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Wealth Minerals Ltd.
Summary
| Project: | Atacama | |
|---|---|---|
| Deposit: | Atacama | |
| Location: | Chile | |
| Commodities: | Lithium-Potassium | |
| Date: | 3/16/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 16-3-2017: Wealth Minerals Ltd. announces a Supporting Acquisition report for its Atacama deposit at the Atacama project. Summary of Property in Support of Acquisition. John E. Hiner (the “author”) has been retained by the directors of Wealth Minerals Ltd | |
| Resources: | x | |
| CP/QP: | [Overall Report]: John E. Hiner (Independent) | |
| ABSTRACT: | John E. Hiner (the “author”) has been retained by the directors of Wealth Minerals Ltd. (“Wealth Minerals” or the “Company”) to prepare a technical report under National Instrument 43-101 – Standards of Disclosure for Minerals Projects (“NI 43-101”)on the Atacama Lithium Project in Region II, Republic of Chile (the “Atacama Lithium Project” or “Project”). This report summarizes all known previous work on the Project and makes recommendations for future exploration and possible development. On October 28, 2016, the Company’s wholly-owned subsidiary, Wealth Minerals Chile SpA (“Wealth Chile”) entered into a formal property option agreement (the "Option Agreement") with the Project’s vendor Atacama Lithium SpA, whereby the Atacama Lithium SpA granted Wealth Chile the exclusive right and option to acquire a 100% interest in and to the Project, free and clear of all royalties, liens, charges and encumbrances. In order to exercise the option, Wealth Chile is required to make payments in the aggregate amount of US$14,000,000 and delivering in aggregate 15,000,000 fully paid and non-assessable Wealth Mineral common shares The Atacama Lithium Project consists of 144 (pedimentos) exploration mining concessions (the “Concessions”) covering 46,200 hectares in the northern part of the Salar de Atacama. The Project is located about 220km east of the northern port city of Antofagasta. It is easily accessible via national and provincial highways. The Project abuts claims held by Sociedad Quimica y Minera de Chile (“Soquem” or “SQM”) and Albermarle Corporation’s unit in Chile, Rockwood Holdings Inc. (“Rockwood”), each of which produces lithium from brines in the south part of the Salar de Atacama. The Salar de Atacama holds over 15% of the world’s known lithium resources. | |
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