Wealth Minerals Signs Agreement to Acquire Interest in Seven Salars Lithium Project, Chile

Published: August 9, 2017 |

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Wealth Minerals Ltd. has executed a binding letter agreement, whereby Wealth or a Chilean subsidiary of Wealth has been granted the option and right to acquire 49 percent of the issued and outstanding shares of San Antonio Sociedad Contractual Minera and a 24.5 percent beneficial interest in certain exploration and exploitation mining concessions that comprise the Salares 7 Lithium project. The property is a lithium brine asset portfolio currently owned 50 percent by Talison Lithium Ltd. and 50 percent by San Antonio and has a total area of 39,400 hectares located over seven salars in Region II, northern Chile.

“The Seven Salars Project is one of the most important large-scale lithium brine projects in Chile. The property includes the Salar de La Isla, believed by many to be Chile’s second largest lithium deposit and where 68 shallow drill hole samples returned an average lithium grade of 863 mg/l,” said Hendrik Van Alphen, CEO, Wealth Minerals, Canada.

Talison acquired its 50 percent interest in the Seven Salars Project in 2010 and completed drill testing in 2011, but since then the project has not moved forward.

“Wealth will bring a new dynamic to the ownership structure and the Company will be working diligently with the owners, allowing the project to realize its real potential. As a Chilean mining executive, I am pleased to help Chile become the dominant global lithium producer in the new green economy and I believe Seven Salars is one of the most geologically advanced new lithium projects in the country,” said Marcelo Awad, executive director, Wealth Minerals, Chile.

To read more details in the company’s press release, CLICK HERE

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 of lithium projects in South America. To date, the company has positioned itself to develop the Aguas Calientes Norte, Pujsa and Quisquiro Salars in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar, in addition to the Laguna Verde lithium project acquisition. The company has also positioned itself to play a role in asset consolidation in Chile with the Five Salars Project.

The company continues to pursue new acquisitions in the region, the latest of which is the Seven Salars Project and is eager to move the projects forward into production. Lithium market dynamics and a rapidly increasing metal 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. The company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.

To stop by Wealth Minerals’ website, CLICK HERE

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