Wealth Announces Completion of VTEMTM Geophysical Surveys and Discovery of Multiple New VMS Targets on its Kootenay Nickel- Cobalt-Copper Project
#2710 – 200 Granville Street, Vancouver, BC Canada V6C 1S4
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
NR22-17 August 17, 2022
Wealth Announces Completion of VTEMTM Geophysical Surveys and
Discovery of Multiple New VMS Targets on its Kootenay Nickel-
Cobalt-Copper Project
FOR IMMEDIATE RELEASE....Vancouver, British Columbia: Wealth Minerals Ltd.
(the “Company” or “Wealth”) - (TSXV: WML; OTCQB : WMLLF; SSE: WMLCL; Frankfurt:
EJZN), reports it has completed a 12,014 line -km, helicopter-borne, VTEM™ and magnetic
geophysical survey (“VTEM”) covering 5,456 hectares within the Kootenay nickel -cobalt-gold
property in south-eastern British Columbia (the “Kootenay Project”), see Figure 1. The Kootenay
Project comprises two separate claim blocks: the Lardeau-Goldsmith claim block, covering 6,951
hectares, and the Ledgend claim block covering 1,728 hectares. The geophysical review of the
survey data has outlined several exciting VMS (volcanogenic massive sulphide) targets on both
claim blocks.
Henk Van Alphen, Wealth’s CEO stated, “ Wealth will always stay focused on its core lithium
assets. However, having low -cost optionality to other battery metals is a benefit to shareholders
and an easy task for management to run. The Kootenay project offers upscale potential for the
discovery of nickel/cobalt mineralization. Additionally, we are fortunate that both properties also
have demonstrated significant exploration potential for gold mineralization.”
The Kootenay project is located within the prospective Lardeau group, the host of numerous base
metal and gold prospects including the past producing Goldstream Mine, located north of
Revelstoke, B.C. The project covers some of the most prospective (95th and 99th percentile) of the
anomalous nickel-cobalt and gold silt anomalies outlined by the regional sampling programs of
the B.C. Ministry of Mines. Greenstone and shale units within the group (the Index Formation)
host VMS deposits elsewhere in the belt (e.g., the Goldstream deposit). The rock types and style
of mineralization are similar to the Outokumpu massive sulfide district of central Finland.
Wealth believes that the metavolcanic and metasedimentary rocks of the southern Lardeau group
(together with the associated ultramafic bodies) have excellent potential for hosting VMS type
deposits with significant nickel -cobalt (+/- copper-zinc) content as well as shear zone/vein type
gold deposits associated with listwanite alteration zones. The Lardeau belt rocks are known as
favorable hosts for a variety of mineral deposit types, but most discoveries have been made at well
exposed higher elevations. The Lardeau claims and adjacent Goldsmith property are mostly
covered by dense primary and secondary (post burn) forest. Recent logging has exposed areas of
very prospective bedrock and provides excellent access for detailed exploration.
Wealth Minerals Ltd. - 2 - August 17, 2022
NR22-17 – Continued
Figure 1: Location of Kootenay Properties in Southeast B.C.
Wealth Minerals Ltd. - 3 - August 17, 2022
NR22-17 – Continued
Ledgend Property
The Ledgend property contains the first documented occurrence of nickel-cobalt bearing massive
sulfides in the Kootenay region. The mineralized horizon can be traced in anomalous soil samples
and bedrock float over hundreds of metres along strike. In 2016, boulders from the discovery area
containing massive pyrrhotite -pyrite returned values of 0.15% to 0.76% nickel and 100 to 900
parts per million (“ppm”) cobalt. A newly discovered outcrop of sulphides near the original
discovery was cleaned and chip sampled in late 2017, returning 4 metres grading 0.22% nickel and
161 ppm cobalt, including a one -metre sample grading 0.39% nickel and 0.028% cobalt. The
nickel-cobalt mineralization is hosted by talc -tremolite-carbonate schist within northwest -
trending, east dipping, tightly folded sericite and biotite schists and quartzite of the Index
Formation, a distinctive unit within the lower part of the Lardeau group. Adjacent graphitic and
manganiferous layers are particularly anomalous in metals and thought to be seafloor exhala tives
generated by submarine hydrothermal fluids.
In May 2018, approximately 90 line-km (over a 375-hectare area) of drone airborne magnetics was
flown to map out the sulfide horizon. The survey successfully outlined the favorable horizon as a
significant anomaly over 1,200 metres in strike length, coincident with nickel, cobalt and copper
soil geochemical anomalies open to the south and north.
The recently completed VTEM survey cover s the north end of the Ledgend property, an area of
very poor historical data coverage, but prospective stratigraphy. Two significant, highly
conductive EM anomalies occur on the eastern edge of the geophysical survey grid and on strike
with Ni-Cu-Zn soil and magnetic anomalies to the south (Figure 2). The strong conductors, with
conductivity-thicknesses (“CTs”) of >300 siemens, are interpreted to be shallow (Northeast target)
and outcropping (Lost Ledge Creek target) massive sulphides.
Lost Ledge Creek, which drains this area, returned the highest gold value in silts ( 340 parts per
billion) collected by the government regional RGS survey in the central Kootenay district.
Resampling of this site in 2016-2017 successfully duplicated the government results. Anomalous
gold and historical high-grade gold prospects and past-producing mines are associated with VMS
mineralization in the belt, from the Goldstream deposit north of Revelstoke, south to the Beaton
area, and further south to the Goldsmith property.
Wealth Minerals Ltd. - 4 - August 17, 2022
NR22-17 – Continued
Figure 2: Ledgend property analytical signal magnetics with VTEM conductors.
Lardeau Property
The Lardeau property covers 6,136 hectares of mostly low-lying, forest covered terrain with sparse
outcrop, west of the Lardeau River. It was staked based on anomalous nickel-cobalt regional silt
anomalies delineated by RGS surveys completed by the B.C. Ministry of Mines. Initial work by a
previous operator in 2017 included 126 silt samples collected at approximately 200-metre spacing
from the numerous small creeks which cut across the regional geological trend. Three drainages
returned highly anomalous nickel (>100 ppm ), cobalt (>30 ppm ) and copper (>50 ppm ) values
Wealth Minerals Ltd. - 5 - August 17, 2022
NR22-17 – Continued
over 3km of their length. Subsequent follow -up silting duplicated these values and returned
anomalous gold values from creeks cut by newly constructed logging roads.
Reconnaissance prospecting along logging roads identified listwanite in float and outcrop.
Listwanite is a quartz-carbonate-chrome mica alteration product frequently associated with nickel-
bearing ultramafic rocks, which in turn are often associated with VMS deposits . It is also
frequently associated with gold mineralization of the “Motherlode” type and is seen near high-
grade gold showings on the Goldsmith property located immediately north of the Lardeau claims.
Base-metal VMS mineralization at Lardeau is expected to be associated with pyrrhotite, which
often produces strong magnetic activity and EM anomalies. The VTEM survey generated 18 EM
anomalies (Figure 3), which were modeled and sorted by their calculated conductance-thickness.
The strongest EM anomaly occurs at the contact of Index and Jowett formations on the Lardeau 1
claim, within a strong Ni -Cu silt anomaly in an area of recent logging activity and is a priority
target for field checking, as it is a probable VMS occurrence. The third strongest EM anomaly is
2.6km to the northwest within Jowett metavolcanics . Both are ac cessible from recent logging
roads. The second strongest EM anomaly occurs within the Index Formation near the road running
up Cascade creek, just south of the Goldsmith block.
Active logging in the area over the last several years has greatly improved a ccess for prospecting
and sampling of geophysical anomalies to generate drill targets.
Wealth Minerals Ltd. - 6 - August 17, 2022
NR22-17 – Continued
Figure 3: Lardeau-Goldsmith property with analytical signal magnets and VTEM
conductors.
Wealth Minerals Ltd. - 7 - August 17, 2022
NR22-17 – Continued
Next Steps
Wealth plans to reconnaissance map the VTEM anomalies described above in late summer 2022,
and sample any outcrops of mineralization or, if lacking outcrop, collect soil samples. A notice of
work for drilling in summer 2023 will be filed once this work is complete. In addition, the southern
third of the Ledge nd claim block will be covered by VTEM, completing 100% coverage of the
Kootenay properties.
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 Crockite Resources Ltd. and James
M. Dawson and Dawson Geological Consultants Ltd. (collectively, the “Vendors”), both of which
are at arm’s length to the Company. Wealth has been granted the exclusive option to acquire a
100% interest in the Kootenay Project by issuing an aggregate of 3,000,000 common shares in its
capital stock and making payments to the Vendors in the aggregate amount of CAD$895,000 over
a four-year term, the details of which are as follows:
Date Cash to
Optionor
Common Shares
to Optionor
On the Effective Date $25,000 Nil
On the Closing Date Nil 200,000
Year 1 Anniversary Date $75,000 400,000
Year 2 Anniversary Date $170,000 600,000
Year 3 Anniversary Date $225,000 800,000
Year 4 Anniversary Date $400,000 1,000,000
Total: $895,000 3,000,000
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 compris ing the Lardeau property is subject to a 2.5%
net profits interest royalty.
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.
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
Wealth Minerals Ltd. - 8 - August 17, 2022
NR22-17 – Continued
mineral deposits, and the results of any mining thereof, on adjacent 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 and Chile. The Company’s
focus is the acquisition and development of lithium projects in South A merica. To date, the
Company has positioned itself to work alongside existing producers in the prolific Atacama salar,
where the Company has a substantial licenses package.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural
issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a
major beneficiary of this future mismatch of supply and demand. The Company also maintains
and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
For further details on the Company 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, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886
For all Investor Relations inquiries, please contact:
John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow Us:
Facebook – https://www.facebook.com/WealthMineralsLtd
Linkedin – https://www.linkedin.com/company/wealth-minerals
Twitter – https://www.twitter.com/WealthMinerals"Hendrik van Alphen"
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.