THUNDER BAY, ONTARIO--(Marketwired - Dec 18, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce the engagement of Roscoe Postle Associates Inc. ("RPA") to conduct a Preliminary Economic Assessment ("PEA") on the Company's 100 percent owned Albany graphite deposit located in northeastern Ontario, Canada.
RPA will prepare a Scoping Study that will meet the requirements of a PEA under CIM Standards - Definitions and Guidelines as referred to in NI 43-101 and Form 43-101F1 - Standards of Disclosure for Mineral Projects in effect. The technical data for the study will include among other items: mining, metallurgy and processing, infrastructure, environment, manpower, marketing, life of mine plan and execution plan.
Recently, RPA estimates showed Indicated Mineral Resources delineated to date total 25.1 million tonnes ("Mt") at an average grade of 3.89% graphitic carbon ("Cg"), containing 977,000 tonnes of Cg. In addition, Inferred Mineral Resources delineated to date are estimated to total 20.1 million tonnes at an average grade of 2.20% Cg, containing 441,000 tonnes of Cg.
Aubrey Eveleigh, President and CEO stated, "We are very pleased to engage RPA as an independent consultant to complete a Preliminary Economic Assessment ("PEA") on our graphite deposit. Zenyatta felt it was very important to maintain project continuity and therefore selected RPA based on their knowledge of this unique graphite project and the strength of their team. This first phase study is a preliminary evaluation of the economics related to the Albany graphite deposit and we expect it to be completed in the second quarter of 2014."
RPA, based in Toronto, is a group of technical professionals who have provided advice to the mining industry for over 30 years. During this time, RPA has grown into a highly respected organization regarded as the specialty firm of choice for resource and PEA work. RPA provides services to the mining industry at all stages of project development from exploration and resource evaluation through economic assessment. Their portfolio of clients includes exploration/mining companies, banks, governments, law firms, institutional investors, individual investors, and private equity ventures.
The global trend in graphite markets is to develop products for technological applications that require extraordinary performance using ultra-high purity graphite powder at an affordable cost. High purity is gaining prominence at a time when Zenyatta discovered a very rare (hydrothermal) graphite deposit, which can be upgraded to 99.99% carbon without the use of aggressive acids like hydrofluoric (HF) and high thermal treatment.
The outlook for the global graphite market is very promising with demand growing rapidly from new applications. It is now considered a strategic commodity by many industrial nations, particularly for its growing importance in high technology manufacturing and in the emerging "green" industries such as electric vehicle components and energy storage. 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 3,300°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.
Zenyatta's Albany (Hydrothermal) Graphite Deposit is located in northeastern Ontario, Canada approximately 30 km 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 70 km away with an all-weather road approximately 4-5 km from the graphite deposit. The deposit is near surface, underneath glacial till overburden and a thin veneer of Paleozoic sedimentary cover rocks.
Mr. Aubrey Eveleigh, P.Geo., President & CEO of Zenyatta is a "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.
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 preliminary economic assessment, 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.