Zadar Commences Due Diligence on Ravensthorpe Lithium Project in South Western Austrailia
VANCOUVER, BC--(Marketwired - July 28, 2016) - Zadar Ventures Ltd. (TSX VENTURE: ZAD) (FRANKFURT: ZAV) (OTCQB: ZADDF) (the "Company") is pleased to announce that it has initiated due diligence on the previously announced MOU with Macarthur Minerals Ltd., (See Company News Release dated July 12, 2016) on the Ravensthorpe Lithium Project, in the Ravensthorpe region of South Western Australia.
RAVENSTHORPE LITHIUM PROJECT ACREAGE
The Ravensthorpe acreage comprises of two exploration license applications E74/587 and E74/588, which together cover an area of 91 square kilometers.
The Ravensthorpe acreage is, at its closest point, approximately seven kilometers from the Galaxy Resources' Mount Cattlin Lithium development project, which is currently mining and processing spodumene and tantalum concentrate near Ravensthorpe in South Western Australia, with reported targeted production of approximately 150,000 tonnes for 2017. The Mount Cattlin Lithium Project is owned by Australian Securities Exchange listed Galaxy Resources Ltd. (ASX: GXY), who announced a merger with its joint venture partner, Australian Securities Exchange listed company, General Mining Corporation Ltd. (ASX: GMM) on May 30, 2016.
The Ravensthorpe acreage is located within the Cocanarup Terrane, which is dominated by intensely sheared and isoclinally folded Archean ultramafic rocks including spinifex-textured komatiite and pelitic metasediments.
HIGH GRADE LITHIUM OF ADJACENT PROJECTS
The Ravensthorpe Lithium Project is immediately adjacent to Australian Securities Exchange (ASX) listed Lithium Australia NL's (LIA) Horseshoe, Phillips South and Deep Purple Prospects. LIA has announced the presence of lithium pegmatites from which rock chips have been taken with assays ranging between 2.4% Li20 up to 4.1% Li20 (See LIA News Release Dated July 12, 2016).
Company President Paul D. Gray, P.Geo. commented, "The timing of Zadar's MOU for ground in these highly prospective geologic terranes for hard rock lithium mineralization could not have been better considering Lithium Australia's recent announcement of high-grade lithium mineralization in pegamatites. Zadar is excited to get boots on the ground in this rapidly developing district, and moreover is distinctly keen to begin a fruitful working relationship with the quality in-County technical team of Macarthur Minerals."
Due diligence of the Ravensthorpe acreage by Zadar will be conducted in unison with Macarthur Minerals and will begin in the near term where the initial concentratation of activities will focus on those areas that have had pegmatites previously identified and mapped by the Geological Survey of Western Australia (GSWA).
This news release has been reviewed and approved by Mr. Gray, PGeo, who is the company's qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul D. Gray, P. Geo.
President & CEO
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.