THUNDER BAY, ONTARIO--(Marketwired - April 4, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce a drilling update on the 100% owned Albany (Hydrothermal) Graphite Deposit, located in northeastern Ontario, Canada.
The first drill hole (Z13-4F10) intersected 363 metres ('m') of graphite mineralization from 47.0 m to 410.0 m. This represents the widest zone of graphite material intersected to date on the Albany deposit. The hole, which was drilled at a 180 azimuth and -65 dip, was designed to test between previously drilled holes 5 and 9. From surface to 41.0 m hole 10 intersected overburden and from 41.0m to 47.0 m intersected Paleozoic limestone. Graphitic overprinting was encountered from 47.0 m to 87.0 m, while the strongest graphitic mineralization was intersected from 87.0 m to 410.0 m. Drilling shows different types of graphite mineralization consisting of clasts of graphite vein material, disseminated graphite matrix and discrete graphite veins / veinlets as part of a large breccia pipe. Geometry and true width of the graphite breccia pipe is difficult to determine at this point and will require much more drilling. Photos will be placed on the website today approximately 2hrs after this news. Graphite analyses for the first drill hole are expected within the next 2-3 weeks.
The Company will continue to define the size and grade of this rare, 'vein-type' or hydrothermal-style graphite deposit. The goal of the current program will be to expand on a 2012 drilling campaign that intersected a large mineralized zone of graphitic breccia and veining from widely spaced drill holes. This previous nine (9) hole drill program succeeded in establishing widespread graphite mineralization laterally for several hundred metres and to a vertical depth of 400m, where it remains open. The current drilling will consist of a minimum of 10,000m and will further test the extent of the Geotech VTEM airborne conductor. The program will require 40 holes and is expected to continue until August, after which a NI 43-101 resource estimate will be calculated. The Company anticipates a steady flow of information from drilling activities and continued metallurgical work from this fully funded $4 million exploration program for the balance of 2013.
Mr. Peter Wood, P.Geo., VP Exploration, 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.
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", "should" 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.
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.