Zenyatta Ventures Ltd; Phase II Drill Program Commences at Albany Project, north-eastern Ontario
Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : 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 or contact the Company at zenyatta%23ca|info or Tel. 807-346-1660.
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.