Zadar Ventures Ltd. (TSX VENTURE:ZAD)(FRANKFURT:ZAV) is pleased to announce it has executed a definitive Purchase and Sales agreement with Canterra Minerals Corporation Triex Minerals Corp. a wholly owned subsidiary of Canterra, and Thelon Capital Ltd whereby Zadar has purchased a 100% interest in the Pasfield Lake uranium project. Under the terms of the agreement the Company will pay $75,000 in cash payments and issue 1,745,000 common shares (1,430,000 to Canterra and 315,000 to Thelon Capital). Canterra will also retain a 2% NSR on the project with a buyback of 1% for $1 million.
Pasfield Lake lies in the eastern Athabasca Basin, which has proven to be the most prolific and productive area to date, for uranium mines and discoveries). This area contains the Key Lake, McArthur River, Cigar Lake and Millenium uranium mines as well as the Roughrider uranium deposit discovered by Hathor Exploration Ltd. and sold to Rio Tinto for $654 million in 2012.
The Pasfield project (37,445 hectares) is situated on the Pasfield Structure (possibly an astrobleme and similar to the Cluff Lake Structure) and astride the Cable Bay shear zone. Exploration has identified important indications of the presence of uranium-bearing hydrothermal fluids along the fault that forms the eastern arm of the CBSZ. Further drilling is required to adequately test for uranium mineralization in this structurally complex area, especially where shallow basement (300-500 metres) is indicated by geophysical surveys. The property is a large and compelling exploration target encompassing a major basement uplift feature, with at least 600 metres of vertical displacement relative to regional basement depths. It is located on a major regional shear zone, with strong surface geochemical anomalies and strongly altered and radioactive rocks discovered in drill core, and coincident with the eastern and western “arms” of the “CBSZ”. Exploration by Triex comprised lake sediment sampling, soil and biogeochemical sampling, airborne electromagnetic and gravity surveys, and diamond drilling. Soil and bio-geochemical surveys identified a robust multi-element anomaly with significantly elevated uranium values accompanied by elevated levels of boron, lead, molybdenum, vanadium and arsenic, the five key pathfinder elements associated with alteration halos above unconformity-type uranium deposits in the Athabasca Basin. Reconnaissance drilling identified the presence of significant alteration features indicative of proximity to uranium ore-bodies. Pervasive bleaching was present in basement rocks at the unconformity in all holes. Other features intersected in individual holes included intensely clay-altered granitic gneiss, hematite-filled breccia in basement granite gneiss, + 300 metres of graphitic garnet-mica metapelitic gneiss, strongly graphitic fracture zones, and weak but extensive clay alteration of the sandstone. Two zones with increased radioactivity and elevated uranium, boron and other key pathfinder elements were identified; one at the unconformity and another 800 metres above the unconformity.
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.
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