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Zenyatta

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Zenyatta Ventures Ltd.; Drilling for NI 43-101 Resource Estimate Complete; All Drill Holes Intersected Wide Zones of Graphite Mineralization on the East and West Pipes

Thunder Bay, ON

 23 October 2013

 Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to announce the following significant results from drilling on the East and West pipes of the 100% owned Albany (Hydrothermal) Graphite Deposit located in northern Ontario, Canada.

Drilling on the East and West pipes continues to demonstrate excellent continuity and both remain open at depth.  Significant graphitic carbon (‘Cg’) assay results from delineation drill holes 33 to 44 and two holes (M01 and M02) drilled on the East Pipe to provide a bulk sample for metallurgical test work are summarized as follows:

• Hole M02 (East) yielded 210.8 m @ 5.8% Cg from 50.5 m to 261.3 m within a wider intersection of 440.0 m of graphite mineralization grading 3.8% Cg from 50.5 m to 490.5 m.

• Hole M01 (East) yielded 255.5 m @ 5.5% Cg from 48.0 m to 303.5 m within a wider intersection of   464.2 m of graphite mineralization grading 4.5% Cg from 48.0 m to 512.2 m.

• Hole 44 (West) yielded 126.7 m @ 3.9% Cg from 93.3 m to 220.0 m within a wider intersection of   352.7 m of graphite mineralization grading 2.2% Cg from 68.1 m to 420.8 m.

• Hole 43 (East) yielded 117.0 m @ 7.4% Cg from 61.0 m to 178.0 m within a wider intersection of   170.0 m of graphite mineralization grading 7.0% Cg from 61.0 m to 231.0 m.

 • Hole 42 (West) yielded 44.8 m @ 3.1% Cg from 191.4 m to 236.2 m within a wider intersection of   182.2 m of graphite mineralization grading 1.2% Cg from 54.0 m to 236.2 m

• Hole 41 (West) yielded 116.4 m @ 4.8% Cg from 75.0 m to 191.4 m within a wider intersection of   191.9 m of graphite mineralization grading 3.8% Cg from 63.9 m to 255.8 m. 

• Hole 40 (West) yielded 150.6 m @ 3.0% Cg from 84.4 m to 235.0 m within a wider intersection of   225.2 m of graphite mineralization grading 2.6% Cg from 81.0 m to 306.2 m. 

• Hole 39 (West) yielded 116.0 m @ 5.3% Cg from 141.0 m to 257.0 m within a wider intersection of   263.3 m of graphite mineralization grading 3.2% Cg from 64.0 m to 327.3 m.

• Hole 38 (East) yielded 106.3 m @ 3.9% Cg from 314.7 m to 421.0 m within a wider intersection of 209.0 m of graphite mineralization grading 2.2% Cg from 248.0 m to 457.0 m.

• Hole 37 (East) yielded 155.0 m @ 3.1% Cg from 186.0 m to 341.0 m within a wider intersection of   272.0 m of graphite mineralization grading 2.0% Cg from 83.0 m to 355.0 m.

• Hole 36 (East) yielded 86.0 m @ 5.2% Cg from 203.0 m to 289.0 m within a wider intersection of   235.0 m of graphite mineralization grading 2.2% Cg from 95.0 m to 330.0 m.

•  Hole 35 (East) yielded 82.5 m @ 4.4% Cg from 279.0 m to 361.5 m within a wider intersection of   177.5 m of graphite mineralization grading 2.2% Cg from 184.0 m to 361.5 m.

• Hole 34 (West) yielded 89.0 m @ 3.1% Cg from 211.0 m to 300.0 m within a wider intersection of   187.3 m of graphite mineralization grading 2.0% Cg from 126.0 m to 313.3 m.

• Hole 33 (West) yielded 150.4 m @ 2.1% Cg from 155.6 m to 306.0 m within a wider intersection of   197.2 m of graphite mineralization grading 1.6% Cg from 123.0 m to 320.2 m.  A second zone was intersected from 404.6 m to 513.0 m yielding 2.7% Cg over 108.4 m.  (All lengths reported are drill intersected core lengths and do not represent true widths).

To date, 29 holes have been drilled on the West pipe and 28 holes have been drilled on the East pipe for the resource estimate.  Three (3) large-diameter (HQ) holes were drilled on the East pipe to recover a 5 tonne bulk sample for metallurgical test work, which has been delivered to SGS Canada Inc. for processing.  As of the date of this news release, the second (M05) of three proposed HQ metallurgical holes is underway on the West pipe.  A plan map of the current drilling program is available at www.zenyatta.ca.

Aubrey Eveleigh, President and CEO stated “A very successful delineation drilling program in 2013 has confirmed the geometry of two large, vertical breccia bodies consisting of a unique hydrothermal style of graphite mineralization.  Drilling for the NI 43-101 resource estimate is now complete and the Company is awaiting final assays from the lab to enable an initial resource statement by independent consultants RPA Inc.” 

The East Pipe graphite mineralization (breccia and overprint) is oval-shaped with dimensions of approximately 150 metres (“m”) in a NE-SW direction by 300 m in a NW-SE direction and has been tested to a depth of 500 m.  It is showing good vertical continuity and remains open at depth.  The East Pipe consists of a higher grade core of graphitic breccia which is typically surrounded by a broad halo of graphite overprinted granite. The West Pipe graphitic breccia alone (excluding the graphite overprinted granite) also has an oval shape with dimensions of approximately 160 m in a NW-SE direction by 220 m in a NE-SW direction and has been tested to a depth of 460 m where it remains open.  The limit of the entire graphite mineralization (including the graphite overprinted granite) has not been established for the West Pipe and appears to be materially larger than initially expected.  Further drilling will be required to define it.   Graphitic carbon analyses for the remaining 13 drill holes from the 2013 program (45 through 57) and M03 through M06 will be released once received. The following table provides locational data for all holes drilled to date on the Albany graphite deposit.

HOLE-ID

 LENGTH

(metres)

EASTING

NORTHING

ELEVATION

AZIMUTH

DIP

PIPE

ASSAYS

M06

Proposed

682511

5545742

130

45

-85

WEST

---------

M05

Drilling

682490

5545647

130

180

-85

WEST

---------

M04

448

682460

5545670

130

125

-85

WEST

Log / Sample

M03

465

682951

5545709

130

45

-85

EAST

Pending

M02

513

682937

5545727

130

45

-85

EAST

COMPLETE

M01

625

682955

5545700

130

332

-85

EAST

COMPLETE

57

393

682341

5545722

130

119

-50

WEST

Pending

56

498

682384

5545780

130

115

-63

WEST

Pending

55

342

682605

5545707

130

300

-50

WEST

Pending

54

306

682583

5545671

130

300

-50

WEST

Pending

53

462

682630

5545595

130

300

-50

WEST

Pending

52

303

682521

5545574

130

300

-50

WEST

Pending

51

405

682580

5545625

130

300

-50

WEST

Pending

50

382

682557

5545597

130

300

-50

WEST

Pending

49

390

682627

5545645

130

300

-55

WEST

Pending

48

387

682669

5545715

130

297

-50

WEST

Pending

47

285

682920

5545905

130

193

-50

EAST

Pending

46

411

682648

5545682

130

300

-50

WEST

Pending

45

381

683020

5545615

130

330

-70

EAST

Pending

44

507

682605

5545831

130

225

-50

WEST

COMPLETE

43

231

683020

5545615

130

330

-50

EAST

COMPLETE

42

237

682439

5545817

130

119

-75

WEST

COMPLETE

41

378

682439

5545817

130

119

-50

WEST

COMPLETE

40

411

682384

5545780

130

115

-50

WEST

COMPLETE

39

381

682385

5545697

130

115

-50

WEST

COMPLETE

38

390

682809

5545495

130

43

-50

EAST

COMPLETE

37

390

682860

5545547

130

43

-50

EAST

COMPLETE

36

363

682792

5545692

130

45

-50

EAST

COMPLETE

35

522

682751

5545650

130

45

-50

EAST

COMPLETE

34

531

682715

5545700

130

270

-50

WEST

COMPLETE

33

540

682676

5545802

130

225

-50

WEST

COMPLETE

32

459

682600

5545570

130

295

-50

WEST

COMPLETE

31

396

682516

5545845

130

180

-50

WEST

COMPLETE

30

393

682438

5545800

130

135

-50

WEST

COMPLETE

29

423

682392

5545723

130

110

-50

WEST

COMPLETE

28

339

683016

5545768

130

200

-50

EAST

COMPLETE

27

561

682710

5545570

130

295

-50

WEST

COMPLETE

26

618

682395

5545565

130

45

-50

WEST

COMPLETE

25

213

682984

5545799

130

225

-50

EAST

COMPLETE

24

252

682917

5545637

130

45

-50

EAST

COMPLETE

23

270

682845

5545745

130

45

-50

EAST

COMPLETE

22

261

682866

5545706

130

45

-50

EAST

COMPLETE

21

291

682890

5545673

130

45

-50

EAST

COMPLETE

20

303

683016

5545768

130

225

-50

EAST

COMPLETE

19

291

682952

5545830

130

225

-50

EAST

COMPLETE

18

432

682809

5545809

130

120

-50

EAST

COMPLETE

17

509

683200

5545700

130

270

-50

EAST

COMPLETE

16

531

683095

5545894

130

225

-50

EAST

COMPLETE

15

412

682860

5545610

130

45

-50

EAST

COMPLETE

14

668

683090

5545590

130

315

-50

EAST

COMPLETE

13

425

683100

5545700

130

270

-50

EAST

COMPLETE

12

366

683025

5545825

130

225

-50

EAST

COMPLETE

11

684

682955

5545935

130

180

-65

EAST

COMPLETE

10

438

682955

5545800

130

180

-65

EAST

COMPLETE

9

425

682955

5545850

130

180

-65

EAST

COMPLETE

8

365

682955

5545800

130

0

-65

EAST

COMPLETE

7

321

682600

5545570

131

0

-65

WEST

COMPLETE

6

346

682400

5545570

131

0

-65

WEST

COMPLETE

5

326

682955

5545700

130

0

-65

EAST

COMPLETE

4

179

682955

5545700

130

180

-80

EAST

COMPLETE

3

495

682500

5545770

131

180

-56

WEST

COMPLETE

2

528

682500

5545370

131

0

-65

WEST

COMPLETE

1

543

682500

5545570

131

0

-65

WEST

COMPLETE

Nad 83, UTM Zone 16

 

Analytical Protocol.  Samples of half core were packaged and shipped directly from Zenyatta’s core shack at the site to the ALS Minerals facility in Thunder Bay, Ontario, for sample preparation (ALS protocol PREP-31B).  Each bagged core sample is dried, crushed to better than 70% passing 2mm and a 1000g split of the crushed material is pulverized to better than 85% passing 75 microns for assaying. The sample pulps were then shipped to the ALS Minerals laboratory in Vancouver, British Columbia for assay.  ALS Minerals has ISO 9001:2008 and ISO 17025 Accreditation as per the Standards Council of Canada at all of its global laboratories. Graphite assays were obtained using the graphitic carbon by LECO method (ALS protocol C-IR18).  A 0.1g sample is leached with dilute hydrochloric acid to remove inorganic carbon (carbonate).  After filtering, washing and drying, the remaining sample residue is roasted at 425°C to remove any organic carbon. The roasted residue is finally analysed for graphitic carbon using a high temperature LECO furnace with infra-red detection.  The samples were submitted with blanks and certified custom standards inserted into the sample stream to ensure lab integrity.

Mr. Peter Wood, P.Geo., Zenyatta’s Vice President – Exploration, is the “Qualified Person” under National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.  To find out more on Zenyatta Ventures Ltd., please visit website www.zenyatta.ca or contact the Company at zenyatta%23ca|info or Tel. 807-346-1660.   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. This news release may contain forward looking information and Zenyatta cautions readers that forward looking information is based on certain assumptions and risk factors exist that could cause actual results to differ materially from the expectations of Zenyatta included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Zenyatta and Zenyatta provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Zenyatta’s future plans, objectives or goals, to the effect that Zenyatta or management expects a stated condition or result to occur, including the expected timing for release of sample analyses and a resource estimate, the expected uses for graphite in the future, and the future uses of the graphite from Zenyatta’s Albany deposit. 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 Zenyatta’s mineral properties, and Zenyatta’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 Zenyatta’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Zenyatta’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Zenyatta’s forward-looking statements. Zenyatta does not undertake to update any forward-looking statement that may be made from time to time by Zenyatta or on its behalf, except in accordance with applicable securities laws.