Wealth Commences Discovery Drilling Campaign on Its Bororo Nuevo Uranium Property, San Jorge Basin, Argentina
https://finance.yahoo.com/news/Wealth-Commences-Discovery-iw-3457423922.html?x=0&.v=1
Wednesday March 23, 2011, 9:00 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/23/11) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX-V:WML - News)(Frankfurt:EJZ - News), is pleased to announce that diamond drilling has commenced on the Company's 100% owned Bororo Nuevo property ("BN") located in Chubut Province, Argentina. The diamond drill program now underway at BN will consist of a minimum of 30 holes (approximately 2,000 metres) targeting on- and near-surface uranium mineralization at several high-priority target zones - the Alpha, Beta, Gamma and Delta zones.
Bororo Nuevo Exploration Highlights
-- 9 large mineralized zones discovered on only 12% of the overall BN
property package.
-- Uranium values from 608 surface rock samples average 2.41 lbs/ton U3O8
(0.102% uranium)
-- Continuous chip sampling results of 7.33 lbs/ton U3O8 (0.311% uranium)
over 10.0 metres and 4.01 lbs/ton U3O8 (0.170% uranium) over 12.5
metres.
-- 25+ year old drill cuttings assayed 4.22 lbs/ton U3O8 (0.179% uranium)
-- Extensive un-explored property package in what has been described as the
last and least-explored sandstone-hosted uranium district in the world.
Bororo Nuevo Property Overview
The Bororo Nuevo property is the flagship of the Company's five uranium properties in the productive San Jorge Basin, which is host to the past-producing Cerro Condor and Los Adobes deposits as well as the 10.3 million pound U3O8 Cerro Solo uranium deposit. The San Jorge Basin lies within the Patagonian Provinces of Santa Cruz and Chubut and is readily accessible via an all-season paved road and a network of well-maintained gravel roads. The Company currently owns, or has the exclusive right to acquire, 76 'minas' and 'cateos' (concessions) that total approximately 600,000 hectares (6,000 square kilometres) representing the largest land position in the San Jorge Basin.
The BN property consists of 4 minas and 6 cateos that total approximately 35,500 hectares (355 square kilometres). To date, nine large zones of mineralization have been discovered within a uranium fairway measuring 12 by 4 kilometres and less than 12% of the property has been mapped and prospected. The stratigraphy is known to be productive and the continued success of surficial exploration programs at BN clearly highlights the uranium-rich and underexplored nature of the San Jorge Basin.
To view the map associated with this press release, please visit: https://media3.marketwire.com/docs/wml-map.pdf.
Qualified Person & QA/QC Controls
R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Heffernan is not independent of Wealth by virtue of being an officer and shareholder and a holder of incentive stock options.
Wealth's work programs are supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President, Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to Alex Stewart Assayers Argentina S.A. (ASA) laboratory facilities in Mendoza, Argentina for analysis. ASA's quality system complies with the requirements for the International Standard ISO 9001:2000. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.
Laboratory results are received in parts per million uranium. The conversion factor used to convert parts per million uranium to pounds per short ton U3O8 is 1.179, which was verified with the Saskatchewan Research Council (ppm uranium x 1.179 = ppm U308; 10,000 ppm uranium = 1% = 20 lbs/ton uranium).
About Wealth Minerals Ltd.
Wealth is an early stage mineral exploration company with approximately 47.3 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is the acquisition and exploration of prospective uranium and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium and rare earth projects in these and other countries.
For further details on the Company readers are referred to the Company's web site (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, President & CEO