Zenyatta Ventures Ltd. Provides an Update on the Albany Project in Northern Ontario
June 28 2011 - 9:44AM
Marketwired
Zenyatta Ventures Ltd. (TSX VENTURE: ZEN) ("Zenyatta" or "Company")
is pleased to provide an update on its Albany Project in northern
Ontario.
Exploration
Zenyatta is conducting an exploration program targeting nickel
(Ni), copper (Cu), and platinum group metals (PGMs) on the Albany
Project located west and north of Hearst, Ontario. The Company has
identified a vast, highly prospective and underexplored area in the
James Bay Lowlands of northern Ontario. The area has been largely
ignored in the past due to extensive cover rocks (Paleozoic age)
and overburden overlying the prospective Precambrian Shield rocks
(Archean age). Recent advances in airborne geophysical
electromagnetic (EM) technology have allowed deeper
penetration/resolution through the cover rocks to target favourable
geological and structural settings within the underlying Shield
rocks.
The area includes several large multi-phased
mafic-ultramafic-alkalic complexes forming an arc approximately
150km long. One of these complexes, called the Nagagami River
Alkaline Ring Complex, shows similarities to the Mid-Continent Rift
related Coldwell Complex (Proterozoic age) on the north shore of
Lake Superior. The Albany project area is considered to host deep
seated Proterozoic structures that may be related to the 1.1
Billion year old Mid-Continent Rifting. The Mid-Continent Rift is a
structural environment that hosts a number of significant mineral
deposits around Lake Superior. Rifting environments around the
world are host to many large copper-nickel-PGM deposits due to a
tapping of the mineral rich mantle by way of the structural
conduits and traps for metal transport and deposit. The Albany
geological and geophysical setting is large enough to host and hide
world class deposits of this model type.
Zenyatta began a drill program in March to test several high
priority Magnetic and Electromagnetic (EM) geophysical targets
identified by Geotech's VTEM 35 survey. Four (4) of the targets
have been initially drilled with more than twenty (20) remaining to
be tested over the coming months.
Target 1 was a moderate and laterally extensive, high
conductivity-thickness EM target flanking a strong magnetic
anomaly. After drill testing the geophysical anomaly it is thought
to be related to electrolytic waters in a flat lying porous
sandstone unit at the base of the Paleozoic above the unconformity
with Archean rocks. Geophysical modelling will be conducted to
determine if further drill testing is required for this target.
Target 2 consisted of three (3) parallel, strong and large
magnetic anomalies extending for a combined strike length in excess
of 20km. A drill hole was designed to test a small section of the
magnetic anomaly and was explained with the intersection of a
Banded magnetite Iron Formation (BIF) never before identified. The
BIF unit was continuously sampled from 236.00 to 338.50m, with a
weighted average of 27% Fe over 102.50m. The drilling stopped in
the BIF and its full extent is not yet known. Further drilling will
be needed to fully assess the potential significance of the
extensive strike length of the magnetic response associated with
this new iron discovery.
Target 3 consisted of a strong and extensive magnetic anomaly
believed to be caused by a Proterozoic intrusion representing a
potential host for nickel, copper and PGM mineralization. A drill
hole intersected ultramafic rocks composed of peridotite and
pyroxenite related to such an intrusion. This newly identified
favourable intrusion will require follow-up drilling pending
receipt of geochemical analysis from the lab.
Target 4 is situated near a rusty gabbroic outcrop in an area
with high magnetic and EM responses. Drilling intersected a unit
containing magmatic sulphide droplets of pyrrhotite, pyrite and
chalcopyrite within a gabbroic unit similar to the outcrop. This
sulphide-bearing intrusion is considered to be a favourable
indication of the magmatic model and will require follow-up
exploration pending receipt of geochemical results.
Zenyatta has the right to earn a total of 80% interest in the
Albany Project from Cliffs Natural Resources Exploration Canada
Inc. by expending a total of $10,000,000 by July 1, 2014. The
Company has already earned 25% interest by flying the Geotech
airborne survey and is presently working towards earning an
additional 55% interest. Cliffs Natural Resources Exploration Inc.,
a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE:
CLF) (Paris: CLF), an international mining and natural resource
company, holds approximately 11.8% of the outstanding common shares
of Zenyatta.
Motion for Injunction
Zenyatta, Constance Lake First Nation ("CLFN") and Ontario
("Crown") have been engaged in mediation with Superior Court
Justice Campbell since May 24. The motion for injunction relief by
CLFN in Ontario Superior Court has been adjourned while the newly
elected Chief and Council review a recently mediated proposal. If
the parties do not accept a settlement during mediation, the motion
for an interim injunction will be argued before Justice Lederman in
Ontario Superior Court. The Company's Board and Management are
optimistic that an agreement can be reached soon with CLFN.
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", 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. 807-346-1660 info@zenyatta.ca
www.zenyatta.ca
Zentek (TSXV:ZEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zentek (TSXV:ZEN)
Historical Stock Chart
From Jul 2023 to Jul 2024