Zenyatta Ventures Ltd. announced 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. 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.
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.
14 May 2013
Zenyatta Ventures Ltd. announced the following significant assay results from the first hole (#10) of the current campaign on the 100% owned Albany (Hydrothermal) Graphite Deposit, located in northeastern Ontario, Canada. Drill hole 10 intersected 360.8 metres (‘m’) of graphite mineralization from 49.0 m to 409.8 m yielding an average grade of 5.1% Carbon (‘C’). 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 4, 5 and 9. Five more holes have since been completed, all of which yielded broad intervals of graphite mineralization from visual observations of drill core as described below. Holes 11 through 15 have been designed to start outside the limit of the indicated anomaly and were angled to help define and confirm the overall geometry of the pipe-like body. Drill hole data from all 15 holes is shown in a table at the end of this press release.
• Drill hole 11 intersected 202.0 m of graphite mineralization from 393.0 m to 595.0 m.
• Drill hole 12 intersected 195.0 m of graphite mineralization from 90.0 m to 285.0 m.
• Drill hole 13 intersected 219.0 m of graphite mineralization from 96.0 m to 315.0 m.
• Drill hole 14 intersected 286.9 m of graphite mineralization from 108.8 m to 395.7 m and a second zone of 127.3 m of graphite mineralization from 431.3 m to 558.0 m
• Drill hole 15 intersected 301.9 m of graphite mineralization from 63.3 m to 365.2 m. (All lengths reported are drill intersected core lengths and do not represent true widths)
Aubrey Eveleigh, President and CEO stated “These latest results confirm the exceptional size potential of the Albany graphite deposit and along with the previously announced ultra-high purity (>99.99% C) values, underpins Zenyatta’s extraordinary graphite project. Hole 10 represents the best grade drill intersection obtained to date and the more recent drill holes are confirming both the internal continuity and the extent of the deposit.” Graphite mineralization appears to consist of graphitic breccia pipes which are typically surrounded by a zone of graphite overprinted syenite. Carbon analyses for drill holes 11 through 15 will be released once received. Drill hole 16 has commenced, and the current campaign will continue until sufficient drill holes have been completed, following which a NI 43-101 compliant resource estimate will be prepared. A plan map, section and drill hole table will be placed on the website today.
The Company has also completed a ground geophysical survey to better define the geometry of the Albany graphite breccia pipes and expects the full data to be released in the next few days once a final report has been completed by Crone Geophysics and Exploration Ltd. The survey has defined two adjacent, strongly conductive, geophysical (EM) anomalies that are roughly circular in shape. Holes 10 through 15 were drilled on the eastern most anomaly (Eastern breccia pipe), and are suggesting an oval shaped body approximately 200 metres in a NW-SE long axis by approximately 125 metres NE-SW. Additionally, hole 11 intersected mineralization at approximately 500 metres vertical depth. Drill intercepts appear to be correlating well with the shape of the ground geophysical anomaly with additional drilling required to confirm this model. The western anomaly (Western breccia pipe), which appears to be larger, will also be fully tested during the current drill campaign.