EDITOR: | October 23rd, 2013

Zenyatta Ventures Ltd.; Drilling for NI 43-101 Resource Estimate Complete; All Drill Holes Intersected Wide Zones of Graphite Mineralization on the East and West Pipes

| October 23, 2013 | No Comments
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ZenyattaOctober 23, 2013 (Source: Marketwired) — Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN)(OTCQX:ZENYF) is pleased to announce the following significant results from drilling on the East and West pipes of the 100% owned Albany (Hydrothermal) Graphite Deposit located in northern Ontario, Canada.

Drilling on the East and West pipes continues to demonstrate excellent continuity and both remain open at depth. Significant graphitic carbon (‘Cg’) assay results from delineation drill holes 33 to 44 and two holes (M01 and M02) drilled on the East Pipe to provide a bulk sample for metallurgical test work are summarized as follows:

  • Hole M02 (East) yielded 210.8 m @ 5.8% Cg from 50.5 m to 261.3 m within a wider intersection of 440.0 m of graphite mineralization grading 3.8% Cg from 50.5 m to 490.5 m.
  • Hole M01 (East) yielded 255.5 m @ 5.5% Cg from 48.0 m to 303.5 m within a wider intersection of 464.2 m of graphite mineralization grading 4.5% Cg from 48.0 m to 512.2 m.
  • Hole 44 (West) yielded 126.7 m @ 3.9% Cg from 93.3 m to 220.0 m within a wider intersection of 352.7 m of graphite mineralization grading 2.2% Cg from 68.1 m to 420.8 m.
  • Hole 43 (East) yielded 117.0 m @ 7.4% Cg from 61.0 m to 178.0 m within a wider intersection of 170.0 m of graphite mineralization grading 7.0% Cg from 61.0 m to 231.0 m.
  • Hole 42 (West) yielded 44.8 m @ 3.1% Cg from 191.4 m to 236.2 m within a wider intersection of 182.2 m of graphite mineralization grading 1.2% Cg from 54.0 m to 236.2 m
  • Hole 41 (West) yielded 116.4 m @ 4.8% Cg from 75.0 m to 191.4 m within a wider intersection of 191.9 m of graphite mineralization grading 3.8% Cg from 63.9 m to 255.8 m.
  • Hole 40 (West) yielded 150.6 m @ 3.0% Cg from 84.4 m to 235.0 m within a wider intersection of 225.2 m of graphite mineralization grading 2.6% Cg from 81.0 m to 306.2 m.
  • Hole 39 (West) yielded 116.0 m @ 5.3% Cg from 141.0 m to 257.0 m within a wider intersection of 263.3 m of graphite mineralization grading 3.2% Cg from 64.0 m to 327.3 m.
  • Hole 38 (East) yielded 106.3 m @ 3.9% Cg from 314.7 m to 421.0 m within a wider intersection of 209.0 m of graphite mineralization grading 2.2% Cg from 248.0 m to 457.0 m.
  • Hole 37 (East) yielded 155.0 m @ 3.1% Cg from 186.0 m to 341.0 m within a wider intersection of 272.0 m of graphite mineralization grading 2.0% Cg from 83.0 m to 355.0 m.
  • Hole 36 (East) yielded 86.0 m @ 5.2% Cg from 203.0 m to 289.0 m within a wider intersection of 235.0 m of graphite mineralization grading 2.2% Cg from 95.0 m to 330.0 m.
  • Hole 35 (East) yielded 82.5 m @ 4.4% Cg from 279.0 m to 361.5 m within a wider intersection of 177.5 m of graphite mineralization grading 2.2% Cg from 184.0 m to 361.5 m.
  • Hole 34 (West) yielded 89.0 m @ 3.1% Cg from 211.0 m to 300.0 m within a wider intersection of 187.3 m of graphite mineralization grading 2.0% Cg from 126.0 m to 313.3 m.
  • Hole 33 (West) yielded 150.4 m @ 2.1% Cg from 155.6 m to 306.0 m within a wider intersection of 197.2 m of graphite mineralization grading 1.6% Cg from 123.0 m to 320.2 m. A second zone was intersected from 404.6 m to 513.0 m yielding 2.7% Cg over 108.4 m.
    (All lengths reported are drill intersected core lengths and do not represent true widths).

To date, 29 holes have been drilled on the West pipe and 28 holes have been drilled on the East pipe for the resource estimate. Three (3) large-diameter (HQ) holes were drilled on the East pipe to recover a 5 tonne bulk sample for metallurgical test work, which has been delivered to SGS Canada Inc. for processing. As of the date of this news release, the second (M05) of three proposed HQ metallurgical holes is underway on the West pipe. A plan map of the current drilling program is available at www.zenyatta.ca.

Aubrey Eveleigh, President and CEO stated “A very successful delineation drilling program in 2013 has confirmed the geometry of two large, vertical breccia bodies consisting of a unique hydrothermal style of graphite mineralization. Drilling for the NI 43-101 resource estimate is now complete and the Company is awaiting final assays from the lab to enable an initial resource statement by independent consultants RPA Inc.”

The East Pipe graphite mineralization (breccia and overprint) is oval-shaped with dimensions of approximately 150 metres (“m”) in a NE-SW direction by 300 m in a NW-SE direction and has been tested to a depth of 500 m. It is showing good vertical continuity and remains open at depth. The East Pipe consists of a higher grade core of graphitic breccia which is typically surrounded by a broad halo of graphite overprinted granite. The West Pipe graphitic breccia alone (excluding the graphite overprinted granite) also has an oval shape with dimensions of approximately 160 m in a NW-SE direction by 220 m in a NE-SW direction and has been tested to a depth of 460 m where it remains open. The limit of the entire graphite mineralization (including the graphite overprinted granite) has not been established for the West Pipe and appears to be materially larger than initially expected. Further drilling will be required to define it.

Graphitic carbon analyses for the remaining 13 drill holes from the 2013 program (45 through 57) and M03 through M06 will be released once received. The following table provides locational data for all holes drilled to date on the Albany graphite deposit.

HOLE-ID LENGTH
(metres)
EASTING NORTHING ELEVATION AZIMUTH DIP PIPE ASSAYS
M06 Proposed 682511 5545742 130 45 -85 WEST —–
M05 Drilling 682490 5545647 130 180 -85 WEST —–
M04 448 682460 5545670 130 125 -85 WEST Log/Sample
M03 465 682951 5545709 130 45 -85 EAST Pending
M02 513 682937 5545727 130 45 -85 EAST COMPLETE
M01 625 682955 5545700 130 332 -85 EAST COMPLETE
57 393 682341 5545722 130 119 -50 WEST Pending
56 498 682384 5545780 130 115 -63 WEST Pending
55 342 682605 5545707 130 300 -50 WEST Pending
54 306 682583 5545671 130 300 -50 WEST Pending
53 462 682630 5545595 130 300 -50 WEST Pending
52 303 682521 5545574 130 300 -50 WEST Pending
51 405 682580 5545625 130 300 -50 WEST Pending
50 382 682557 5545597 130 300 -50 WEST Pending
49 390 682627 5545645 130 300 -55 WEST Pending
48 387 682669 5545715 130 297 -50 WEST Pending
47 285 682920 5545905 130 193 -50 EAST Pending
46 411 682648 5545682 130 300 -50 WEST Pending
45 381 683020 5545615 130 330 -70 EAST Pending
44 507 682605 5545831 130 225 -50 WEST COMPLETE
43 231 683020 5545615 130 330 -50 EAST COMPLETE
42 237 682439 5545817 130 119 -75 WEST COMPLETE
41 378 682439 5545817 130 119 -50 WEST COMPLETE
40 411 682384 5545780 130 115 -50 WEST COMPLETE
39 381 682385 5545697 130 115 -50 WEST COMPLETE
38 390 682809 5545495 130 43 -50 EAST COMPLETE
37 390 682860 5545547 130 43 -50 EAST COMPLETE
36 363 682792 5545692 130 45 -50 EAST COMPLETE
35 522 682751 5545650 130 45 -50 EAST COMPLETE
34 531 682715 5545700 130 270 -50 WEST COMPLETE
33 540 682676 5545802 130 225 -50 WEST COMPLETE
32 459 682600 5545570 130 295 -50 WEST COMPLETE
31 396 682516 5545845 130 180 -50 WEST COMPLETE
30 393 682438 5545800 130 135 -50 WEST COMPLETE
29 423 682392 5545723 130 110 -50 WEST COMPLETE
28 339 683016 5545768 130 200 -50 EAST COMPLETE
27 561 682710 5545570 130 295 -50 WEST COMPLETE
26 618 682395 5545565 130 45 -50 WEST COMPLETE
25 213 682984 5545799 130 225 -50 EAST COMPLETE
24 252 682917 5545637 130 45 -50 EAST COMPLETE
23 270 682845 5545745 130 45 -50 EAST COMPLETE
22 261 682866 5545706 130 45 -50 EAST COMPLETE
21 291 682890 5545673 130 45 -50 EAST COMPLETE
20 303 683016 5545768 130 225 -50 EAST COMPLETE
19 291 682952 5545830 130 225 -50 EAST COMPLETE
18 432 682809 5545809 130 120 -50 EAST COMPLETE
17 509 683200 5545700 130 270 -50 EAST COMPLETE
16 531 683095 5545894 130 225 -50 EAST COMPLETE
15 412 682860 5545610 130 45 -50 EAST COMPLETE
14 668 683090 5545590 130 315 -50 EAST COMPLETE
13 425 683100 5545700 130 270 -50 EAST COMPLETE
12 366 683025 5545825 130 225 -50 EAST COMPLETE
11 684 682955 5545935 130 180 -65 EAST COMPLETE
10 438 682955 5545800 130 180 -65 EAST COMPLETE
9 425 682955 5545850 130 180 -65 EAST COMPLETE
8 365 682955 5545800 130 0 -65 EAST COMPLETE
7 321 682600 5545570 131 0 -65 WEST COMPLETE
6 346 682400 5545570 131 0 -65 WEST COMPLETE
5 326 682955 5545700 130 0 -65 EAST COMPLETE
4 179 682955 5545700 130 180 -80 EAST COMPLETE
3 495 682500 5545770 131 180 -56 WEST COMPLETE
2 528 682500 5545370 131 0 -65 WEST COMPLETE
1 543 682500 5545570 131 0 -65 WEST COMPLETE
Nad 83, UTM Zone 16

Analytical Protocol. Samples of half core were packaged and shipped directly from Zenyatta’s core shack at the site to the ALS Minerals facility in Thunder Bay, Ontario, for sample preparation (ALS protocol PREP-31B). Each bagged core sample is dried, crushed to better than 70% passing 2mm and a 1000g split of the crushed material is pulverized to better than 85% passing 75 microns for assaying. The sample pulps were then shipped to the ALS Minerals laboratory in Vancouver, British Columbia for assay. ALS Minerals has ISO 9001:2008 and ISO 17025 Accreditation as per the Standards Council of Canada at all of its global laboratories. Graphite assays were obtained using the graphitic carbon by LECO method (ALS protocol C-IR18). A 0.1g sample is leached with dilute hydrochloric acid to remove inorganic carbon (carbonate). After filtering, washing and drying, the remaining sample residue is roasted at 425°C to remove any organic carbon. The roasted residue is finally analysed for graphitic carbon using a high temperature LECO furnace with infra-red detection. The samples were submitted with blanks and certified custom standards inserted into the sample stream to ensure lab integrity.

Mr. Peter Wood, P.Geo., Zenyatta’s Vice President – Exploration, is the “Qualified Person” under National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. To find out more on Zenyatta Ventures Ltd., please visit website www.zenyatta.ca.

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.

This news release may contain forward looking information and Zenyatta cautions readers that forward looking information is based on certain assumptions and risk factors exist that could cause actual results to differ materially from the expectations of Zenyatta included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Zenyatta and Zenyatta provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Zenyatta’s future plans, objectives or goals, to the effect that Zenyatta or management expects a stated condition or result to occur, including the expected timing for release of sample analyses and a resource estimate, the expected uses for graphite in the future, and the future uses of the graphite from Zenyatta’s Albany deposit. 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 Zenyatta’s mineral properties, and Zenyatta’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 Zenyatta’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Zenyatta’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Zenyatta’s forward-looking statements. Zenyatta does not undertake to update any forward-looking statement that may be made from time to time by Zenyatta or on its behalf, except in accordance with applicable securities laws.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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