THUNDER BAY, ONTARIO--(Marketwire - April 13, 2012) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce an update on definition drilling at the Albany Graphite Deposit, located near Hearst in northeastern Ontario, Canada.
The second drill hole (Z12-4F2) into the Albany Graphite Deposit was designed to test the southern extent of the graphite breccia pipe. The Company collared the hole 200 metres ('m') south of the original discovery drill hole (Z11-4F1), outside the limit of the geophysical anomaly model in order to define the contact of the graphitic breccia body. The drill hole defined this contact and intersected a wide zone of graphitic breccia, where the breccia pipe model predicted it would be located. Another significant observation in this hole is the high abundance of graphite-rich clasts. These graphite-rich clasts probably represent initial graphite veins that have been subsequently brecciated (see photos on website www.zenyatta.ca under the graphite photo gallery tab).
The third hole (Z12-4F3), which is still in progress, was collared 200m north of the original discovery drill hole (Z11-4F1) and, as expected from the breccia pipe model, immediately intersected graphitic breccia below the overburden/limestone cover. The Company will be releasing more details as well as a plan map, section and additional photos on these holes in the next 4-5 days. Graphite analyses for these drill holes are expected over the next few weeks.
The goal of the current drill campaign is to geologically define the extent of the graphite breccias, delineated by a 1400 metre by 800 metre geophysical anomaly with approximately 4000m of wide-spaced drilling over the next 2 months. As previously announced in the Company's news releases, a recent drill hole on the Albany project testing this large geophysical anomaly 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). As 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 "This initial drilling confirms that the geophysical conductor is caused by graphite mineralization over a very large area. The current drill campaign is a very important step in determining the potential size of this newly discovered graphite breccia pipe. Breccia pipe formations are often associated with mineral deposits of various types around the world."
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 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.
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.