Zenyatta Successfully Completes Flotation Pilot Testing Portion of Metallurgical Work on Albany Graphite Deposit
April 25 2017 - 8:00AM
THUNDER BAY, ON--(Marketwired - April 25, 2017)
- Zenyatta Ventures Ltd. ("Zenyatta" or
"Company") (TSX VENTURE: ZEN) (OTCQX: ZENYF) today is
pleased to announce that the completed flotation pilot testing
portion of the ongoing metallurgical work has yielded successful
results. The metallurgical testing is part of the pre-feasibility
work for the Albany Graphite Deposit located in Northeastern
Ontario, Canada. Purification test-work is currently underway using
concentrate derived from the pilot flotation plant and this will
culminate in a pilot purification plant. Once the final
metallurgical testing is complete, the process flow sheets and
associated engineering data will then be fed into the engineering
part of the on-going pre-feasibility study.
Mr. James Jordan, P.Eng., Project Manager for
Zenyatta stated, "We are very pleased with the results to date as
they not only surpassed flotation performance achieved in the
previous pilot but also exceeded the optimized bench scale tests.
At a target grade of 85% graphite, flotation recovery is projected
to be approximately 90%. The graphite concentrate will be fed to
the purification process to yield approximately 99.9% carbon
purity. Due to the unique igneous origin of the Albany graphite
mineralization, there are no other truly equivalent deposits on
which we can model our process. We are therefore continually
learning more about its distinctive response to various flotation
parameters and especially to the circuit arrangement."
The metallurgical work is being carried out at SGS
Canada Inc. ("SGS") in Lakefield, Ontario under the guidance of Mr.
Jordan. The completed flotation pilot testing work was performed on
two composites from the East Pipe and the West Pipe of the Albany
graphite deposit. Significantly, results show consistent
improvement in metallurgical performance with similar concentrate
grades and recoveries obtained from both the East and West Pipe
graphite zone material. The upcoming pilot purification plant will
also produce additional high-purity graphite marketing material for
testing by global corporations and academic institutions for Li-ion
battery, fuel cell and graphene applications.
This metallurgical pilot program will be on-going
for the next several months and completed in the first half of
2017. The engineering and environmental assessment parts of the
pre-feasibility study are anticipated to commence in the
3rd quarter
of 2017. The proposed work will include drilling geotechnical holes
for the pit design and hydrogeology holes for ground water testing
and monitoring.
Zenyatta Ventures
Ltd. is developing the Albany Graphite Deposit situated in
northeastern Ontario, Canada. The deposit is a unique type of
igneous-hosted, fluid-derived graphite mineralization contained in
two large breccia pipes. The Company is seeking end users for their
graphite and graphene and is working with several collaborative
partners including the development of a graphene enhanced concrete.
Other potential markets for graphite include Li-ion batteries, fuel
cells and powder metallurgy. The application for graphitic material
is constantly evolving due to its unique chemical, electrical and
thermal properties. It maintains its stability and strength under
temperatures in excess of 3,000°C and is very resistant to chemical
corrosion. It is also one of the lightest of all reinforcing
elements and has high natural lubricating abilities. The outlook
for the global graphite market is very promising with demand
growing rapidly from new applications. It is now considered one of
the more strategic elements by many leading industrial nations,
particularly for its growing importance in high technology
manufacturing and in the emerging "green" industries such as
electric vehicle components.
The Albany graphite deposit is situated 30 km
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 70 km away with an all-weather road
approximately 10 km from the graphite deposit. The world trend is
to develop products for technological applications that need
extraordinary performance using ultra-high purity graphite powder
at an affordable cost. Albany graphite can be upgraded with very
good crystallinity without the use of aggressive acids
(hydrofluoric) or high temperature thermal treatment therefore
having an environmental advantage over other types of upgraded
high-purity graphite material.
Mr. Aubrey Eveleigh, P.Geo., Zenyatta's President
and CEO, is the "Qualified Person" for the purposes of National
Instrument 43-101 and has reviewed, prepared and supervised the
preparation of the technical information contained in this news
release. SGS performed analyses of all purified Albany graphite
samples by direct ash analysis using a platinum crucible, according
to a validated method that also accurately quantifies key trace
level impurities by subsequent ICP analysis.
For Further Information Please
visit the Company's website
at: http://www.zenyatta.ca or contact:
Mara Strazdins, HB.Sc., VP Corporate
Communications and Investor Relations
Mobile: (416) 710-0646, Office (807) 346-1660
Email: mstrazdins@zenyatta.ca or info@zenyatta.ca
CAUTIONARY STATEMENT: This analysis does not
represent a statistically large sample size. Furthermore, these
positive results do not mean that Zenyatta can extract and process
Albany graphite for graphite applications on an economic basis.
Without a formal independent feasibility study, there is no
assurance that the operation will be economic. The Company has
completed a July 9, 2015 Preliminary Economic Assessment which
indicates an open pit mine life of 22 years (excludes underground
resource which is open at depth) producing 30,000 tonnes purified
graphite per annum (see Zenyatta press release of 1 June 2015). The
PEA is preliminary in nature, it includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty
that the preliminary economic assessment will be realized. 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. This news release may contain forward looking information
and Zenyatta cautions readers that forward looking information is
based on certain assumptions and risk factors that could cause
actual results to differ materially from the expectations of
Zenyatta included in this news release. This news release includes
certain "forward-looking statements", which often, but not always,
can be identified by the use of words such as "potential",
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". These statements are based on
information currently available to Zenyatta and Zenyatta provides
no assurance that actual results will meet management's
expectations. Forward-looking statements include estimates and
statements with respect to Zenyatta's future plans, objectives or
goals, to the effect that Zenyatta or management expects a stated
condition or result to occur, including the expected timing for
release of a pre-feasibility study, the expected uses for graphite
in the future, and the future uses of the graphite from Zenyatta's
Albany deposit. 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 metallurgical
processing, ongoing exploration, project development, reclamation
and capital costs of Zenyatta's mineral properties, and Zenyatta's
financial condition and prospects, could differ materially from
those currently anticipated in such statements for many reasons
such as, but are not limited to: failure to convert estimated
mineral resources to reserves; the preliminary nature of
metallurgical test results; the inability to identify target
markets and satisfy the product criteria for such markets; the
inability to complete a prefeasibility study; the inability to
enter into offtake agreements with qualified purchasers; delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals; political risks;
uncertainties relating to the availability and costs of financing
needed in the future; changes in equity markets, inflation, changes
in exchange rates; fluctuations in commodity prices; delays in the
development of projects; capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set
out in Zenyatta's public documents filed on SEDAR. This list is not
exhaustive of the factors that may affect any of Zenyatta's
forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on
Zenyatta's forward-looking statements. Although Zenyatta believes
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. Zenyatta disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, other than as required
by law.
CONTACT INFORMATION
Zenyatta Ventures Ltd.
info@zenyatta.ca
Tel. 807-346-1660
www.zenyatta.ca
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Zenyatta Ventures Ltd via Globenewswire
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