Zenyatta Ventures Contracts SGS Lakefield to Conduct Bench-Scale Test Program on Albany Graphite Deposit
Thunder Bay, ON – 29 February 2012 – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to announce that it has contracted SGS Canada Inc. (Minerals Services Division of Lakefield, ON) (“SGS”) to conduct a bench-scale test program on core samples from the Albany Graphite Deposit, located near Hearst, ON.
The goal is to develop a preliminary flowsheet to assess the metallurgical response of the graphite material. The work will also include: chemical analysis, mineralogical characterization, heavy liquid separation, gravity, and various flotation tests. SGS is now in possession of core sample material and has begun analysis of a composite representing the uppermost graphite-bearing zones.
Aubrey Eveleigh, President and CEO stated “Following up on very encouraging results from the petrographic work completed at Lakehead University, Zenyatta has engaged SGS to develop a better understanding of graphite flake size distribution, purity, and to gauge an overall recoverability of graphite to concentrate. It is anticipated that this work will take approximately 2-4 months to complete. We consider the Albany Graphite Deposit to be a very unique and exciting project. The Company is really looking forward to the SGS results.”
SGS is recognized as the world leader in the development and demonstration of bankable flowsheets, pilot plant programs, mineralogy, technical audits and geometallurgy.
As previously announced in the Company’s news releases dated 19 January and 27 February 2012, a recent drill hole on the Albany project testing a large airborne EM conductor measuring 1400 metres by 800 metres, intersected eight (8) separate and extensive graphite-rich breccia zones. Core photos, section and maps can be seen on the website at www.zenyatta.ca and will also be available for viewing in the Core Shack at the PDAC on Sunday and Monday. The graphite discovery is located 30km north of the Trans Canada Highway and a 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 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 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.