- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
Zadar's Uranium Projects Review
VANCOUVER, BC–(Marketwired – June 13, 2016) – Zadar Ventures Ltd. (the “Company”) (TSX VENTURE: ZAD) (FRANKFURT: ZAV) (OTC PINK: ZADDF) is pleased to provide an update with respect to the Company’s significant Canadian uranium project portfolio. Zadar was founded on the strength of a suite of highly prospective advanced uranium exploration projects, and while the …
Zadar’s Uranium Assets:
- Pasfield Lake Uranium Project — Athabasca Basin (32,415 hectares)
- West Carswell Uranium Project — Athabasca Basin (8,106 hectares)
- Riverlake Uranium Project — Athabasca Basin (5,559 hectares)
- Upper Poulton Uranium Project — Athabasca Basin (1,746.5 hectares)
- Whiskey Gap — Alberta (107,726.2 hectares)
- $12 million in exploration data and work compiled by Triex Minerals
Together, the Company holds over 42,800 hectares of highly prospective, advanced uranium exploration projects in the Athabasca Basin. The Athabasca Basin in Northern Saskatchewan is a well-known location for active uranium extraction, development and exploration; indeed all major uranium producers have a presence in the Basin.
The Pasfield Lake, West Carswell and Riverlake advanced Athabasca Basin exploration projects represent the uranium development package that was created and advanced by Triex Minerals Corporation (“Triex”) during the 2000’s, that culminated in more than $10 million in exploration expenditures, 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 suite of projects represents high priority, advanced exploration targets Dr. Gunning personally developed during his management of Triex Explorations. Zadar management has prioritized the Pasfield Lake Project as the most compelling of the Company’s holdings and will actively be seeking to advance the project this season.
Importantly, the majority of these mineral dispositions claims have had historical assessment work applied to them affording a zero cost to Zadar to maintain them in good standing. Zadar is utilizing this period of quiescence in the uranium market to continually review the large dataset that came with the project portfolio and has prioritized targets for exploration on the Athabasca Basin Projects.
About Pasfield Lake
The Pasfield Lake Uranium Project lies within the Pasfield Structure (a structure interpreted to be formed as the results of an astroblem impact; similar to the uranium mineralized Cluff Lake Structure) and importantly also lies next to the prolific Cable Bay shear zone (“CBSZ”). The project is extremely compelling as it represents a major basement uplift feature (the Pasfield Structure), with at least 600 metres of vertical displacement confirmed as well as to being located on a major regional shear zone, with strong surface geochemical anomalies and strongly altered and radioactive rocks discovered in drill core.
Uranium exploration to date has identified indications of the presence of uranium‐bearing hydrothermal fluids along the fault that forms the eastern arm of the CBSZ. Intital diamond drilling (and detailed geophysical surveys) within the Pasfield Lake project has identified anomalous uranium and confirmed uplifted basement lithologies (300-500 metres) within the Project area. Additional drilling is required to adequately test for uranium mineralization in the structurally complex area.
Historic exploration consisted of focused lake sediment sampling, detailed soil and biogeochemical sampling, repeated airborne electromagnetic and gravity surveys, and first phase diamond drilling. The soil and biogeochemical surveys defined a valid multi‐element anomaly with elevated uranium boron, lead, molybdenum, vanadium and arsenic, the five key pathfinder elements associated with alteration halos above unconformity‐type uranium deposits in the Athabasca Basin. Phase I diamond drilling returned alteration features well documented to be indicative of proximity to uranium mineralization and pervasive bleaching was present in all basement lithologies intersected at the unconformity. Moreover, 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 was intersected during the drilling activities. Most striking, two discreet zones of elevated radioactivity and correspondingly anomalous uranium and boron were intersected; one immediate to the unconformity and the other 800 metres above the unconformity.
Zadar also announces it has set 200,000 incentive stock options at a price of $0.21cents for a period of two years.
The Company believes the balance of the quality uranium projects coupled with the lithium brine opportunity currently progressing in Nevada, affords a unique specialty minerals opportunity to the shareholders and allows the Company to explore and advance green energy and storage minerals as a one stop shop.
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.