Zenyatta Ventures: Ground Geophysical Survey Shows Two (2) Adjacent Graphite Breccia Pipes
May 21, 2013 — Thunder Bay, Ontario (Source: Zenyatta Ventures Ltd) — Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV: ZEN, OTCQX: ZENYF) is pleased to announce the following geophysical survey results from its 100% owned Albany graphite deposit.
Crone Geophysics & Exploration Limited (“Crone”) was contracted by Zenyatta to carry out a ground survey using its Electromagnetic (“EM”) geophysics to better define the geometry of the Albany (hydrothermal) graphite deposit, initially identified by an airborne EM survey. Graphite is a highly conductive mineral and such surveys are very effective in delineating mineral deposits like Albany. The survey revealed two (2) discrete, strongly conductive zones which are coincident with the graphite mineralization associated with the East and West breccia pipes.
On the East anomaly graphite mineralization has been traced for approximately 150 metres in a NE – SW direction by 300 metres in a NW-SE direction. To date, drilling from eleven holes has shown graphite mineralization down to 500 metres vertical where it remains open. Assays are still pending for holes 11 through to 15.
The West anomaly suggests a larger and more conductive zone but it will require more than the five holes that have been previously drilled in this area to determine the limits of the graphite mineralization.
Plan maps showing the Crone geophysical survey (Figure 1) and the approximate outline of the graphite mineralization (graphitic breccia and surrounding graphite over printed syenite) on the East anomaly (Figure 2) accompany this news release and have been placed on the website.
Aubrey Eveleigh, President and CEO stated “Given the conductive nature of graphite, the ground EM survey was very effective at defining the geometry of the Albany deposit. These latest geophysical results show the outline of the graphite mineralization related to two separate breccia pipes which correlate extremely well with drilling to date. Zenyatta is presently concentrating on the East Pipe and will focus on the West Pipe once sufficient resource drilling has been completed there.”
Get our daily investorintel update
Crone’s Pulse EM system is a time domain electromagnetic method in which a precise pulse of current with a controlled linear shut off is transmitted through a large loop of wire on the ground and the rate of decay of the induced secondary field is measured across a series of time windows during the off-time.
Zenyatta is developing a very rare hydrothermal or ‘vein-type’ graphite deposit it discovered in 2011 in northeastern Ontario, Canada. It is the largest and only known graphite deposit of this type under development in the world. Globally, the only graphite mines of this type are located in Sri Lanka, which have been in production since 1847. The current high grade, underground mining operations produce only 5,500 tonnes annually from narrow (5-10cm) veins. Despite the lack of volume, Sri Lankan ‘vein-type’ graphite has enjoyed great demand due to its unusually high purity and unique physical properties. Graphite veins are quite rare and in many industrial applications offer superior performance due to higher thermal and electrical conductivity.
Zenyatta’s Albany graphite deposit is located 30km north of the Trans Canada Highway, power line and natural gas pipeline near the communities of Constance Lake First Nation and Hearst. 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 and a thin veneer of Paleozoic sedimentary cover rocks.
Graphite is a natural form of carbon with the chemical formula C, which it shares with diamond and coal. The outlook for the global graphite market is very promising with demand growing rapidly from new applications. It is now considered one of the more strategic elements by many leading industrial nations, particularly for its growing importance in high technology manufacturing and in the emerging “green” industries such as electric vehicle components. The application for graphitic material is constantly evolving due to its unique chemical, electrical and thermal properties. It maintains its stability and strength under temperatures in excess of 3,500°C and is very resistant to chemical corrosion. It is also one of the lightest of all reinforcing elements and has high natural lubricating abilities. Some of these key physical and chemical properties make it critical to modern industry.
Mr. Peter Wood, P.Geo., VP Exploration, 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 or contact the Company at firstname.lastname@example.org or Tel. 807-346-1660.
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 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”, “should” 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.
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>