May 17 2013
Zadar Ventures Ltd. (the "Company") is pleased to announce that it has entered into a purchase agreement with an arm's length vendor to acquire a 100% interest in the 7,744 hectare Patterson Northeast Uranium project (PNE), located in the prolific Western Athabasca basin.
The project has road access and directly adjoins Fission Uranium's Patterson Lake North project, recently optioned (50% interest) to Azincourt Resources.
The PNE Project lies just ~11km NE of Fission/Alpha Minerals' Patterson Lake South Project, where high-grade uranium intersections are being encountered at shallow depths, and ~27km southeast of UEX/AREVA's Shea Creek deposit, which has reported U3O8 mineral resource estimate of 67.66 million pounds indicated and 28.19 million pounds inferred, at a cut-off grade of 0.30%.
The PNE Project is a highly prospective property package, which shares magnetic signatures with both Shea Creek and Patterson Lake South. The target-type at PNE is an unconformity or basement hosted uranium deposit; basement depth (depth of investigation) is between 380-600m. The primary target is broad conductive zone, potentially a graphitic horizon or alteration halo, identified through 2006 MegaTEM survey. Just north of the conductor, historic drilling has revealed clay alteration, fracturing and abundant pyrite, indicative of hydrothermal enrichment. On surface, boulders rich in boron, a pathfinder element for uranium deposits, have also been identified.
The company will pay $205,000 cash in year one and make subsequent payments totaling $2.8 million and complete $2 million in exploration over 4 yrs. In addition a 1% NSR has been granted to the Vendor, of with 1/2 percent can be purchased by Zadar for $1 million.
The company has also acquired 2 additional mineral claims (BullRun D&E) totaling 8,717 hectares from an arm's length party for the issuance of 250,000 shares and a 2% NSR.
It should be noted that the combination of PNE, BullRun A and BullRun D form 15,292 hectares of disposition blocks contiguous to the Patterson Lake North project.
There will be a finder's fee payable in relation to these transactions in accordance to TSX Venture guide-lines.
Source: http://www.zadarventures.com/