Wealth Minerals has signed an agreement to earn the right to acquire 49% of San Antonio Sociedad Contractual Minera (San Antonio) and a 24.5% interest in certain mining concessions that comprise the Salares 7 Lithium project (Seven Salars Project) in Chile.
Under the agreement, Wealth will offer cash payment of $11.76 and issue 4,104,545 common shares in different tranches over a period of one year after the closing of the agreement.
Covering 39,400ha, the Seven Salars Project in Region II, northern Chile, is a lithium brine asset portfolio equally owned by Talison Lithium and San Antonio.
Wealth Minerals Canada CEO Hendrik Van Alphen said: “The Seven Salars project is one of the most important large-scale lithium brine projects in Chile.
"The property includes the Salar de La Isla, believed by many to be Chile’s second largest lithium deposit and where 68 shallow drill hole samples returned an average lithium grade of 863mg/l."
Findings of surface water sampling conducted between 1995 and 1999 indicated the presence of anomalous lithium and potassium in surface lagoons and ponds, including a maximum value of 1,080mg/l Li at Salar de La Isla.
Transient electromagnetic (TEM) geophysical surveys, surface brine sampling and exploration drilling completed on the property demonstrated several zones of high-salinity.
In addition to Chile, Wealth Minerals has interests in Canada, Mexico, and Peru.