FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1. | Name and Address of Company |
WEALTH MINERALS LTD. (the “Issuer”)
Suite 1901, 1177 West Hastings Street
Vancouver, B.C.
V6E 2K3
Item 2. | Date of Material Change |
February 28, 2007
The date of the press release issued pursuant to section 7.1 of National Instrument 51-102 with respect to the material change disclosed in this report is February 28, 2007. The press release was issued in Vancouver, British Columbia through the facilities of the TSX Venture Exchange via CCN Matthews, Canada Stockwatch and Market News Publishing.
Item 4. | Summary of Material Change |
Ongoing aggressive exploration by the Issuer has significantly expanded the identified uranium mineralization at its 100% owned Diamante-Los Patos (DLP) property located in the Provinces of Salta and Catamarca in northwestern Argentina.
The Issuer grants stock options to directors, officers, employees and consultants to purchase up to an aggregate 500,000 common shares at a price of $3.10 per share for two years.
Item 5. | Full Description of Material Change |
Ongoing aggressive exploration by the Issuer has significantly expanded the identified uranium mineralization at its 100% owned Diamante-Los Patos (DLP) property, located in the Provinces of Salta and Catamarca in north-western Argentina.
The discovery of three new zones, which lie up to two kilometres to the north and south of the original discovery occurrences, has substantially increased the uranium bulk tonnage potential of the property (Figure 1). The three new zones are as follows:
TheBingo Zone is located approximately two kilometres north of the Alfredo Zone, previously the most northerly occurrence on the large property. Outcropping disseminated uranium mineralization (1 to 4 millimetre blebby autunite) hosted in felsic volcanics of the Cerro Galan Caldera suite occurs over a minimum area of 525 metres strike by 70 metres width and is open primarily to the west, south and at depth. Twenty-eight preliminarily characterization samples produced results ranging from 0.4 to greater than 26 lb/t U3O8, with an average of 3.4 lb/t U3O8.
TheLos Patios Sur andLos Patos South West Zones are located approximately 1.2 kilometres south and 2 kilometres west-south-west, respectively, of the Los Patos Zone, the most southerly previously identified occurrence. There is little exposure in these areas and the extent of the showings is presently being defined. Radiometric readings range from 900 counts per second (C/S) to off-scale (+9,999) C/S for Los Patos Sur and from 900 to 5,200 C/S for Los Patos South West.
Detailed evaluation of these three new zones is in progress.
Elsewhere on the property, an additional forty-three trenches, geological mapping and prospecting has substantially increased the size of the pre-existing zones (see NR-01-07 for details). Detailed sampling is in progress. Highlights include:
- Alfredo Zone: Trenching has extended mineralization to both the east and west with highly elevated radiometric readings averaging 2,000 C/S recorded over widths of up to 200 meters. The best continuous radiometric anomaly presently measures 2,400 meters by 700 meters and remains open.
- Diamante Zone: Widening and deepening of pre-existing trenches indicates that uranium mineralization continues to at least 5 meters depth and remains open.
- Southwest Zone: Prospecting and radiometric surveying has almost doubled the size of the zone from 2,500 meters by 50 meters to in-excess of 4,000 meters by 400 meters.
- Los Patos Zone: Sixteen additional trenches continue to evaluate the Los Patos Zone which when coupled with the newly discovered Los Patos South and Los Patos South West showings define a very large anomalous uranium target basin approximately 8.7 kilometres long by over 1 kilometre wide.
Mineralization as presently defined remains open in all directions.
Figure 1: Location of Uranium occurrences, Diamante – Los Patos Property.
Exploration Model
The Cerro Galan Caldera Complex measures approximately 60 kilometres in diameter and is believed to be the second largest caldera in the world. Uranium mineralization is hosted by poor to semi-consolidated colluvial sediments as well as dacitic to rhyolitic ignimbrite and associated felsic fragmental volcanics. Initial trenching previously defined a minimum aggregate area of 11 square kilometres in four zones which contain highly anomalous uranium mineralization (see NR-01-07 for details). The results are interpreted to reflect the surface expressions or leakage from a large, structurally controlled, volcanic-hosted system focused on the flanks of the Cerro Galan Caldera complex.
Future Work
As a result of these new discoveries the Issuer has applied for an additional 70,000 hectares of new cateos (exploration concessions) which, once awarded, will bring its total land package in the Diamante - Los Patos District to approximately 110,000 hectares. The Issuer is presently planning a detailed airborne radiometric survey in order to screen this large, highly prospective block in a timely manner and allow rapid focusing and drill target definition in as short a timeframe as possible. Winterizing and upgrading of the existing camp facilities is also in progress in order to enable year-round exploration activity.
James M. Dawson, P. Eng., the Issuer’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 material change report. Mr. Dawson is not independent of the Issuer virtue of being a shareholder and the holder of stock options.
The work program at Diamante-Los Patos was designed and is supervised by James M. Dawson, the Issuer’s consulting geologist, who is 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 duplicate samples are forwarded to ASA for additional quality control.
Stock Options
The Issuer, pursuant to its 2004 Incentive Stock Option Plan, it has granted incentive stock options to certain directors, officers, employees and consultants of the Issuer, to purchase up to an aggregate 500,000 common shares in the capital stock of the Issuer. The options are exercisable on or before February 28, 2009 at a price of $3.10 per share.
This material change report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the timing of future activities by the Issuer, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. Although the Issuer believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Issuer cautions investors that any forward-looking statements by the Issuer are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Issuer’s ability to obtain any necessary permits, consents or authorizations required for its activities, the Issuer’s ability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Issuer’s current 20F for a more complete discussion of such risk factors and their potential effects.
All of the Issuer’s public disclosure filings may be accessed viawww.sedar.com andwww.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Issuer’s mineral properties. This material change report contains information with respect to adjacent or similar mineral properties in respect of which the Issuer has no interest or rights to explore or mine. The Issuer advises US investors that the US Securities and Exchange Commission’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Issuer has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Issuer’s properties.
This material change report is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Item 6. | Reliance on subsection 7.1(2) or (3) of National Instrument 51-102 |
Not applicable
Item 7. | Omitted Information |
No information has been omitted on the basis that it is confidential.
The following senior officer of the Issuer is knowledgeable about the material change disclosed in this report.
Hendrik Van Alphen, President & CEO
Business Telephone No.: (604) 331-0096
March 1, 2007
