Wealth Discovers Outcropping Uranium Mineralization on its Macusani Project, Puno District, Southeast Peruadmin
Wealth Minerals Ltd. announce final results from the initial exploration program on its 100%-owned Macusani properties in Puno district, southeast Peru.
Results from 35 prospecting samples confirm the discovery of two new uranium showings (Figure 1). Assays from 22 samples collected from the westernmost ‘Radiante’ showing averaged 0.35 lbs/ton U3O8 (0.015% uranium) and ranged from below the detection limits to a maximum value of 2.57 lbs/ton U3O8 (0.109% uranium). Uranium mineralization at the sub-cropping ‘Voluptuosa’ showing extends over a 300 metre by 500 metre area with 9 samples averaging 0.22 lbs/ton U3O8 (0.009% uranium) and ranging from below the detection limits to a maximum of 0.78 lbs/ton U3O8 (0.330% uranium). Two other single-sample occurrences returned values of 0.52 lbs/ton U3O8 (0.220% uranium) and 0.45 lbs/ton U3O8 (0.190% uranium). The two remaining samples were collected from the north-easternmost concession; one of which returned a value of 0.17 lbs/ton U3O8 (0.007% uranium) and the other was below the detection limits.
Uranium mineralization at the project is typical of the Macusani district, and occurs as veins and stockworks along structural zones and bedding surfaces.
An additional 36 prospecting samples targeted numerous occurrences of epithermal-style mineralization that are interpreted to be related spatially and temporally to the Corani silver-lead-zinc deposit located 5 kilometres to the northwest. The structurally-controlled veins and stockwork zones consist of quartz+stibnite+/-pyrite.
In light of these results the Company is presently planning additional fieldwork, which will include geological mapping, sampling, prospecting and ground radiometric surveying to define drill targets.
Macusani Project Overview
The Company’s Macusani project is located approximately 30 kilometres west of its namesake town in the Puno district of southeastern Peru and is comprised of four contiguous blocks (6 concessions) totalling 3800 hectares..
Historical work by the Peruvian Institute of Nuclear Energy (IPEN) and junior explorers has focused on delineating near-surface, potentially bulk mineable uranium resources hosted in volcanic rocks. The results of this work demonstrate the district’s potential to host significant uranium resources and have also drawn major uranium producer Cameco Corporation to this emerging district.
In addition to the district’s enormous uranium potential, three of the six concessions cover the south-western strike extensions of the Corani silver-lead-zinc property. The Corani property is owned by Bear Creek Mining Corporation, who report a measured and indicated resource containing 327.1 million ounces of silver, 3.97 billion pounds of lead and 2.46 billion pounds of zinc (as at November 16, 2007 with a $9.35/tonne NSR cutoff).
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 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 each project rigorously collect and track samples which are then sealed and shipped to ALS Chemex (ALS) laboratory facilities in Lima, Peru for analysis. ALS’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.
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 equals ppm U308; 10,000 ppm uranium equals 1% equals 20 lbs/ton uranium).
Wealth is an early stage mineral exploration company with approximately 27.1 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 properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium projects in these and other countries.