Zenyatta Ventures; Drilling Yields 4.6% Graphite Over 208.2 Metres, Including 7.3% Over 47.0 Metres With Samples as High as 1...
July 09 2012 - 8:08AM
Marketwired Canada
Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to
provide the following significant assay results from the current drilling
campaign on the Albany Graphite Deposit.
Drill Hole #9 intersected a very large mineralized zone of graphitic breccia and
veining, from 162.0 to 370.2 metres ('m') grading 4.6% C (graphite) over 208.2m.
This included richer graphitic zones from 188.0 - 327.0 yielding 5.6% C over
139.0m and from 188.0 - 235.0 grading 7.3% C over 47.0m. Individual samples
assayed as high as 19.3% C. These represent the highest grades and widths
drilled to date at the Albany graphite deposit. The following table shows the
results of our first phase drill program:
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Hole # From To Width Grade (% C)
(metres)
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9 162.0 370.2 208.2 4.6
Including 188.0 327.0 139.0 5.6
Including 188.0 235.0 47.0 7.3
----------------------------------------------------------------------------
8 166.0 177.9 11.9 0.9
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7 166.0 180.0 14.0 1.2
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6 178.0 186.0 8.0 1.8
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5 44.0 214.0 170.0 6.6
Including 138.0 214.0 76.0 7.1
----------------------------------------------------------------------------
4 48.0 78.0 30.0 3.1
Including 48.0 63.4 15.4 5.0
----------------------------------------------------------------------------
3 56.7 104.5 47.8 3.3
133.0 265.0 132.0 3.8
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2 392.4 439.9 47.5 3.0
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1 79.8 89.7 9.9 4.6
112.5 180.0 67.5 4.2
183.1 191.0 7.9 3.3
329.5 377.7 48.2 2.5
411.0 437.4 26.4 3.0
467.3 472.8 5.5 4.2
481.0 488.5 7.5 2.1
506.0 522.0 16.0 3.0
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The nine (9) hole drill program succeeded in establishing widespread 'Vein Type'
graphite mineralization over the targeted airborne geophysical conductor in a
lateral and vertical extent, where it remains open. Drilling information
indicates different types of graphite mineralization consisting of clasts of
graphite vein material, disseminated graphite matrix and discrete graphite veins
/ veinlets. The stockwork graphitic veins can be several centimetres wide while
the veinlets are millimetre scale. Photos, plan maps and drill sections can be
found on the Company website www.zenyatta.ca. Further drilling will help explain
the relative importance and distribution of each graphite type. The Company is
presently planning a new budget and second phase drill program to follow up on
this successful first phase program.
Aubrey Eveleigh, President and CEO stated "Given the success of our current
drill program, we are contemplating a much larger drill campaign to further
define the size and shape of the Albany graphite deposit, which we believe is
emerging as a very important and unique graphite resource."
In July 2011, Zenyatta Ventures and Constance Lake First Nation ("CLFN") signed
an Exploration Agreement ("Agreement") for a mutually beneficial and
co-operative relationship regarding exploration and pre-feasibility activities
on the Albany Project.
Among other things, CLFN has participated in an implementation committee and
received preferential opportunities for employment and contracting. Zenyatta has
also contributed to a social fund for the benefit of CLFN children, youth and
elders.
Chief Roger Wesley of CLFN stated, "We are pleased to be working closely with
Zenyatta. It reflects the mutual respect that has developed between us and we
look forward to building a strong relationship to realize the benefits and
opportunities from the Albany Project in our traditional territory."
Aubrey Eveleigh, stated "We recognize the aboriginal treaty rights of CLFN and
look forward to working co-operatively with them and other local communities on
the Albany Project. The Company is focused and committed to northern Ontario and
has always accepted responsibility for strong community relations."
Constance Lake First Nation is a community of 1,470 members of Ojibway and Cree
ancestry located in northern Ontario. CLFN is a progressive and active community
that encourages, supports and promotes local business development, job creation
and economic development as keys to maintaining a healthy, vibrant community.
The graphite deposit is located 30km north of the Trans Canada Highway, power
line and natural gas pipeline. A rail line is located 70km away and an
all-weather road approximately 4-5km from the graphite deposit. The Albany
graphite 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. Analysis was carried out by ALS Chemex Labs using a total carbon (LECO)
method code of C-IR07. 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.
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