Apr 23 2013
Zadar Ventures Ltd. (the "Company") is pleased to announce that the TSX Venture Exchange has accepted for filing an Option Agreement between the company and an arm's length vendor, whereby the company can earn a 100% interest in the Upper Poulton Lake Property, which covers 2,730 hectares in the Athabasca Basin, Saskatchewan, ~21km SE of the Cigar Mine.
Geology at Upper Poulton Lake is dominated by the northeast trending Bird Lake Reverse Fault. The high-value targets were identified by Cameco in 2004 comprise a series of shallow, northeast trending subsurface conductors, coincident with the Bird Lake Fault, which shows strong similarities to the Rabbit Lake Fault, primary control of the Rabbit Lake Mine. The Company is excited about the targets as the majority of unconformity-type uranium discoveries in the Athabasca basin, such as Fission's Patterson Lake South and Hathor's Roughrider Deposit, have been made through the investigation of subsurface conductive graphitic layers residing within magnetic breaks. In addition, first pass drilling by Cameco at Upper Poulton Lake revealed clear evidence of hydrothermal alteration.
Under the terms of the acquisition Zadar will pay $100,000 cash and issue 100,000 common shares year one and issue an additional 800,000 shares in stages over the next three years. In addition, a onetime $1,000,000 payment is payable on the fourth anniversary. The Company will also commit to spend $2.1 million on exploration over 4 yrs. A 1% NSR has also been reserved unto the vendor, of which 1/2% can be purchased by Zadar paying to the Owner $1,000,000. A finder's fee of $10,000 and 10,000 shares will be paid to Sabrina Sim.
Zadar Ventures Ltd. is a junior Uranium exploration company focused on acquiring and exploring for economically viable mineral resources in the prolific Uranium producing Athabasca Basin. For more information we invite you to visit the company's website.