Zadar Ventures Ltd.: President’s Update Report On Patterson Lake NE and Triex Uranium Assets
January 28, 2014 (Source: Marketwired) — Zadar Ventures Ltd. (the “Company”) (TSX VENTURE:ZAD)(FRANKFURT:ZAV) is pleased to provide a Corporate update, 2013 year in review and preview of an exciting 2014. Zadar spent 2013 with a generative focus, and finished the year with the completion of the purchase of 100% of five (5) advanced Athabasca Basin Uranium exploration projects (previously owned and developed by Triex Mineral Corporation). Zadar completed its inaugural on-the-ground uranium exploration programs on the Company’s Patterson Lake NE (PNE) Uranium Project, built out the management team and completed a $933,000 financing. With these accomplishments met, Zadar looks forward to an exploration driven 2014 focused on discovery.
Zadar is confident that the fundamentals of uranium economics/exploration and the Company’s quality portfolio of Athabasca Basin Uranium assets will combine with the current surge in Athabasca uranium discoveries to make 2014 the best yet for the shareholders.
The year 2013 saw Zadar complete the acquisition of a 100% interest in five (5) advanced uranium exploration projects (67,561 hectares) in the prospective Athabasca Basin namely:
- Pasfield Lake Uranium Project
- West Carswell Uranium Project
- Stony Road Uranium Project
- Riverlake Uranium Project
- Highrock Uranium Project
These 5 projects represent the uranium exploration package that was created and advanced by Triex Minerals Corporation (“Triex”) during the 2000’s that culminated in more than $17 million in exploration expenditures and historical data compilation, resulting in an impressive project dataset, to which Zadar now holds 100% interest. The value of the historical data compilation and exploration work conducted on these projects under the guidance of Dr. Michael Gunning. Ph.D, P.Geo. cannot be understated. Dr. Gunning has a proven track record of uranium discovery in the Athabasca Basin, and this package of projects represents high priority, advanced exploration targets Dr. Gunning personally developed during his management of Triex Explorations.
Zadar has begun a detailed, project by project data analysis and is developing a series of prioritized drill targets on each of the five (5) “Triex” projects. In particular, modeling of geophysical and structural data, including 2007-2009 Triex diamond drilling results on the Pasfield Lake Uranium Project has produced compelling exploration targets that the Company looks forward to advancing. Similarly, the other four projects contain uranium targets that are partially tested, or untested, and it is anticipated that ongoing analysis and integration of the technical data will refine drill targets. Zadar may consider joint venturing a number of the projects within its portfolio once the current data compilation is completed.
In 2013 Zadar also acquired a 100% interest in another three (3) strategically positioned uranium projects (28,376 hectares) in the Athabasca Basin.
- PNE Uranium Project
- BullRun B, C & E Uranium Project
- Upper Poulton Uranium Project
Get our daily investorintel update
The PNE and BullRun B, C & E projects are located in the quickly developing Patterson Lake South district, Southwest Athabasca Basin. Zadar conducted a series of on-the-ground geophysical/geochemical/geological programs and evaluations on the PNE Uranium Project this past season. The PNE project lies within a large basin scale NE trending gravity low structural corridor that encompasses the former Cluff Lake uranium mine, the Shea Creek uranium deposits, and the recently discovered high-grade uranium mineralization found at the Patterson Lake South project. The PNE project shares a common boundary with the Patterson Lake North project (Fission Uranium Corp. (50%) – Azincourt Uranium Inc. (50%)) where the discovery of an ~8 km long conductor trend was recently announced on ground immediately adjoining the PNE project. In the same news release (October 8, 2013), Fission Uranium, the operator of the Patterson Lake North project, announced an exploration budget of $1.5 million that includes 2,500-3,000 metres of winter 2014 diamond drilling. This is an extremely positive development and enhances Zadar’s belief that the PNE project has a high discovery potential for an unconformity or basement hosted uranium deposit at shallow depths, based on lithology, structure, alteration and historical boulder sampling. The BullRun B, C and E claims are favourably located geologically; on or along strike of electromagnetic conductor systems; along major faults or fault zones (with intersecting smaller scale faults); and within a few kilometres up to a few tens of kilometres from known uranium mineralization.
The Upper Poulton Lake project is located in the prolific eastern Athabasca Basin ~21km SE of the Cigar Lake uranium mine. Previous exploration on this ground (Cameco and others) has identified a series of shallow, northeast trending subsurface conductors, coincident with the Bird Lake Fault.. The Company is excited about the targets as the higher grade and larger deposits at McArthur River, Cigar Lake and Key Lake have a direct association with graphitic conductors. First pass drilling by Cameco at Upper Poulton Lake revealed clear evidence of hydrothermal alteration and a large, 2.5 km wide illite, U and Pb-enriched boulder train partly covers the trace of the fault as well as a portion of an adjacent magnetic high.
Coincident with the acquisition of the ex-Triex projects, the Company was able to build out its management team through the addition of two individuals with a solid expertise in uranium exploration and development; Jeremy S. Brett M.Sc., P.Geo. (Advisor to Board) brings the technical geophysical knowledgebase to the Zadar team (and has taken the lead with the ongoing data compilation program Zadar is undertaking) and Paul D. Gray, P.Geo. (President) rounded out the team bringing a hands-on uranium exploration and development background to the Board.
In December 2013 – January 2014, Zadar completed a $2.093 million in financing consisting of $933,000 first tranche equity financing and looks forward to finalizing $1.16 million placement by GRIT. This placement will allow the Company to proceed to concentrate on developing and testing the drill targets identified within the 100% owned stable of quality Athabasca Basin Uranium projects.
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
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. This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company’s disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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>