Zenyatta Ventures; Drilling Yields Wide Zone of Graphite Mineralization; Hole #3 Intersects 132 metres @ 3.8% Graphite on Albany GRAPHITE Deposit in Ontario, Canada.
May 9, 2012 – Thunder Bay, ON
Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to announce the following significant graphite results from the first two (2) holes of the current drill campaign on the Albany Graphite Deposit.
Drill hole #3 (Z12-4F3), was collared 200 metres (‘m’) north of the original discovery drill hole (Z11-4F1) and drilled in a southerly direction. Significantly, upon passing through the overburden/limestone, the hole immediately intersected graphitic breccia which shows the deposit coming to near surface. An upper zone of graphitic breccia was intersected from 56.7 m to 104.5m yielding 3.3% C over 47.8m. Another, wider and richer, zone of graphitic breccia was intersected from 133.0m to 265.0m and yielded an average of 3.8% C over 132.0m, with sections grading as high as 11.4% C. This represents the largest intersection of graphitic breccia mineralization drilled to date in the deposit. A number of graphite-rich veinlets and clasts from these sections were identified and isolated for further analyses. These results are expected over the next several business days.
Drill hole #2 (Z12-4F2) was designed to test the southern extent of the graphite breccia pipe. The drill hole was collared 200 metres (‘m’) south of the original discovery hole (Z11-4F1) to test the limits of the geophysical anomaly model and to define the contact of the graphitic breccia body. The hole defined this contact and intersected a wide zone of graphitic breccia, where the breccia pipe model predicted it would be located. The drill hole intersected graphitic breccia from 392.4m to 439.9m and yielded 3.0% C over 47.5m.
Aubrey Eveleigh, President and CEO stated “The Company is very excited with these latest drill-hole results. They confirm that the Albany graphite deposit has exceptional size potential. The Company expects to release further news next week on more drilling presently being completed 450m east of the above reported drill holes.”
The Albany Graphite Deposit is a hydrothermal (magmatic) breccia, possibly related to the emplacement of a carbonatite intrusion. A similar deposit would be the vein graphite deposits of Sri Lanka (Ceylon Graphite Deposits). The vein graphite has been interpreted as being derived by CO2 and CH4 rich hydrothermal fluids. This CO2 rich fluid could promote hydraulic fracturing (brecciation) and precipitation of vein graphite. Graphite veins are unique and quite rare, and only a few of them are described in the geologic literature. The Bogala Mine, a Sri Lankan graphite deposit, has been in production since 1847. It is a high grade, narrow vein, underground mine. Sri Lankan graphite still enjoys a great demand due to its unusually high purity and unique physical properties.
The graphite discovery is located 30km north of the Trans Canada Highway, power line and natural gas pipeline. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The Albany graphite 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. ACTLABS preparation protocol Code RX1 and 4F - C,S with Infrared analysis. The crushed sample is inserted into an induction furnace in a pure oxygen environment and combusted, yielding CO2. This is measured in IR (infrared detecting) cells, using an Eltra CS-2000.
To find out more on Zenyatta Ventures Ltd., please visit website www.zenyatta.ca or contact the Company at firstname.lastname@example.org 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.