Wealth Announces Option Agreement for Goldsmith Gold Property, an extension of the Kootenay Project
Suite 2300 – 1177 West Hastings Street, Vancouver, BC Canada V6E 2K3
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
NR20-10 May 5, 2020
Wealth Announces Option Agreement for Goldsmith Gold Property,
an extension of the Kootenay Project
FOR IMMEDIATE RELEASE....Vancouver, British Columbia: Wealth Mi nerals Ltd. (the
“Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt:
EJZN), reports that it has negotiated an option agreement for t he Goldsmith gold property
(“Goldsmith”) in south eastern British Columbia. This property adjoins Wealth’s existing
Kootenay base metal project (the “Kootenay Project” or the “Pro ject”; Figure 1), where the
primary target is nickel-rich vo lcanogenic massive sulphide (VM S) mineralization. Goldsmith
comprises 11 claims totaling 782 hectares.
Wealth’s Kootenay Project is w ithin the prospective Lardeau Gro up, which hosts numerous
volcanogenic massive sulphide depos its, including the past-prod ucing Goldstream mine, located
90km north of Revelstoke. Two properties, Ledgend and Lardeau, cover some of the most
prospective (95th and 99th percentile) of the anomalous nickel-cobalt silt anomalies produced by
the historic regional stream sam pling programmes of the B.C. Mi nistry of Mines. Highly
anomalous gold was detected in silt samples on both properties by government sampling
and was duplicated by Wealth reconnaissance silt sampling.
Henk Van Alphen, Wealth’s CEO, states: “Goldsmith is a welcome addition to the Kootenay
Project and the indications of high-grade gold mineralization t here provide further evidence that
the particular mineralized horiz ons we are pursuing in the Lard eau rocks are highly prospective
for both base and precious metals.”
Goldsmith Property: A Long History of High-Grade Gold Discovery
The Goldsmith Property is located 65km north of Kaslo in southe astern British Columbia. The
claims lie west of the Lardeau River, between Poplar Creek to t he north and Cascade Creek to
the south. Highway 31 crosses the east edge of the claims and a ccess is via the Cascade Forest
Service Road. The Property is being optioned from vendors Jack and Bob Denny.
In 1890, the discovery of placer gold in the Lardeau River belo w Trout Lake was closely
followed by the discovery of gold in Poplar Creek, and then the related greenstone-hosted vein
occurrences in 1898. The main rush to the area was in June 1903 , with the discovery of coarse
visible gold in quartz and sulphide veins on the Gold Park, Swe de (later the Goldsmith) and
Lucky Jack claims. The initial go ld rush only lasted several mo nths, as the high-grade surface
mineralization was quickly mined out, but significant workings remained active until 1930.
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Historical workings on the property consists of at least six ad its on the Bullock and Goldsmith
claims plus various workings on the north side of Poplar Creek, most of which are a part of the
historical Gold Park group (now all part of the Goldsmith prope rty), all completed before 1930.
Numerous veins were exposed in open cuts and short adits in gre enstone and coarsely crystalline
carbonate rock, the weathered product of which yielded much free gold.
No further systematic exploratio n was recorded until 1980-81, w hen Westmin conducted
geological mapping, soil and rock geochemistry, trenching and 4 09m of diamond drilling in six
short holes. From 2003 to 2009, Cream Minerals confirmed the ex istence of the h istorical high
grade gold mineralization by locating and sampling many of the historical workings. They also
completed trenching, soil sampli ng and 200 line-kilometres of a irborne magnetics and
electromagnetics. Highlights from the adit and trench sampling included 101.78g/t over 0.2m,
63.78g/t over 0.8m, and 27.63g/t over 0.35m.
Between 2016 and 2019, Black Tusk Resources conducted 32.5 line -kilometres of ground
magnetic and VLF-EM surveys, trenching, rock sampling, and brus hing out roads, trails and
historical workings. Several nor thwest trending gold structures were tested along the Bullock-
Goldsmith zone, with mineralization and geology indicating that they may be aligned along a
controlling shear. The structure contains an abundance of quart z veining as well as sulphide
minerals including arsenopyrite, pyrite, and pyrrhotite. Large (20-90kg) trench samples were
subjected to Met-Solve Analytical bench-scale processing for gold recovery, which indicated that
most of the samples were amenable to centrifugal gravity concen tration of gold. Calculated head
grades included 14.42g/t gold from the Arsenopyrite Vein, 5.34g/t gold from the Black Vein, and
5.26g/t gold from Hamburger Vein. This area, about 500m in stri ke length, will be the initial
focus of further work.
Note that the exploration result s described above are preliminary in nature and not conclusive
evidence of the likelihood of a mineral deposit. All historic pr oduction, drill or sample figures
quoted herein are based on prior data and reports obtained and prepared by previous operators.
The Company has not completed the work necessary to verify results and the historical figures
should not be relied upon as they have not been verified by a Qualified Person.
Adjoining Lardeau Property
The Lardeau property, the northern claim block of the Kootenay Project, adjoins the Goldsmith
property to the south and covers 6136 hectares of mostly low-ly ing forest with sparse outcrop
west of the Lardeau River. It was staked on the basis of anomal ous nickel-cobalt regional silt
anomalies produced by the regional sampling programmes of the B .C. Ministry of Mines. Initial
work by a previous operator in 2017 generated highly anomalous Ni (>100 ppm), Co (>30 ppm)
and Cu (>50 ppm) values in three different drainages over three kilometres of their length. Gold
and base metal soil anomalies on Goldsmith trend southeast onto the Lardeau property.
Limited reconnaissance work along the access roads at Lardeau i dentified listwanite float in the
northern anomalous creeks, the same rock type associated with gold at Goldsmith. Listwanite is a
quartz-carbonate alteration produc t of nickel-bear ing ultramafic rocks (commonly serpentinite)
and is associated with both nickel-cobalt bearing VMS and high- grade orogenic-style gold
mineralization. Listwanite-alter ed ultramafic rocks are associa ted with massive sulphides and
orogenic gold throughout the range of the Lardeau Group greenstone rocks, from the Goldstream
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mine 90km north of Revelstoke, to the Ledgend property 25km nor t h o f K a s l o , a s w e l l a s i n
several other gold belts in the Cordillera.
Wealth intends to fly a helicopter-borne VTEM™ and magnetic geo physical survey covering
2900 hectares (641 line-kilometres) over the Lardeau claim bloc k. Base and precious metal
mineralization at Lardeau is e x p e c t e d t o b e a s s o c i a t e d w i t h p y rrhotite, which has a strong
magnetic signature based on results from the Ledgend property. New logging roads planned for
this area will aid in access for prospecting and geochemical sa mpling of geophysical anomalies
to generate drill targets. If overburden is problematic, then g round geophysical surveys will be
used to delineate drill targets.
Exploration Potential
Wealth believes the greenstone units of the southern Lardeau Gr oup to have excellent potential
for hosting volcanogenic massive sulphides (VMS) and orogenic g old mineralization. Other
known VMS and gold occurrences in the Lardeau belt were either discovered 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 local workers have
recognized the potential for gold and base metal mineralization related to widespread, narrow
ultramafic horizons altered to talc-schist and listwanite.
More details on each project are available at www.wealthminerals.com
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Figure 1: Location of Goldsmith and Kootenay Properties in Southeast B.C.
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Details of Option Terms
The option agreement applies to the Goldsmith Property, compris ing 11 claims totaling 782
hectares. The underlying owners are Jack and Bob Denny. Wealth has been granted the
exclusive option to acquire a 100% interest Goldsmith by issuin g 500,000 common shares and
CAD$100,000 over a four-year term, the details of which are as follows:
Date Cash (CAD) and Wealth Shares
Closing $5,000 and 100,000 shares
Year 1 Anniversary $15,000 and 100,000 shares
Year 2 Anniversary $20,000 and 100,000 shares
Year 3 Anniversary $30,000 and 100,000 shares
Year 4 Anniversary $30,000 and 100,000 shares
Total $100,000 and 500,000 shares
All of the claims are subject to a 2% net smelter return royalt y. Wealth will have the right to
purchase the royalty for a payment of CAD$1,000,000 in cash at any time following the date that
Wealth exercises its right to acquire the properties.
Qualified Person
John Drobe P.Geo., Wealth's Exploration Manager and a qualified person as defined by National
Instrument 43-101, has reviewed t he scientific information that forms the basis for this news
release, and has approved the dis closure herein. Mr. Drobe is not independent of the Company
as he is an officer, a shareholder and holds incentive stock options.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico and Chile. The
Company’s main focus is the acquisition and development of lithium projects in South America.
The Company opportunistically adv ances 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 ar e 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. 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.
Wealth Minerals Ltd. - 6 - May 5, 2020
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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 or Henk van Alphen
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
E-mail: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Prov ider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsib ility for the adequacy or accuracy of th is press release, which has been
prepared by management.
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, timing and cost of exploration programs, anticipated exploration program results, the
discovery and delineation of mineral deposits/resources/re serves, the Company’s expectation that it will be able to
enter into agreements to acquire interests in additional mineral projects, 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-
looking statements are typically identifie d by words such as: believe, expect, an ticipate, 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, the state of the financial mar kets for the Company’s equity securities, the state of the
commodity markets generally, 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 may produce or plan to produce, the
inability of the Company to obtain any necessary permits, consents or autho rizations required, including TSXV
acceptance, for its planned activities, the inability of the Company to produce mine rals from its properties
successfully or profitably, to continue its projected growth, to raise the neces sary capital or to be fully able to
implement its business strategies, and other risks and un certainties 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. 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 adjacent or similar properties are not indicative of mineral deposits on the Company’s properties or any
potential exploitation thereof.