefit from similar industry trends.
For further details on the Compa ny readers are referred to the Company’s website
(www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please
contact:
Marla Ritchie, Henk van Alphen or Tim McCutcheon
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
E-mail: [email protected]
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-
looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact,
included herein including, without limitation, statements with respect to anticipated exploration program results from
exploration activities, the Company’s expectation that Wealth will enter into agreements to acquire interests in
additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves, the closing and
amount of the Offering, the exercise of the option to acquire the Kootenay Project, and the anticipated business plans
and timing of future activities of the Company 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-
Wealth Minerals Ltd. - 7 - October 29, 2019
NR19-22 – Continued
looking statements are typically iden tified by words such as: “believes”, “e xpects”, “anticipates”, “intends”,
“estimates”, “plans”, “may”, “should”, “would”, “will”, “p otential”, “scheduled” or variations of such words and
phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might
or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company
has applied several material assumptions, including without limitation, that TSXV acceptance and the required
corporate approvals of the acquisition of the Kootenay Project and the Offering will be obtained, that there will be
investor interest in th e Offering, market fundamenta ls will result in sustained lith ium, copper, cobalt, nickel and
precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in
connection with the future development of the Company’s projects in a timely manner, including the Kootenay Project,
and the Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking information. Such risks and other factors include,
among others, operating and technical difficulties in connection with mineral exploration and development activities,
actual results of exploration activities, including on the Koot enay Project, the estimation or realization of mineral
reserves and mineral resources, the fact that the Company’s interests in the Kootenay Project is an option only and
there is no guarantee that such interests, if earned, w ill be certain, the timing and amount of estimated future
production, the costs of production, ca pital expenditures, the costs and timing of the development of new deposits,
requirements for additional capital, future prices of lithium, copper, cobalt and nickel, changes in general economic
conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor
interest in the Offering, accidents, labour disputes and other risks of the mining industry, delays in obtaining
governmental approvals, permits or financing or in the completion of development or construction activities, changes
in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any
necessary permits, consents, approvals or authorizations, including acceptance by the TSXV required for the Offering
and the acquisition of the Kootenay Project, the timing and possible outcome of any pending litigation, environmental
issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the
Company’s Managements’ Discussion and Analysis and filed w ith the Canadian Securities Authorities. 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.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no
obligation to update any of the forward-looking statements in this news release or incorporated by reference herein,
except as otherwise required by law.