Wealth Minerals has signed a letter of intent (LoI) to acquire Pujsa lithium project in Salar de Pujsa, Chile.

Under the LoI, Wealth will have an option to acquire a 100% royalty-free interest in the Pujsa 1 to 7 exploration properties that are 83km from the town of San Pedro de Atacama.

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This is the company’s third acquisition and it is seeking to acquire additional high-potential lithium brine projects in South America.

"Chilean authorities identified 15 salt flat) as having the highest potential and all of Wealth’s acquisitions are included in that list."

Prior to the property in Salar de Pujsa, the company acquired concessions in Salar de Maricunga and Salar de Aguas Calientes Norte.

Wealth Minerals will initially perform a programme of prospecting and sampling to determine the existence, nature, extent and distribution of lithium at the Salar de Pujsa property.

The Pujsa Salar is among 15 high-potential Chilean salars with an expected lithium concentration of 220mg/l to 620mg/l.

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Wealth Minerals president and CEO Henk van Alphen said: "In 2015, the Chilean authorities identified 15 salars (salt flats) as having the highest potential and all of Wealth’s acquisitions are included in that list."

According to a statement posted on the company’s website, Salar de Atacama is currently the only salar in Chile which produces lithium.

With interests in Canada, Mexico, Peru and Chile, Wealth Minerals maintains a portfolio of precious and base metal exploration-stage projects such as Yanamina in Peru and Valsequillo in Mexico.