THUNDER BAY, ONTARIO–(April 23, 2012) - Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to announce an update on drilling at the Albany Graphite Deposit, located near Hearst in northeastern Ontario, Canada.
Drill hole #3 (Z12-4F3), which is near completion, was collared 200 metres (‘m’) north of the original discovery drill hole (Z11-4F1) and drilled in a southerly direction. Significantly, upon passing through the overburden/limestone, the hole immediately intersected graphitic breccia which shows the deposit coming to near surface. A wide zone (43.1m) of graphitic breccia was intersected from 62.6m to 105.7m followed by a zone of graphitic overprinting from 105.7m to 133.5m. Another, very wide zone (128.1m), of graphitic breccia was intersected from 133.5m to 261.6m. This represents the largest intersection of graphitic breccia drilled to date. Graphitic overprinting consists of veinlets of graphite within the granite.
Drill hole #2 (Z12-4F2) was designed to test the southern extent of the graphite breccia pipe. The drill hole was collared 200 metres (‘m’) south of the original discovery hole (Z11-4F1) to test the limits of the geophysical anomaly model and to define the contact of the graphitic breccia body. The drill hole defined this contact and intersected a wide zone of graphitic breccia and graphitic overprinting, where the breccia pipe model predicted it would be located. The drill hole intersected a wide zone (59.62m) of graphitic breccia from 380.27m to 439.89m.
Graphite analyses for these two (2) drill holes are expected over the next 10-12 days. A plan map, section and additional photos can be found on the website at www.zenyatta.ca.
Holes #4 (Z12-4F4) and #5 (Z12-4F5) have been proposed by our geological technical team and are shown on the website plan map. These drill holes will further test the geophysical conductor with a large (400m) step-out to the east. Hole #4 is scheduled to be started in the next 5-7 days.
The goal of the current drill campaign is to geologically define the extent of the graphite breccias, delineated by an airborne geophysical conductor with approximately 4000m of wide-spaced drilling over the next 2 months. As previously announced in the Company’s news releases, recent drill holes on the Albany project have intersected extensive graphite-rich breccia zones. Subsequent petrographic examination of samples sent to Lakehead University (“LU”) confirmed the drill hole had intersected a very rare hydrothermal (magmatic) occurrence of graphite with a flake size ranging from fine (-270 mesh) to coarse (+40 mesh). As 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 “Drilling continues to expand this unique and large graphite deposit at our Albany project. The Company is looking forward to continued definition drilling and receiving the graphite analyses within the next 2 weeks.”
The graphite discovery 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.
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.