THUNDER BAY – Mining – Zenyatta Ventures Ltd. 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.
Zenyatta Ventures Updates Albany Project
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.