Nov 30 2013
Zadar Ventures Ltd. (the "Company" or "Zadar") is pleased to announce that it has executed a definitive Purchase and Sales agreement with Canterra Minerals Corporation ("Canterra"), Triex Minerals Corp. ("Triex"), a wholly owned subsidiary of Canterra, and Magnum Uranium Corp. whereby Zadar has purchased a 100% interest in the Stony Road uranium project.
Under the terms of the agreement the Company will issue 40,000 common shares (25,000 to Canterra and 15,000 to Magnum Uranium Corp). Canterra will also retain a 2% NSR on the project with a buyback of 1% for $1 million.
The Stony Road uranium project (10,545 hectares) is situated on the eastern arm of the Cable Bay Shear Zone ("CBSZ"), a well-known and defined Athabaska Basin regional structure identified as highly prospective for uranium mineralization on Zadar's nearby Pasfield Lake Uranium Project (see Zadar News Release of September 26, 2013). Historic exploration included regional geochemical sampling, airborne and ground electromagnetic/ gravity surveys, and diamond drilling. Reconnaissance drilling in 2009 (2 holes - 1,300 metres) targeted a strong coincident airborne and ground electromagnetic conductor on the western edge of a regional magnetic-high feature adjacent to the inferred eastern splay of the regional CBSZ. The conductor was confirmed as a graphitic and pyritic metapelitic gneiss. The unconformity was intersected at depths of approximately 600 metres, consistent with regional data, and drilling confirmed that the basement gneiss is a prospective host rock for unconformity-type uranium deposits. One hole, displaying locally pervasive haematite alteration close to the unconformity, intersected anomalous radioactivity over several tens of metres above the unconformity, up to 687 counts per second ('cps'), in association with the most intensely altered rocks. Uranium geochemical values were also elevated in this interval, from 10 to 20 times background values. Zadar plans further exploration of this target.
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.
The company has also set 200,000 incentive stock options at $0.25 for a period of two years.
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
Paul D. Gray, P.Geo., President & Chief Executive Officer
Source: http://www.zadarventures.com/