THUNDER BAY, ONTARIO--(Marketwire - March 14, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce that a drill program will commence immediately at its 100% owned Albany Graphite Deposit in northeastern Ontario.
Given the recent metallurgical success, the Company will now focus on defining the size and grade of this rare, 'vein-type' or hydrothermal-style graphite deposit. The goal of the current program will be to expand on a 2012 drilling campaign that intersected a large mineralized zone of graphitic breccia and veining which yielded up to 6.6% Carbon over 170.0 metres ('m') from widely spaced drill holes. This previous nine (9) hole drill program succeeded in establishing widespread graphite mineralization laterally for several hundred metres and to a vertical depth of 400m, where it remains open.
The current drilling will consist of a minimum of 10,000m and will further test the extent of the Geotech VTEM airborne conductor that measures 1400m east-west by 800m north-south. The program will require 40 holes and is expected to continue until August, after which a NI 43-101 resource estimate will be calculated. The Company anticipates a steady flow of information from drilling activities and continued metallurgical work from this fully funded $4 million exploration program for the balance of 2013.
Aubrey Eveleigh, President and CEO stated, "This larger drill campaign will further define the size and shape of the only known 'vein type' or hydrothermal graphite deposit under development in the world. Hydrothermal graphite deposits, like the Albany, are extremely rare and known to offer superior performance in many industrial applications due to its distinctive properties. We believe the Albany graphite deposit is emerging as a very important and unique graphite resource." Eveleigh also stated, "Zenyatta's exploration team headed by Peter Wood, VP Exploration will manage the program over the next 4-6 months. Mr. Wood will focus on defining a resource estimate at the Albany graphite deposit and prepare for a pre-feasibility study in the second half of the year."
Zenyatta initially established the quality of the Albany graphite and recently announced ultra-high purity results from SGS Canada Inc. of 99.96% carbon from a low-cost, conventional processing technique. This is further confirmation of earlier mineralogical studies from Lakehead University that showed the Albany graphite material to be hydrothermal in nature with negligible impurities. The ability to produce a natural graphite product equivalent in purity to the highest grade synthetic graphite using low-cost conventional processing techniques will allow Zenyatta to target the growing market in high value-added graphite applications; especially the new important high technology manufacturing and the emerging "green" industries. Given the ultra-high purity at Zenyatta's Albany project, the Company will be positioning the material to compete in the $13 billion (global production at 1.5 million tonnes annually) synthetic market.
Zenyatta's Albany graphite deposit is located 30km north of the Trans Canada Highway, power line and natural gas pipeline near the communities of Constance Lake First Nation and Hearst. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The deposit is near surface, beneath 20-40 metres of overburden consisting of gravel and a thin veneer of limestone.
Mr. Aubrey Eveleigh, P.Geo., President and CEO, is the "Qualified Person" under NI 43-101 and has reviewed the technical information contained in this news release.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "should" or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services 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 Information:
807-346-1660
info@zenyatta.ca
www.zenyatta.ca