Wealth Minerals is looking to purchase more lithium assets in resource rich Chile
There is a shift happening right now in the way we use energy, store it, and think about it. This transformation is being generated by new technology and applications. Lithium is the answer. The lithium-ion battery has a tremendous energy storage capacity relative to size and weight. By having that energy available when we need it, we can capture energy when we don’t.
Wealth Minerals Ltd. (TSXV: WML | OTCQX: WMLLF) is a mineral resource company with access to lithium assets in Chile; the number one country for low cost, high purity supply in the rapidly growing lithium industry. Wealth Minerals hold 4 lithium brine projects in their portfolio covering around 75,500 hectares in Chile.
The Atacama Lithium Project – Wealth Minerals’ flagship project
The Atacama Lithium Project is an early stage exploration project with 46,200 hectares within the Salar De Atacama – The world’s highest grade and largest producing lithium brine salar. Salar de Atacama is the largest salt flat in Chile encompassing over 3,000 km2. Wealth Minerals hold 144 concessions in the northern part of the salar and it will be the Company’s focus for the next 12-24 months.
The Atacama Salar possesses a very high grade of both lithium (1,840 mg/l) and potassium (22,630 mg/l), has a high rate of evaporation (3,200 mm per year), and extremely low annual rainfall (15 mm average per year). These characteristics make Atacama’s finished lithium carbonate easier and cheaper to produce than its peer group globally. A key factor in lithium production costs is evaporation time and Atacama Salar’s evaporation rate is the highest in the lithium industry. The Salar de Atacama is host to more than 15% of the world’s known lithium reserves, and yet exploration and production of lithium has occurred only in the southern portion of the salar. The proximity of the project to existing producers strongly suggests that exploration potential is good for the discovery of brines in the northern portion of the salar, where Wealth Minerals’ project is located.
Wealth Minerals looking to expand their tenements in the Atacama
Wealth Minerals announced on September 17, 2018 it has completed a comprehensive re-interpretation of geophysical data and established a large 100 km2 area of anomalous data, interpreted to represent high-salinity brines at depth. With a view to expanding the Company’s already extensive footprint in the Atacama region, a geophysical survey was recently initiated on several additional properties in the area that Wealth has begun negotiations to acquire. Results from the Geophysical Survey are expected in the coming weeks and will be used by the Company in determining whether to proceed with the acquisition of the additional properties.
Wealth Minerals plan to start drilling soon at their Atacama Lithium Project
Henk Van Alphen, Wealth Minerals’ CEO stated: “Our work with stakeholders in and around the Atacama Project is progressing well and we hope to be drilling soon, as well as testing shallow drill-targets in the west of the project, we plan to drill this 2 km thick brine target in the east. Wealth has a large land position in the Atacama, which we hope will prove to have significant value once drill testing begins and results become available.”
The world is continuously going green, with many country’s mandating electric vehicles. France for example aim to end the sale of gasoline and diesel cars by 2040, and car manufacturer Volvo will only produce electric or hybrid cars from 2019. Wealth Minerals is developing projects in high quality locations in Chile, and could benefit greatly from the world’s shift to green energy through lithium batteries. Several near term catalysts include commencement of drilling, drill results, and then a Preliminary Economic Assessment (PEA).