Wealth Announces Option Agreement for Goldsmith Gold Property, an extension of the Kootenay Project

VANCOUVER, British Columbia, May 05, 2020 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), reports that it has negotiated an option agreement for the Goldsmith gold property (“Goldsmith”) in south eastern British Columbia. This property adjoins Wealth’s existing Kootenay base metal project (the “Kootenay Project” or the “Project”; Figure 1), where the primary target is nickel-rich volcanogenic massive sulphide (VMS) mineralization. Goldsmith comprises 11 claims totaling 782 hectares.

Wealth’s Kootenay Project is within the prospective Lardeau Group, which hosts numerous volcanogenic massive sulphide deposits, including the past-producing Goldstream mine, located 90km north of Revelstoke. Two properties, Ledgend and Lardeau, cover some of the most prospective (95th and 99th percentile) of the anomalous nickel-cobalt silt anomalies produced by the historic regional stream sampling programmes of the B.C. Ministry of Mines. Highly anomalous gold was detected in silt samples on both properties by government sampling and was duplicated by Wealth reconnaissance silt sampling.

Henk Van Alphen, Wealth’s CEO, states: “Goldsmith is a welcome addition to the Kootenay Project and the indications of high-grade gold mineralization there provide further evidence that the particular mineralized horizons we are pursuing in the Lardeau rocks are highly prospective for both base and precious metals.”

Goldsmith Property: A Long History of High-Grade Gold Discovery

The Goldsmith Property is located 65km north of Kaslo in southeastern British Columbia. The claims lie west of the Lardeau River, between Poplar Creek to the north and Cascade Creek to the south. Highway 31 crosses the east edge of the claims and access is via the Cascade Forest Service Road. The Property is being optioned from vendors Jack and Bob Denny.

In 1890, the discovery of placer gold in the Lardeau River below Trout Lake was closely followed by the discovery of gold in Poplar Creek, and then the related greenstone-hosted vein occurrences in 1898. The main rush to the area was in June 1903, with the discovery of coarse visible gold in quartz and sulphide veins on the Gold Park, Swede (later the Goldsmith) and Lucky Jack claims. The initial gold rush only lasted several months, as the high-grade surface mineralization was quickly mined out, but significant workings remained active until 1930.