Zenyatta Ventures Ltd; Update on 2011 Drill Program; Discovery of Graphite Deposit at Albany Project, north-eastern Ontario
19 January 2012
Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to provide an update on the phase I and II drill programs at the Albany Project near Hearst in north-eastern Ontario.
To the end of December 2011, a total of 26 holes (~10,000 metres) have been completed testing 21 geophysical targets identified by Geotech’s VTEM 35 airborne system in 2010. A number of geophysical targets remain to be tested and the Company will be reviewing those to determine the appropriate 2012 exploration program.
A drill hole on claim block 4f was designed to test a strong, large airborne EM conductor measuring 1400 metres by 800 metres. The hole intersected eight (8) separate and extensive breccia zones consisting of variably sized granitic clasts set in a black matrix containing graphite (carbon). Core photos, section and maps can be seen on the website at www.zenyatta.ca under the heading Projects. The geophysical anomaly was explained by the conductive graphite matrix which is highly unusual in character and size. A chemical and petrographic analysis is underway to better understand the nature and economic significance of the newly discovered graphite deposit. The following shows the results of total carbon from each of the zones, which are believed to be true width:
Zone 1 – 79.8 – 89.7 yielded 4.6% C over 9.9m;
Zone 2 – 112.5 – 180.0 yielded 4.2% C over 67.5m;
Zone 3 – 183.1 – 191.0 yielded 3.3% C over 7.9m;
Zone 4 – 329.5 – 377.7 yielded 2.5% C over 48.2m;
Zone 5 – 411.0 – 437.4 yielded 3.0% C over 26.4m;
Zone 6 – 467.3 – 472.8 yielded 4.2% C over 5.5m;
Zone 7 – 481.0 – 488.5 yielded 2.1% C over 7.5m;
Zone 8 – 506.0 – 522.0 yielded 3.0% C over 16.0m
The Zenyatta graphite discovery is located 30km north of the Trans Canada Highway and approximately 4km from an all-weather road. It is near surface, underneath glacial till overburden. Although much more work is needed to determine the full importance of Zenyatta’s new graphite deposit, the outlook for the global graphite market is very bullish. Graphite is a natural form of carbon with the chemical formula C, which it shares with diamond and coal. It is considered one of the more strategic elements by many leading industrial nations. The application for graphitic material is constantly evolving due to its unique chemical, electrical and thermal properties. It maintains its stability and strength under temperatures in excess of 3,000°C and is very resistant to chemical corrosion. It is also one of the lightest of all reinforcing elements and has high natural lubricating abilities. Some of these key physical and chemical properties make it critical to modern industry.
Also during the drilling campaign several holes intersected a series of layered mafic-ultramafic intrusions with cumulate textures and mineralization indicative of an environment that produces magmatic sources of nickel, copper, and platinum group metals related to Mid-Continent Rifting. For example, drill holes testing targets on claim blocks 4a, 4b, 2b and 2i intersected gabbroic/pyroxenitic bodies, believed to be of Proterozoic age, containing local magmatic sulphide droplets of pyrrhotite, pyrite and chalcopyrite, which validates the original geological theory upon which the Albany project was based. To date, assay results have not shown any economic nickel or copper values, but the Company is encouraged by these newly identified, favourable sulphide-bearing intrusions. Zenyatta will be contemplating down-hole geophysics to further define existing targets and carrying out additional interpretation of the assay results. This will help determine the location of additional drilling and identify secondary targets to further test for magmatic mineralization. Further exploration work is warranted.
Three (3) holes were drilled on block 2c to test a moderate and laterally extensive EM target flanking a strong magnetic anomaly. After drill testing the geophysical anomaly it is thought to be related to electrolytic waters in a flat lying porous sandstone unit at the base of the Paleozoic above the unconformity with Archean rocks. A separate target on 2c consisted of three (3) parallel, strong and large magnetic anomalies extending for a combined strike length in excess of 20km. A drill hole was designed to test a small section of the magnetic anomaly and was explained with the intersection of a Banded magnetite Iron Formation (BIF) never before identified. The BIF unit was continuously sampled from 236.00 to 338.50m, with a weighted average of 27% Fe over 102.50m. The drilling stopped in the BIF and its full extent is not yet known.
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. Analyses was carried out by ALS Chemex Labs using a total carbon (LECO) method code of C-IR07 and a multi element package ICP-MS with code ME-MS81. 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. Neither the 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.”