Zenyatta Ventures to Commence Definition Drilling at Albany Graphite Deposit, Northeastern Ontario
March 15 2012 - 10:00AM
Marketwired
Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN)
is pleased to announce that it will commence initial definition
drilling at the Albany Graphite Deposit, located near Hearst in
northeastern Ontario.
The goal of the drill campaign is to further test the extent of
a 1400 metre by 800 metre airborne EM conductor with approximately
4000 metres ("m") of drilling over the next 2 months with widely
spaced (200m) drilling. As previously announced in the Company's
news releases, a recent drill hole on the Albany project testing
this large EM conductor intersected eight (8) separate and
extensive graphite-rich breccia zones. Subsequent petrographic
examination of samples sent to Lakehead University ("LU") confirmed
the drill hole had intersected a hydrothermal (magmatic) occurrence
of graphite with a flake size ranging from fine (-270 mesh) to
coarse (+40 mesh). A per recommendations of the LU report, SGS
Canada Inc. (Mineral Services Division of Lakefield) has been
engaged to assess the purity and metallurgical response of the
graphite material.
Aubrey Eveleigh, President and CEO stated "Given the positive
report from Lakehead University and work being conducted by SGS
Lakefield, the next logical step for the Albany project is to
confirm with drilling that this large geophysical anomaly
represents the potential limits of a graphite-rich breccia pipe. It
is a very important step in determining the possible size of this
newly discovered graphite deposit. Results are expected over the
next few weeks."
Core photos, section and maps can be seen on the website at
www.zenyatta.ca. The graphite discovery is located 30km north of
the Trans Canada Highway and a gas pipeline. A rail line is located
70km away and an all-weather road approximately 4-5km from the
graphite deposit. The deposit is near surface, underneath glacial
till overburden.
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. To find out more on
Zenyatta Ventures Ltd., please visit website www.zenyatta.ca.
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", 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.
Contacts: Zenyatta Ventures Ltd. 807-346-1660info@zenyatta.ca
www.zenyatta.ca