Wealth Copper Corporate Update
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NR20-03 February 11, 2020
Wealth Copper Corporate Update
FOR IMMEDIATE RELEASE....Vancouver, British Columbia: Wealth Mi nerals Ltd.
(the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WM LCL; Frankfurt:
EJZN), announces a corporate update on Wealth Copper Ltd. (“Wea lth Copper”), a company
42.63% owned subsidiary of the Company.
Overview
Wealth Copper is a copper asset de velopment company with two pr ojects in Chile: the Cristal
property (the “Cristal Project”) and the Escalones property (th e “Escalones Project”). Wealth
Copper’s management strongly believes that due to underinvestment in copper projects, as well as
global and macro demand dynamics, copper will have a strong mar ket for the next 3 – 7 years.
Wealth Copper plans to take adva ntage of this opportunity by ad vancing its projects by way of
geological work, engineering and permitting for eventual partne ring, sale, and/or mine
construction. Wealth Copper, with the assistance of the Company, is currently conducting a going-
public transaction with a capital pool company, Allante Resourc es Ltd. (“Allante”) (see news
release dated September 27, 2019). More information about Weal th Copper can be found at:
www.wealthcopper.com.
Cristal Project Description
The Cristal Project is a porphyry copper target located in nort hern Chile, near the Peru/Chile
border, and comprises 9 km2 of exploitation concessions. The Cristal Project was the subject of a
technical report prepared pursuant to National Instrument 43-10 1 Standard of Disclosure for
Mineral Projects (“NI 43-101”) entitled “National Instrument 43‑101 Technical Report for the
Cristal Copper Property, Province of Arica, XV Region of Arica and Parinacota, Chile”, dated
effective February 28, 2018, prepared by Thomas A. Henricksen and filed on New Energy Metals
Corp. (“ENRG”)’s SEDAR profile on March 29, 2018.
It is anticipated that Wealth C opper’s initial focus on the Cri stal Project will be to drill-test the
center of coincident magnetic, gr avity and electromagnetic anom alies reported by BHP Billiton
Ltd. as a result of airborne geophysical data surveys conducted by it on the Cristal Project between
2012 and 2014. This large geophysical anomaly is expected to be the primary target at the Cristal
Project, with the target depth expected to be 600 m to 800 m from surface (see news release dated
December 4, 2019).
Wealth Copper has an option to acquire 100% of the Cristal Proj ect (the “Cristal Option”) by
making the following payments to the underlying property vendor, Patrick James Burns:
Wealth Minerals Ltd. - 2 - February 11, 2020
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Date
Cash Payment
(USD)
Upon the earlier of the commencement of drilling at
the Cristal Project and December 31, 2019
$50,000
(postponed)
March 31, 2020 $150,000
August 4, 2020 $500,000
August 4, 2021 $700,000
August 4, 2022 $3,000,000
Total: $4,400,000
The underlying Cristal Project owner retains a 3% net smelter r eturns (“NSR”) royalty, of which
up to 2% may be purchased by Wealth Copper in the event of a decision by the underlying owner
to sell, assign, transfer or othe rwise dispose of the NSR royal ty, by paying no less than USD
$2,000,000 for each percentage point (aggregate USD $4,000,000 for 2% of the NSR royalty). In
addition, there is also a 1% NSR royalty in favour of Condor Re sources Inc. that can be
repurchased in its entirety by Wealth Copper upon a payment of USD $1,000,000. Upon the
exercise of the Cristal Option, a wholly-owned Chilean subsidia ry of Wealth Copper (“Wealth
Copper Chile”) and a wholly-owned subsidiary of ENRG (“ENRG Chile”) will be deemed to have
formed a joint venture (the “Cristal Joint Venture”) for the co ntinued exploration of the Cristal
Project, with the initial participating interests of the Joint Venture participants being Wealth
Copper Chile – 70% and ENRG Chile – 30%.
Escalones Project Description
The Escalones Project is located 35 km east of El Teniente, one of the world’s largest underground
copper mines and within the renowned Chilean porphyry copper be lt that runs north-south in the
central Andes Mountains.
The Escalones Project covers an area of 161 km 2, of which (i) 46 km 2 are covered by 19
exploitation concessions that are the subject of an option agreement between an indirect, wholly-
owned subsidiary of Wealth Copper, TriMetals Mining Chile SCM ( “TMI Chile”), and a third-
party vendor for a 100% interest in and to the concessions (the “Escalones Option”) and (ii)
115 km2 are covered by 40 exploration concessions, owned by TMI Chile.
Historical Escalones Resource Estimate
A resource estimate for the Escalones Project was completed by Hard Rock Consulting, LLC for
Gold Springs Resource Corp., formerly TriMetals Mining Corp. (“ Gold Springs”) in 2014, the
results of which are as follows:
Wealth Minerals Ltd. - 3 - February 11, 2020
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Grade & Tonnage
Tonnes Copper Gold Silver Moly
Millions % g/t g/t %
Indicated 232.6 0.31 0.067 0.661 0.006
Inferred 527.7 0.34 0.036 0.849 0.007
Total Contained Metal
Copper Gold Silver Moly
Mlbs Ozs Moz Mlbs
Indicated 1,578 498,012 4.9 31.9
Inferred 3,992 609,437 14.4 79.5
1. Readers are cautioned that the Co mpany’s qualified p erson has not done
sufficient work to classify the historic al estimate as a current mineral resource
and the Company is not treating such results as a current mineral resource.
Mineral resources are not mineral reserv es and do not have demonstrated
economic viability as there is no certainty that all or any part of the resources
will be converted into reserves. Inferre d resources are that part of a mineral
resource for which quantity and grade or qua lity are estimated on the basis of
limited geological evidence and sampling. It is reasonably expected that the
inferred resources could be upgraded to indicated resources with continued
exploration. To verify and classify the historical mineral resource estimate as a
current mineral resource estimate, the m odel and estimation are required to be
reviewed and evaluated by a qualified person.
2. For more informatio n see the Technical Report entitled “Resource Estimate on
the Escalones Porphyry Copper Project” effective date June 28, 2013 and
amended on July 11, 2014 and filed on Gold Springs’ SEDAR profile.
The Escalones Project has excellent infrastructure, including r oad access, electricity, access to
seaports, and a gas pipeline that crosses a 70 km 2 portion of the property. The Escalones Project
hosts a 4 km 2 area of hydrothermal alteration with coincident geophysical an omalies. Copper,
gold and silver mineralization occurs as replacement-style skar n in calcareous sedimentary rocks
and as disseminated porphyry mineralization in related intrusive rocks. Copper mineralization at
the Escalones Project occurs primarily as chalcopyrite, bornite, covelline as well as copper oxides
near surface. The hydrothermal a lteration exposed at surface i ncludes intense zones of quartz-
sericite, potassic, and calc-silicate alteration assemblages.
The remaining payments required to exercise the Escalones Option in full are as follows:
Date
Cash Payment
(USD)
June 30, 2020 $200,000
June 30, 2021 $300,000
June 30, 2022 $500,000
June 30, 2023 $500,000
June 30, 2024 $3,000,000
Total: $4,500,000
Wealth Minerals Ltd. - 4 - February 11, 2020
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The underlying Escalones exploitati on and exploration concessio ns are subject to a 2% NSR
royalty.
Planned First Stage Geological Program
Although the Escalones Project has an historical resource, sign ificant parts of the license area
remain underexplored. Adjacent to the southern limit of the historical drilling is a >1 km2 lithocap
roughly equivalent in size to the existing explored lithocap th at forms the historical resource
estimate. This unexplored lithocap is expected be tested for supergene mineralization via surface
sampling and drilling. Additionally, within 10 km to the north of the historical resource area, are
several large colour anomalies that have similar characteristic s to the Escalones Project. These
distal targets are expected to be evaluated with ASTER satellit e imagery and follow-up
geochemical sampling.
Wealth Copper Private Placement
Additionally, Wealth Copper announces a non-brokered private placement (the “Financing”) of up
to 15,000,000 common shares of Wealth Copper (the “Wealth Copper Shares”) at a price of $0.20
per share for gross proceeds of up to $3,000,000. The closing of the Financing is subject to TSX
Venture Exchange (the “TSXV”) and other regulatory approval.
Finder's fees may be payable by Wealth Copper to arm's length parties that have introduced Wealth
Copper to certain subscribers participating in the Financing.
The net proceeds from the Financing are intended to be used to fund exploration and development
of Wealth Copper’s Escalones Project and Cristal Project in Chile, as well as for general corporate
purposes. Wealth Copper is not a reporting issuer in any juris diction. Accordingly, the Wealth
Copper Shares issued under the Fi nancing will be subject to an indefinite hold period in Canada
until Wealth Copper becomes a reporting issuer in a Canadian ju risdiction in accordance with
applicable Canadian securities laws.
This news release does not const itute an offer of sale of any o f the foregoing securities in the
United States. None of the foregoing securities have been and will not be registered under the
U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws
and may not be offered or sold in the United States or to, or f or the account or benefit of, U.S.
persons (as defined in Regulation S under the 1933 Act) or pers ons in the United States absent
registration or an applicable e xemption from such registration requirements. This news release
does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale
of the foregoing securities in any jurisdiction in which such o ffer, solicitation or sale would be
unlawful.
Qualified Person
John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and
technical information that forms the basis for this news releas e 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. - 5 - February 11, 2020
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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 news release.
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 Copper will be able to complete the going-public
transaction or enter into agreements to acquire interests in additional mineral properties (including the definitive
agreements for the going-public transaction), the discover y and delineation of mineral deposits/resources/reserves,
the closing and amount of the Financ ing, the exercise of the Cristal Optio n and the Escalones Option, and the
anticipated business plans and timing of future activities of the Company and Wealth Copper, 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 identified by words such as:
“believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”,
“potential”, “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 ta ken or achieved. In making the
forward-looking statements in this news release, the Co mpany has applied several mate rial assumptions, including
without limitation, that Wealth Copper will be able to negotiate and enter into the definitive agreements for the going-
public transaction, and that TSXV acceptance and the required corporate approvals of same will be obtained, that
there will be investor interest in the Financing, market fundamentals will result in sustained lithium, vanadium, copper
and precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in
Wealth Minerals Ltd. - 6 - February 11, 2020
NR20-03 – Continued
connection with the future development of the Company’s or Wealth Copper’s Chilean projects in a timely manner,
including the Cristal Project and the Escalones Project, the availability of financing on suitable terms for the
development, construction and continued operation of the Company and Wealth Copper’s projects and the Company
and Wealth Copper’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 and Wealth Copper 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 Escalones Project and the Cristal
Project, the estimation or realization of mineral reserves and mineral resources, the fact that the Company’s and
Wealth Copper’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there
is no guarantee that such interests, if earned, will be cer tain, the timing and amount of estimated future production,
the costs of production, capital expenditures, the costs and timing of the devel opment of new deposits, requirements
for additional capital, future prices of lithium and copper, 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 Financing,
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, Wealth Copper and Allante, as applicable, to
obtain any necessary permits, consents, approvals or authorizations, including acceptance by the TSXV required for
the Financing, the filing of the definitive agreements for the going-public transaction and the continued listing of the
resulting issuer of the going-public transaction on the TSXV , the formation of the Cristal Joint Venture, 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 latest interim Managements’ Discussion
and Analysis and filed with the Canadian Securities Authoritie s. 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.