VANCOUVER, July 27, 2015 /CNW/ - Wealth Minerals Limited. ("Wealth" or the "Company") ") - (TSXV: WML; Frankfurt: EJZ), announces that it has executed a definitive agreement whereby it has the exclusive option (the "Option") to acquire up to a 100% interest in the Noyell Property (the "Property" or "Noyell") from Brionor Resources Inc. ("Brionor") through issuance of common shares of the Company valued at $850,000 over four years. The Property is contiguous with the Company's N2 property in Quebec (Figure 1).
Noyell Property Detail
The known gold mineralization trend on the N2 property extends for approximately 7 kilometres ("km") in an east-west orientation. The Noyell Property is contiguous with the Company's N2 property and represents a potential extension of 5 km for a total strike length of 12 km (Figure 1). The Noyell Property contains two known zones of mineralization (Zone 1 and Zone 2) defined through historical drilling.
Acquisition of the Noyell Property is premised on the interpretation that there is considerable potential to verify and expand historically defined mineralization and to discover new mineralized zones. Linear magnetic highs, shown as bright purple trends on Figure 1, define potentially mineralized structural zones, such as the one associated with the former producing Vezza Gold Deposit and those associated with known mineralization on N2 and Noyell.
At Noyell, the main magnetic high, located immediately south of Zones 1 and 2, has not been significantly tested by drilling and remains open for discovery of additional mineralization. In addition, historical data defines an induced polarization ("IP") anomaly immediately east of Zone 2 that is also untested.
The terms of the transaction, which are contained in an option agreement dated July 23, 2015, are as previously outlined in NR15-08 (June 15, 2015). The option agreement is subject to the acceptance for filing thereof on behalf of Wealth by the TSX Venture Exchange.
Marian Myers, M.Sc., P.Geo., a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Ms. Myers is not independent of the Company, as she is a shareholder and holds incentive stock options.
ABOUT WEALTH MINERALS LTD.
Wealth is an early stage mineral exploration company with listings on the TSX Venture and Frankfurt Stock Exchanges. The acquisition of the Noyell Gold Property is consistent with Wealth's project acquisition policy requiring stable geopolitical project locations, low exploration risk, attractive grade, and potentially low capital requirements. While Wealth is not a development company, management insist on reasonable potential for near-term production. The Company intends to negotiate partnerships that will open up potential project developments routes.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik Van Alphen"
Hendrik Van Alphen, President & Chief Executive Officer
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 potential for the gold mineralized zones on the N2 property to extend onto the Noyell property; the potential for the Company to verify and expand historically defined mineralization and to discover new mineralized zones on the Noyell property; 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 obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its 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 to 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 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.
SOURCE Wealth Minerals Limited
Image with caption: "Figure 1: Noyell and N2 Properties. Regional Vertical Gradient Total Magnetic Field showing historical drilling and zones of mineralization. (CNW Group/Wealth Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20150727_C5497_PHOTO_EN_455663.jpg
For further information: Henk Van Alphen or Marla Ritchie, 604-331-0096 Ext. 3886 or 604-638-3886, [email protected]