THUNDER BAY – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) provide the following significant assay results from the current drilling campaign on the Albany Graphite Deposit.
The graphite deposit 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.
Drill Hole #9 intersected a very large mineralized zone of graphitic breccia and veining, from 162.0 to 370.2 metres (‘m’) grading 4.6% C (graphite) over 208.2m. This included richer graphitic zones from 188.0 – 327.0 yielding 5.6% C over 139.0m and from 188.0 – 235.0 grading 7.3% C over 47.0m. Individual samples assayed as high as 19.3% C. These represent the highest grades and widths drilled to date at the Albany graphite deposit. The following table shows the results of our first phase drill program:
The nine (9) hole drill program succeeded in establishing widespread ‘Vein Type’ graphite mineralization over the targeted airborne geophysical conductor in a lateral and vertical extent, where it remains open. Drilling information indicates different types of graphite mineralization consisting of clasts of graphite vein material, disseminated graphite matrix and discrete graphite veins / veinlets. The stockwork graphitic veins can be several centimetres wide while the veinlets are millimetre scale. Photos, plan maps and drill sections can be found on the Company website www.zenyatta.ca . Further drilling will help explain the relative importance and distribution of each graphite type. The Company is presently planning a new budget and second phase drill program to follow up on this successful first phase program.
While there are concerns over mining activity in the Ring of Fire, in July 2011, Zenyatta Ventures and Constance Lake First Nation (“CLFN”) signed an Exploration Agreement (“Agreement”) for a mutually beneficial and co-operative relationship regarding exploration and pre-feasibility activities on the Albany Project.
Among other things, CLFN has participated in an implementation committee and received preferential opportunities for employment and contracting. Zenyatta has also contributed to a social fund for the benefit of CLFN children, youth and elders.
Chief Roger Wesley of CLFN stated, “We are pleased to be working closely with Zenyatta. It reflects the mutual respect that has developed between us and we look forward to building a strong relationship to realize the benefits and opportunities from the Albany Project in our traditional territory.”
Aubrey Eveleigh, stated “We recognize the aboriginal treaty rights of CLFN and look forward to working co-operatively with them and other local communities on the Albany Project. The Company is focused and committed to northern Ontario and has always accepted responsibility for strong community relations”.
Constance Lake First Nation is a community of 1,470 members of Ojibway and Cree ancestry located in northern Ontario. CLFN is a progressive and active community that encourages, supports and promotes local business development, job creation and economic development as keys to maintaining a healthy, vibrant community.