Erste BE von Wealth ![]()
Wealth Minerals drills 49 m of 0.35 lb/ton U3O8
2007-12-05 13:58 ET - News Release
Mr. Henk Van Alphen reports
WEALTH INTERSECTS LARGE, POTENTIAL BULK TONNAGE, URANIUM SYSTEM AT DIAMANTE-LOS PATOS PROPERTY, NORTHWEST ARGENTINA; DRILL HOLE DLP-002 RETURNS 49 METRES @ 0.35 LBS/TON U3O8 (0.015% URANIUM) WITHIN WHICH 14 METRES AVERAGES 0.56 LBS/TON U3O8 (0.024% URANIUM)
Wealth Minerals Ltd. is providing the results from the first three drill holes on its 100-per-cent-owned Diamante-Los Patos property located in provinces of Salta and Catamarca, northwest Argentina (DLP).
Initial results
Borehole 07-DLP-02 returned 49 metres at 0.35 pound per ton U3O8 (0.015 per cent uranium), commencing two metres below surface. The interval includes a higher-grade zone averaging 0.56 pound per ton U3O8 (0.024 per cent uranium) over 14 metres, beginning at a depth of nine metres.
As predicted by the exploration model, all three reverse circulation (RC) drill holes intersected significant intervals of uranium mineralization and confirm the presence a potential bulk-tonnage uranium deposit near surface. These results represent the very first holes of a planned 10,000-metre drill program within this newly defined frontier uranium district.
Boreholes DLP-001 and DLP-003 successfully intersected broad intervals of uranium mineralization commencing at shallow levels and extending to appreciable depths. The first borehole, collared off the main Bingo target zone, intersected 20 metres at 0.24 pound per ton U3O8 (0.01 per cent uranium) within which four metres returned 0.55 pound per ton U3O8 (0.023 per cent uranium. Borehole DLP-003 intersected multiple zones of uranium mineralization, including 11 metres at 0.26 pound per ton U3O8 (0.011 per cent uranium) and eight metres at 0.30 pound per ton U3O8 (0.013 per cent uranium), respectively.
DRILL INTERSECTIONS
Drill hole Zone From (m) To (m) Interval (m) U (ppm) U3O8 (lb/ton) U (%)
DLP-001 Bingo 37 57 20 102.2 0.24 0.010
including Bingo 45 49 4 231.8 0.55 0.023
DLP-002 Bingo 2 51 49 150.1 0.35 0.015
including Bingo 9 23 14 236.7 0.56 0.024
DLP-003 Bingo 11 22 11 108.8 0.26 0.011
DLP-003 Bingo 47 55 8 127.8 0.30 0.013
Interpretation
The principal target at DLP is a large, bulk-tonnage uranium target within which smaller, high-grade, structurally controlled zones and intervals are anticipated. Initial drilling at the Bingo zone successfully validates this exploration model with potentially bulk-minable uranium mineralization presently intersected over a strike of 150 metres and depths ranging from 50 to 57 metres from surface.
The Diamante-Los Patos property
Exploration to date indicates that the more-than-1,500-square-kilometre property is prospective for not only surface to near-surface bulk-tonnage uranium mineralization, but also potentially higher-grade, feeder-zone mineralization. Exploration has currently identified seven large mineralized zones over a 20-kilometre by 30-kilometre area. Results are interpreted to reflect the surface expressions or leakage from a very large, structurally controlled, volcanic-hosted system focused on the flanks of the Cerro Galan Caldera complex (CGCC).
The current 10,000-metre reverse circulation drill program began on Oct. 25, 2007, and is designed to rapidly test the major zones of surficial uranium mineralization in order to prioritize the systematic testing of the large zones. Thirteen drill holes, totalling 1,292 metres, have been completed at the Bingo and Alfredo zones, and the drill is currently testing the Diamante zone. The remaining boreholes are currently being logged and sampled, and will shortly be en route to the laboratory for geochemical analysis.
In addition to drilling, the company's field crews are continuing with aggressive mapping and prospecting to delineate further drill targets in new areas where anomalous radioactivity has been identified.
"We are very excited by these highly encouraging initial drill results," stated Henk Van Alphen, president of Wealth. "Should the current drilling continue to return similar broad intervals of uranium mineralization, we believe we are well on our way to discovering a large, bulk-tonnage uranium deposit in a new district."
Qualified person and quality assurance/quality control (QA/QC) controls
James M. Dawson, PEng, Wealth's consulting geologist 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. Dawson is not independent of Wealth by virtue of being a shareholder and the holder of stock options.
Wealth's work programs are supervised by Mr. Dawson and Scott Heffernan, PGeol, Wealth's chief geologist, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to Alex Stewart Assayers (ASA) for analysis. ASA'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. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.
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 (parts per million uranium times 1.179 equalling parts per million U308 and 10,000 parts per million uranium equalling 1 per cent equalling 20 pounds per ton uranium).
We seek Safe Harbor.