Wealth Minerals Announces Maiden Resource for the Ollagüe Project
Suite 2710 – 200 Granville Street, Vancouver, BC Canada V6C 1S4
Tel 604.331.0096 Fax 604.408.7499 www.wealthminerals.com
NR23-01 January 17, 2023
Wealth Minerals Announces Maiden Resource for the Ollagüe Project
FOR IMMEDIATE RELEASE…Vancouver, British Columbia: Wealth Minerals Ltd. (the
“Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN)
announces a maiden NI 43-101 resource estimate for its Ollagüe lithium project (the “Project”) in
Chile. This resource estimate for lithium carbonate equivalent (“LCE”) was prepared for Wealth
by independent consultants Montgomery & Associates ("Montgomery").
The resource estimate is based on Wealth’s geophysical survey and the 2022 drill program, which
consisted of four vertical holes for a total of 1,111m in length. Hole depth s varied from 194m to
350m. All the holes encountered brine, with the top of the brine level at 150m to 200m below
surface. All holes ended in brine. The Montgomery resource estimate also includes drilling and
geophysical data from previous operators on the Project. The technical report will be filed on the
Company's website and SEDAR within 45 calendar days of this disclosure.
Highlights:
• Total indicated resources are 741,000 tonnes LCE grading 175 ml/L.
• Total inferred resources are 701,000 tonnes LCE grading 185 ml/L.
• Based on the results of exploration conducted by third parties and the recent drilling
program completed by Wealth, four tentative hydrogeologic units were defined.
• These hydrogeologic units have medium to high permeability and are amenable for
recovering brine to surface.
• It is anticipated that deeper drilling may encounter lithium brine in the deeper parts of the
Project, adding to the overall resource given that the lithium-rich brine is located in the
deeper part of the basin.
Wealth CEO and Director, Henk van Alphen, stated; "It gives me great pleasure to announce our
maiden resource at Ollagüe, which is a major milestone for our Company. We will now commence
the next phase of development planning, engaging with our prestigious international engineering
partner FLSmidth to prepare a scoping study. Additionally, our geological team is already planning
how to best expand the resource and raise the category of the resource in our next drilling
campaign.”
“The Ollagüe Project is well suited for lithium production because of its favorable permeability ,
resource size and expansion potential. Indeed, in terms of LCE resource size, the Ollagüe Project
now ranks among its peers in terms of a potential future operation. Consultations with our
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numerous technology and engineering service providers leads us to conclude that the Ollagüe
lithium brine is well suited for Direct Lithium Extraction technology (“DLE”).”
Mr. van Alphen went on to emphasize the local community support received, stating “I also want
to thank the Indigenous Quechua Community of Ollagüe for putting their trust in us, and I look
forward to work ing with them in the future. It is an exciting time for our Company and all
stakeholders!"
Table 1: Ollagüe Project Summary of 2022 Indicated and Inferred Resource
Resource
Category
Brine Volume
(m3)
Avg. Li
(mg/l)
In situ Li
(tonnes)
LCE Equivalent
(tonnes)
Indicated 800,000,000 175 139,000 741,000
Inferred 710,000,000 185 132,000 701,000
Notes to the Indicated and Inferred Resource Estimate Table:
• Prepared by Mr. Michael J. Rosko, MS PG, ( Montgomery & Associates), an Independent
Qualified Person (QP) in accordance with N ational Instrument 43-101 requirements (NI
43-101).
• Effective date: December 31 , 2022. All mineral resources have been estimated in
accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM")
definitions, as required under NI 43-101.
• Non-economic cutoff grade: 100 mg/L lithium.
• Lithium carbonate equivalent (LCE) is calculated as 5.322785 multiplied by the mass of
lithium metal.
• Mineral Resources reported demonstrate reasonable prospect of eventual economic
extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and
do not have demonstrated economic viability. The Mineral Resources may be materially
affected by environmental, permitting, legal, marketing, and other relevant issues.
• An Inferred Mineral Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources with continued exploration.
Geological Setting
Salar de Ollagüe is located in the Andes belt in northern Chile on the border with Bolivia. One of
the most important characteristics that defines the region is the presence of evaporitic basins or
“salars” where important deposits of borates and sodium sulfate can occur and where lithium can
concentrate in brines.
The region of Salar de Ollagüe is characterized by a western belt of volcanoes, a depression of salt
flats, and an eastern chain of volcanoes . The western belt of volcanoes has an orientation which
trends north-south. This mountain belt is the western limit for the watersheds in the area. The
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eastern belt of volcanoes has an NNW-SSE orientation and borders Bolivia, including the Ollagüe
(5,863 masl) and Ascotán (5,478 masl) volcanoes, see Map 1.
Map 1: Topography Map of Ollagüe Area
The oldest unit in the area corresponds to andesitic stratovolcanoes, highly weathered in both the
eastern and western belts and surrounded by modern lava centers. The radiometric age K -Ar
indicates a range from 15 to 8 million years ago (m.a.).
Younger strata volcanoes and volcanic flows of andesitic and dacitic composition also occur in the
area. In some areas, porphyritic dacitic domes occur. The domes show flattened shapes with abrupt
edges due to high lava viscosity. The craters of the volcanoes have not been strongly affected by
weathering. The principal volcano in the area is the Ollagüe volcano, with a conical shape
composed of gray, pyroxene-rich andesitic lavas and pyroclastic sequences.
Unconsolidated deposits are distributed throughout the area. These are interbedded with saline
deposits and cover many of the older units in the area. These deposits are composed of different
types of sediments, including alluvial and fluvioglacial sediments, moraines, lahars, and
pyroclastic deposits. It is estimated that the age range is Lower Pleistocene-Holocene.
The youngest units in the area are the evaporites which include calcium and sodium sulfate
minerals, calcium carbonate, sodium chloride, lithium and borates. These deposits are continually
Wealth Minerals Ltd. - 4 - January 17, 2023
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being formed, so they are considered to be the most modern deposit s in the area. The Ollagüe
Project is part of this unit.
Conceptual Model of the Ollagüe Basin
Based on the available information, the Salar de Ollagüe appears to be an immature or intermediate
salar. Basin margins are interpreted to be fault controlled. The margin of the basin is dominated
by volcanic units. Depth to bedrock is interpreted to be more than 300 meters below the land
surface based on the drill hole sample and geophysical surveys. Additional studies are required to
accurately delineate basement depth.
Based on exploration drilling, the upper part of the system consists mostly of clastic sediments
saturated with freshwater /brackish water. The thickness of this upper part was variable in the
central, western and eastern areas of the salar. At depth, brine was encountered below about 150m,
also in clastic sediments.
The principal sources of water entering the Project area ar e from surface water coming into the
basin from the basin margins. To date, surface water flow has not been formally measured. Some
groundwater inflow from natural recharge along the mountain fronts via alluvial fans is also
believed to exist. In both cases, there appears to be limited mixing of the fresh water and brine in
the basin due to density differences . Evaporation of fresh water in the basin over time results in
concentration of the dissolved minerals and ultimately results in brine generation.
Mineral Resource Estimation Methodology
The mineral resource estimate for the Ollagüe Project was prepared to industry standards and best
practices by Michael J. Rosko , MS PG , an Independent QP for the purposes of NI 43- 101. The
mineral resource was estimated by constructing polygonal blocks surrounding wells, divided into
horizontal layers by hydrogeologic units. The resource model includes discrete-depth data points,
such as drainable porosity determined on core and depth specific samples for brine chemistry.
Drainable porosity estimates were also assigned based on the field lithologic descriptions (non-
laboratory). Results from the TEM geophysical survey w ere considered regarding the overall
understanding of the stratigraphy of the hydrogeological units, and for identifying areas of likely
brine aquifer, including those deeper areas not penetrated by exploration drilling. The total area
of polygon blocks used in the resource is 63.38 km2. The initial resource calculation for the Ollagüe
project consists of an Indicated and Inferred resource estimate.
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Map 2: Location Map for 2022 Exploration Coreholes, Including Lithium Chile Coreholes
The drilling contractor for the corehole exploration hole program was Terraservice S.A., based in
Santiago, Chile. All of the corehole exploration holes were drilled using diamond drill hole (DDH)
methods with mud. Drilling fluid was polymer-based. Core samples were described and stored in
labeled plastic core boxes. The data from the corehole material was combined with previous
Wealth geophysical surveys and historic data to make an initial resource calculation, see Map 2.
Each corehole was divided into hydrogeologic units using four predominant lithologies
(Ignimbrite, Fractured Ignimbrite, Tuff with interbedded conglomerate and Deeper volcanic
breccia). Drainable porosity values for each hydrogeologic unit within a single polygon were
computed by averaging the available drainable porosity data from within the hydrogeologic unit
at the polygon corehole . In addition, drainable porosity was estimated and assigned from
laboratory analyses of similar lithologies in other Salar de Ollagüe corehole s, or conservative
drainable porosity values were estimated from published values . For the zones in the corehole
where very little core was recovered because of enhanced fracturing or poor cementation, a larger
drainable porosity was assigned. The downhole electrical conductivity surveys were used to
estimate the depth to the brine interface; low lithium concentration fresh and brackish water zones
above the brine were excluded from the resource estimation.
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Potential Upside
The Indicated and Inferr ed resource estimates will likely change as more information becomes
available. The 2022 program has substantially increased the understanding of the conceptual model
of the basin and has allowed the estimation of this initial lithium resource. In some areas, deeper
drilling may confirm lithium brine in the deeper parts of the aquifer, and add to the resource,
especially given that the lithium- rich brine is located in the deeper part of the basin. Additional
characterization in the northmost concessions of the Project could also add additional Indicated or
Measured resources.
Qualified Persons
The Mineral Resource Estimate in this release has an effective date of December 31, 2022 and was
prepared by Mr. Michael J. Rosko, MS PG in accordance with NI 43-101. Mr Rosko is Operations
Manager of Montgomery & Associates Consultores Limitada (a wholly owned subsidiary of
Montgomery & Associates) and is an independent Qualified Person (“QP”) as defined by NI 43-
101 guidelines . He participated in the preparation of this press release and has reviewed and
approved the technical content.
Sample Collection, Preparation, Analysis, and Security
Sample collection, preparation, analysis, and security apply to samples obtained during exploration
drilling and sampling programs. Samples were bottled on site; paperwork was completed in the
field. Field parameters, including temperature, electrical conductivity, and pH, were obtained for
the samples and recorded. All samples were labeled with permanent marker, sealed with tape, and
stored at a secure site, both in the field and in Ollagüe, Chile. Montgomery and Wealth personnel
personally delivered the samples to ALS Laboratory in Antofagasta, Chile.
Data Verification
As part of the due diligence and confirmatory process, Michael Rosko (Author and independent
QP) visited the Project site (Salar de Ollagüe) on August 03, 2022. During his visit, Mr, Rosko
observed and verified drilling and sampling activities conducted at exploration well OC-01. Also,
he visited locations of all corehole exploration wells drilled during the campaign.
All samples collected in the Ollagüe project area are currently stored in Ollagüe, Chile, and is
being managed by Wealth. Data were reviewed after entry into the database. The QP has verified
the drainable porosity and chemistry data used for the resource estimates given in this report.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada and Chile. The Company’s focus
is the acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects where it has a peer advantage in
project selection and initial evaluation. Lithium market dynamics and a rapidly increasing m etal
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. In parallel with lithium market dynamics, Weal th believes other battery metals will
benefit from similar industry trends.
Wealth Minerals Ltd. - 7 - January 17, 2023
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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
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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 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/ reserves, 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 identified by words such as: believe, expect, anticipate, 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 markets 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
Wealth Minerals Ltd. - 8 - January 17, 2023
NR23-01 – Continued
obtain any necessary permits, consents or authori zations required, including TSXV acceptance, for its planned
activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue
its projected growth, to raise the necessary capital or to be fully able t o implement its business strategies, and other
risks and uncertainties 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 fil ings 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.