Zenyatta Ventures issues more Encouraging Results from its Albany Graphite Deposit

ZenyattaZenyatta Ventures Ltd. (“Zenyatta” or “Company”; TSX.V: ZEN) has been developing the Albany Graphite Deposit, near Hearst in northeastern Ontario. Zenyatta has launched a drilling campaign to determine the extent of the graphite breccias within a 1400×800 meters physical anomaly over the next two months. On July 9, Zenyatta has announced results from what has now become a nine holes program covering areas north from the original discovery drill hole, intersecting graphite breccia below the overburden/limestone cover. So far, Zenyatta has identified extensive vein graphite mineralization in the targeted airborne geophysical conductor.

Samples examined of the graphite from the Zenyatta property have shown a graphite occurrence of flakes in sizes ranging from fine to coarse (about -270 mesh to + 40 mesh respectively). The most recent drill holes have identified grades of 162.0 to 370.2 meters at 4.6% graphitic carbon (C) 139m from 188m @ 5.6% C and 47m from 188m @ 7.3% C. Some individual assays yielded as much as 19.3% C. The drilling program has produced a variety of graphite mineralization; however, most is characterized by clasts of graphite vein material. The CEO, Aubrey Eveleigh, is pleased and encouraged by the results of the current drill program and Zenyatta expects to launch an even wider drill campaign to identify the border of the Albany graphite deposit.  

 The CEO, Aubrey Eveleigh stresses that the findings from the Zenyatta project are different from the other graphite resources in Ontario and Quebec. Indeed, more than large or medium flake, the important characteristic of Zenyatta’s graphite discovery is that it most closely compares to Sri Lankan or ‘Vein’ graphite”. Notably, Sri Lankan or Ceylon graphite is based on the Bogala Mine, in Sri Lanka, first produced in 1847.  Deposits of Sri Lankan graphite can yield as much as 99.5% purity. This makes it ideal for use in a number of high value added applications such as high quality electrical motor brushes (electric motors seeing a surge of demand due to the growing popularity of fully electric vehicles), in advanced brake and clutch components and any other application that can also use flake graphite. Vein graphite is also the type used in pebble-bed nuclear reactors and a ton of this graphite grade can fetch as much as USD$ 3,000/ton. Lower quality, amorphous graphite can cost three times less

The Albany graphite find is close to important transportation networks and infrastructure. It is located 4-5 km. from paved all weather roads, 30 km. from the Trans Canada Highway and 70km. from a railway line. Zenyatta’s drill program extension will be facilitated by the fact that Zenyatta has approached the project by first securing a strong relationship with the local community. The Company signed an Exploration Agreement on the Albany Project with the Constance Lake First Nation ("CLFN"). Under the agreement, Zenyatta has contributed to a fund for CLFN elders and youth. Zenyatta has also granted CLFN participation in the project through an implementation committee and preferential employment and contracting opportunities.

Subscribe here to receive free daily InvestorIntel updates

  1. ZEN has enormous potential. However, the share price seems to be moving in the wrong direction. Even with the dismal general market conditions its share price drop is quite perplexing.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>