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Zenyatta Ventures Intersects Wide Zones of GRAPHITE in 200 Metre Step-Outs North and South of Original Discovery Hole

Posted by AGORACOM-JC at 8:45 AM on Friday, April 13th, 2012

THUNDER BAY, ONTARIO–(April 13, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to announce an update on definition drilling at the Albany Graphite Deposit, located near Hearst in northeastern Ontario, Canada.

The second drill hole (Z12-4F2) into the Albany Graphite Deposit was designed to test the southern extent of the graphite breccia pipe. The Company collared the hole 200 metres (‘m’) south of the original discovery drill hole (Z11-4F1), outside the limit of the geophysical anomaly model in order to define the contact of the graphitic breccia body. The drill hole defined this contact and intersected a wide zone of graphitic breccia, where the breccia pipe model predicted it would be located. Another significant observation in this hole is the high abundance of graphite-rich clasts. These graphite-rich clasts probably represent initial graphite veins that have been subsequently brecciated (see photos on website under the graphite photo gallery tab).

The third hole (Z12-4F3), which is still in progress, was collared 200m north of the original discovery drill hole (Z11-4F1) and, as expected from the breccia pipe model, immediately intersected graphitic breccia below the overburden/limestone cover. The Company will be releasing more details as well as a plan map, section and additional photos on these holes in the next 4-5 days. Graphite analyses for these drill holes are expected over the next few weeks.

The goal of the current drill campaign is to geologically define the extent of the graphite breccias, delineated by a 1400 metre by 800 metre geophysical anomaly with approximately 4000m of wide-spaced drilling over the next 2 months. As previously announced in the Company’s news releases, a recent drill hole on the Albany project testing this large geophysical anomaly 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). 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 “This initial drilling confirms that the geophysical conductor is caused by graphite mineralization over a very large area. The current drill campaign is a very important step in determining the potential size of this newly discovered graphite breccia pipe. Breccia pipe formations are often associated with mineral deposits of various types around the world.”

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 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

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.

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Zenyatta shares scream higher ahead of graphite discovery drilling results

Posted by AGORACOM-JC at 12:00 PM on Friday, March 30th, 2012

Without any official news, Zenyatta Ventures shareprice skyrocketed almost 60%. Meanwhile it awaits results from drilling on a new graphite discovery.

Author: Kip Keen
Posted: Friday , 30 Mar 2012


Over the past two days, trading in Zenyatta Ventures (TSX-V: ZEN) – a newcomer to the graphite exploration game in Ontario, Canada – went from sleepy to hyper. Until Wednesday’s open, daily trading volume of Zenyatta stock averaged 57,000 over the past 16 trading days. Though it had no news to report, that started to change on Wednesday. Zenyatta’s shares climbed 20 percent to C$0.18 on trading volume over a million, about a twenty-fold increase relative to its daily average over the past few weeks.

And on Thursdayn Zenyatta shares sky-rocketed. As of presstime – with still no news to report – Zenyatta was up 58 percent to C$0.29 on a blistering 4.6 million in trading volume.

Graphite – for which Zenyatta recently started exploring near Hearst, Ontario – is undoubtedly the powder setting off Zenyatta shares. Back in early January Zenyatta noted it had drilled a compelling intercept with numerous broad intervals showing significant graphite in a breccia pipe, what it now calls the Albany graphite deposit. Zenyatta highlighted eight of these intercepts, with as much as 68 metres @ 4.2 percent carbon starting about 113 metres downhole. The other intercepts graded between about two and five percent carbon over widths from about five to 50 metres.

At the time the news did not register on Zenyatta shares which were trading around the C$0.15 mark. It did at Zenyatta, which quickly sent samples of the Albany graphite core to a mineralogist at Lakehead University in Ontario for study.

In late February Zenyatta said the results looked positive, with fine to coarse sized flakes and graphite accounting for almost all the reported carbon. This was good news for Zenyatta as it is the coarser-sized flakes of graphite that catch a premium on the graphite market. Thus Zenyatta took the next logical steps. It would drill more, it said, and it would contract SGS Lakefield, an independent consulting company, to test the core samples further to get a sense of how amenable Albany graphite might be to extraction and processing. Those results are expected in May or June.

Around Mid-March Zenyatta started drilling the deposit to test girth. Zenyatta has reason to believe it might be sizeable as it had defined the target as a particularly strong electromagnetic anomaly some 1,400 metres by 800 metres. In a stylized long section on its website Zenyatta shows the deposit as a deep, 1,400-metre-long breccia pipe with a graphite matrix. Drilling will go at this picture with a finer brush.

Zenyatta has said it would drill 4,000 metres in the breccia pipe and that results would be out within a few weeks. That was March 15, some two weeks ago. Has the ticking clock on imminent drilling results caught investor attention? It may be. As of presstime Zenyatta President and CEO Aubrey Eveleigh could not be reached for comment.

Whatever the case, Zenyatta now stands as another example of the hot market for graphite stories. As previously mentioned in these pages, investors look to be clamouring to find graphite investment vehicles and have been willing to pay a premium – as was the case in a recent private placement by Flinders Resources (TSX-V: FDR), another graphite-focused junior. Graphite prices have burgeoned in recent years as it has become apparent that the growing battery industry especially will need large amounts of high purity graphite.


Zenyatta finds graphite while exploring Ontario for nickel-copper

Posted by AGORACOM-JC at 3:06 PM on Tuesday, March 27th, 2012

Zentatta Ventures


By Greg Klein

On completing its December 2010 IPO of $9.9 million, Zenyatta Ventures (TSXV:ZEN)began 2011 with big ambitions. The company set out to explore its Albany Project in northern Ontario, which may sit on a structure related to the Mid-Continent Rift, home of a number of significant deposits around Lake Superior. Zenyatta hoped for a nickel-copper-polymetallic deposit comparable to the Norilsk Nickel mine in Siberia, Vale‘s Voisey’s Bay operation in Labrador or Rio Tinto‘s Eagle deposit in Michigan. So far, that goal has proved elusive. But what the Albany Project (aka Arc of Fire) drill results do show, says President/CEO Aubrey Eveleigh, might be equally compelling — the possibility of an exceptionally large deposit containing the exceptionally unusual occurrence of vein-type graphite.

Vein (or lump) graphite is the rarest, hence most expensive, type of natural graphite. At the other end of the scale, amorphous graphite is the type most commonly found and is widely used for steelmaking, auto parts, sports equipment and other applications. Flake graphite is essential to the emerging markets that include solar panels, fuel cells, pebble-bed nuclear reactors and the lithium-ion batteries that are becoming standard for electronic devices and electric vehicles. But little is spoken of vein graphite — likely because there’s so little to speak of.

Currently the world’s supply depends on Sri Lanka, whose mines contain exceptionally pure graphite, often grading over 90%. The product transmits heat and electricity more efficiently than other graphite types and is easier to mould. As a result, it’s in high demand for specialized uses such as the electric brushes used in motors and generators and in powder metallurgy used to manufacture parts for industries that include the automotive, aerospace, energy and medical/dental sectors.


So how did Zenyatta’s aspirations turn from a Voisey’s Bay to a Sri Lankan-type target? “We flew our property with an airborne survey and got a very large conductor that measures 1,400 metres by 800 metres,” explains Eveleigh. “That’s a whopping conductor. We thought it was copper-and-nickel massive sulphides. It’s covered with swamp so we had to drill blindly. But we started to get this graphite-rich breccia zone. Basically, from top to bottom we were getting all this graphite. So it’s pretty large and pretty unique because it’s a hydrothermal graphite deposit unlike what anybody is promoting in North America right now. There is one in Sri Lanka that’s similar to it, and that’s a vein-type graphite.”

Results announced January 19 from one hole show eight separate breccia zones, the first starting at 79.8 metres and the last ending at 522 metres. The following assays were released.

  • 4.6% carbon over 9.9 metres
  • 4.2% over 67.5 metres
  • 3.3% over 7.9 metres
  • 2.5% over 48.2 metres
  • 3% over 26.4 metres
  • 4.2% over 5.5 metres
  • 2.1% over 7.5 metres
  • 3% over 16 metres

A mineralogical study at Lakehead University found graphite ranging from fine (-270 mesh) to coarse (+40 mesh). The next step is bench-scale testing to better determine the deposit’s purity, flake-size distribution and recoverability. Results from SGS Canada are expected within two to four months.

“This could be exceptional; it could be very valuable; and certainly the market is bullish on graphite right now,” says Eveleigh.

Meanwhile, drilling will resume presently. “We need to determine the size of it. If we judge by the airborne conductor, it looks pretty big, but you still have to prove that. So we’re stepping out quite a ways, like 200-metre step-outs. If it’s still there, we can extrapolate in between and say this looks like a pretty big deposit. If it’s as big as the conductor suggests, it will be one of the biggest graphite deposits in the world.”


About 4,000 metres of drilling is planned. And the company’s still looking for that big nickel-copper find in its 121,000-hectare Albany Project. “We have 28 different claim blocks,” Eveleigh points out. “We found the graphite on one block and we’re advancing that, but we’re also exploring the other 27 blocks.”

The graphite deposit has “good access and good infrastructure,” he adds. It sits four kilometres from an all-weather logging road, 30 from the Trans-Canada Highway and 70 from a rail line.

As a geologist, Eveleigh’s career began with Noranda and includes a seven-year stint as a partner in a consulting firm that worked for around 50 juniors and majors. He also held a highly successful position with Wolfden Resources and is currently president of Eveleigh Geological Consulting, which has provided expertise for companies including Rio Tinto, Goldcorp (TSX:G), Agnico-Eagle (TSX:AEM), Diavik Diamond Mines andBHP Billiton.

Zenyatta’s team includes Barry Allan, an exploration geologist turned Senior Mining Analyst for Mackie Research Capital, and Cliff Davis, who boasts over 40 years’ experience in open-pit and underground mining. Brian Davey, a member of the Moose Cree First Nation, has 28 years’ experience in issues mostly related to First Nations economic development. Some other management and advisory staff include Don Bubar, president of Avalon Rare Metals (TSX:AVL) and Roland Butler, co-founder of Altius Minerals (TSX:ALS), which holds a 10% interest in a 3% Voisey’s Bay net smelter royalty.

The company has an 80% earn-in option with Cliffs Natural Resources (CLF), which calls for $10 million of spending over four years. Zenyatta has already earned 25% by completing its airborne survey. Cliffs holds 11.8% of Zenyatta’s shares.

“Cliffs also helps with technical support, so we’re moving this along together,” Eveleigh says. “They obviously like these projects, and they’re very supportive of us.”

Insiders hold 23.5% of Zenyatta shares while another 35% is institutional. At press time Zenyatta had 39.6 million shares trading at $0.15 for a market cap of $5.9 million.

Eveleigh will make a presentation at OnPage Media’s May 2 Graphite Express-Conference at Toronto’s Sheraton Hotel. Click here  for free registration.

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