Zenyatta Ventures Ltd; Phase II Drill Program Commences at Albany Project, North-Eastern Ontario
September 01 2011 - 9:29AM
Marketwired
Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE: ZEN)
is pleased to announce that a Phase II drill program has commenced
at the Albany Project near Hearst in north-eastern Ontario. The
program will consist of a minimum of 8000 metres and continue until
Christmas break to test several high priority Magnetic and
Electromagnetic geophysical targets identified by Geotech's VTEM 35
airborne system in 2010.
The Albany Project consists of approximately 300,000 acres in 28
separate claim blocks in an area highly prospective for Copper,
Nickel, PGM's and other mineral deposit types. The 2010 airborne
system identified greater than thirty anomalies on the various
claim blocks. The majority of the high priority geophysical targets
remain to be tested with only four anomalies drilled during the
previous 5 months as a result of delays. The drilling on those four
anomalies did encounter very encouraging results from previously
unidentified sulphide bearing intrusions, favourable ultramafic
rocks and a new iron discovery as noted in the news release dated
June 28.
After many months, Zenyatta reached an agreement with Constance
Lake First Nation on July 18 and a signing ceremony occurred on
July 29. The Company also signed a new drill contract with Foraco
Canada Ltd. to replace the prior drill contractor. We do not expect
any more delays in the coming months and anticipate a steady flow
of information from our drilling activities for the balance of
2011.
Aubrey Eveleigh, President and CEO of Zenyatta, stated "We are
looking forward to our Phase II drill campaign with the full
support of Constance Lake First Nation. We feel that our best
prospects are ahead of us at the Albany Project and significant
results will be released as they become available."
Zenyatta held their first Annual General Meeting in Toronto on
Wednesday, August 24 with 99.99% of the votes cast in favour of the
resolutions put forth by the Company.
Zenyatta Ventures Ltd. is a mineral exploration company based in
Thunder Bay, Ontario with projects in the Canadian Shield of
Northern Ontario, Canada. To find out more on Zenyatta Ventures
Ltd., please visit website www.zenyatta.ca.
This news release may contain forward-looking statements and is
subject to a variety of risks and uncertainties that could cause
actual events or results to differ materially from those projected
in the Company's forward-looking statements and expectations. The
forward-looking information contained herein is given as of the
date hereof and the Company assumes no responsibility to update or
revise such information to reflect new events or circumstances,
except as required by law.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Zenyatta Ventures Ltd. 807-346-1660 info@zenyatta.ca
www.zenyatta.ca
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