Zadar Ventures Ltd. Acquires Poulton Lake Uranium Project Adjoining Fission/Denison
09.04.2013 | Marketwire
VANCOUVER, April 9, 2013 - Zadar Ventures Ltd. (the "Company") (TSX VENTURE:ZAD) 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 Upper Poulton Lake Uranium project, located in the prolific eastern Athabasca basin. The property adjoins Fission Energy Corporation's Clearwater West project recently acquired by Denison Mining. Cameco, AREVA Resources Canada and Purepoint Uranium Group Inc. are also active in the area.The Upper Poulton Lake Project lies ~21km SE of the Cigar Mine and covers an area of 6,745 acres. 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, the 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.
The company will pay $100,000 cash, issue 900,000 shares and commit to spend $2 million on exploration over 4 yrs. This acquisition is subject to TSX Venture approval. There will be a finder's fee payable in accordance to TSX Venture guide lines.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Tommasi
President & Chief Executive Officer
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.
Contact
Zadar Ventures Ltd.
Mark Tommasi, President & Chief Executive Officer
604-682-1643
www.zadarventures.com