Zadar Completes Purchase of 100% Interest in the Highrock and Riverlake Uranium Projects
November 20, 2013 (Source: Marketwired) — Zadar Ventures Ltd. (TSX VENTURE:ZAD)(FRANKFURT:ZAV) (the “Company”) is pleased to announce that it has executed a definitive Purchase and Sales agreement with Canterra Minerals Corporation (“Canterra”), Triex Minerals Corp. (“Triex”), a wholly owned subsidiary of Canterra, and African Oil Corp. whereby Zadar has purchased a 100% interest in the Highrock and Riverlake Uranium projects. Under the terms of the agreement the Company will issue 330,000 common shares (160,000to Canterra and 170,000 to African Oil Corp.). Canterra will also retain a 2% NSR on the projects with a buyback of 1% for $1 million.
The Highrock project (5,831 hectares) has a similar geological setting to the past producing and historic Key Lake mine (Gaertner and Deilmann uranium-nickel orebodies). Historic Key Lake open pit uranium production (1983 to 2002) was 209.8 million pounds. The northwest corner of the Highrock property is 8 km from the Key Lake mine. Historic exploration comprised airborne and ground electromagnetic surveys, soil sampling and diamond drilling. The B1 target on the Highrock property covers part of the eastern limb of the Key Lake syncline, which hosts uranium mineralization at the P-Patch prospect, 7 kilometres north of the B1 target, and the Key Lake uranium-nickel ore bodies. The P-Patch uranium prospect mineralization, is located about 75 metres below the unconformity. Numerous small radioactive pitchblende pebbles have been discovered 5 kilometres southwest of the P-Patch deposit and immediately west of the Highrock property claim boundary. The pitchblende pebbles (average 20.4% U3O8 (17.3% U) and 3.70% Ni; may represent glacial erosion of uranium mineralization possibly located on the Highrock property.
The Riverlake project (5,583 hectares) has a similar geological setting to the past producing and historic Key Lake mine (Gaertner and Deilmann uranium-nickel orebodies). Historic Key Lake open pit uranium production (1983 to 2002) was 209.8 million pounds. Past exploration comprised airborne and ground electromagnetic surveys, soil sampling and diamond drilling. A 1,200 metre long NE-SW by 600 metre wide NW-SE soil anomaly with peak uranium values of 3.74 ppm and coincident elevated to anomalous arsenic, molybdenum, vanadium and lead values was identified (A1 target). The A1 target covers a set of three sub-parallel electromagnetic conductors having a combined strike length of 5 km and interpreted to be a single metasedimentary unit that is disrupted by folds and faults. Reconnaissance drilling in 2008 intersected continuous and significantly anomalous radioactivity within sheared and fault-brecciated basement rocks of graphitic metapelite and pegmatite. One hole intersected a 63 metre interval exhibiting 5 to 10 times background radioactivity including a measured 2,625 cps in schistose graphitic fault breccias. Geochemically, the radioactive graphite schist breccias have anomalous uranium contents up to 3.34 ppm, with interleaved pegmatite bands containing up to 116 ppm uranium. Of the key pathfinder elements, boron correlates most strongly with the uranium anomalies, and is important evidence for the presence of hydrothermal fluids. The pronounced orientation of the A1 target soil anomaly and the presence of anomalous uranium and alteration in the basement rocks are strongly reminiscent of the nearby Key Lake and P-Patch uranium deposits.
The common shares are issuable upon execution and TSX.V approval and will be subject to a hold period of four months and one day from the date of issue.
Zadar Ventures Ltd. is a junior uranium exploration company focused on acquiring and exploring for economically viable mineral resources. For more information we invite you to visit the company’s website at www.zadarventures.com .
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
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ON BEHALF OF THE BOARD OF ZADAR VENTURES LTD.
Paul D. Gray, P.Geo., President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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