Zenyatta Ventures to Commence Definition Drilling at Albany Graphite Deposit, Northeastern Ontario
March 15, 2012 - Thunder Bay, ON
Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to announce that it will commence initial definition drilling at the Albany Graphite Deposit, located near Hearst in northeastern Ontario.
The goal of the drill campaign is to further test the extent of a 1400 metre by 800 metre airborne EM conductor with approximately 4000 metres (“m”) of drilling over the next 2 months with widely spaced (200m) drilling. As previously announced in the Company’s news releases, a recent drill hole on the Albany project testing this large EM conductor 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). A 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 “Given the positive report from Lakehead University and work being conducted by SGS Lakefield, the next logical step for the Albany project is to confirm with drilling that this large geophysical anomaly represents the potential limits of a graphite-rich breccia pipe. It is a very important step in determining the possible size of this newly discovered graphite deposit. Results are expected over the next few weeks.”
Core photos, section and maps can be seen on the website at www.zenyatta.ca . 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.