Zadar Completes Purchase of 100% Interest in the West Carswell Uranium Project
December 19, 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”) and Triex Minerals Corp. (“Triex”), a wholly owned subsidiary of Canterra whereby Zadar has purchased a 100% interest in the West Carswell uranium project. Under the terms of the agreement the Company will issue 385,000 common shares to Canterra. Canterra will also retain a 2% NSR on the project with a buyback of 1% for $1 million.
The West Carswell project (8,157 hectares) is situated on the west margin of the Carswell Structure ( a meteorite-impact site or astrobleme) which is a multi-ring, roughly circular feature approximately 35 km in diameter that represents a “plug” of uplifted basement material (up to 2 km) within the Athabasca Basin boundary. There are numerous uranium deposits within the Carswell Structure (SMDI: Saskatchewan Mineral Deposit Inventory occurrences) including the D, N, OP, Claude, Dominique-Peter, Dominique-Janine and West Dominique-Janine collectively are referred to as the Cluff Lake Mine which COGEMA Resources Inc. operated for 22 years, producing > 60M lbs of U308 (Geology, Mineral and Petroleum Resources of Saskatchewan; Saskatchewan Industry and Resources, 2003). The Shea Creek uranium prospect (Kianna, Anne, Collette and 58B deposits) remains the largest undeveloped uranium resource in the Athabasca Basin and is the third largest uranium resource in the Athabasca Basin (http://www.uex-corporation.com/s/shea_creek.asp). The Shea Creek uranium mineralization lies outside of the Carswell Structure, about 20 kilometres to the south of the Cluff Lake deposits and 15 kilometres to the south-east of the West Carswell project. The West Carswell property is within the same basement domain as both Cluff Lake and Shea Creek defined by narrow, northwest-southeast trending magnetic zones defined on regional aeromagnetic maps. The Harrison Shear Zone is a regional fault/shear zone that forms part of the southwestern margin of the Carswell Structure. The shear zone transects the northeastern part of the West Carswell project and is a significant target for potential uranium deposits. Historic exploration comprised airborne and ground electromagnetic surveys and diamond drilling. The electromagnetic surveys outlined a strongly conductive feature named the MP Anomaly (~ 4.3 km long E/W by 1.2 km wide N/S). Reconnaissance drilling of the MP anomaly intersected evidence of uranium mineralization in the form of fault and hydrothermal breccia zones, elevated to anomalous boron (9-316 ppm) in the sandstone, weakly radioactive zones up to 60 metres wide in sandstones at the unconformity, and haematitic and radioactive basement granitoid rocks. The geophysical surveys also identified electromagnetic conductors associated with the Harrison Shear Zone which have not been drilled.
Get our daily investorintel update
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>