Zenyatta Ventures Ltd.; Drilling Intersects Wide Zones of Graphite Mineralization on East Pipe; Drill Now Mobilizes to West Pipe

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THUNDER BAY, ONTARIO--(Marketwired - Jul 2, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN)(ZENYF) is pleased to announce the following significant assay results from holes 11 - 15 drilled on the East Pipe of the 100% owned Albany (Hydrothermal) Graphite Deposit, located in northern Ontario, Canada.

Graphite mineralization in the East Pipe appears to consist of a higher grade core of graphitic breccia which is typically surrounded by a broad halo of graphite overprinted syenite. The following assay results from each hole show a higher grade core followed by wider zones which include graphite overprint mineralization. Drill hole 11, the deepest to date, was designed to test to a vertical depth of 500 metres ("m") and yielded 84.9 m @ 5.2% graphitic carbon ("Cg") from 460.6 m to 545.5 m within a broader intersection of 203.0 m of graphite mineralization averaging 3.0% Cg from 393.0 m to 596.0 m. The East Pipe is showing good vertical continuity and remains open at depth.

  • Hole 12 yielded 146.0 m @ 5.2% Cg from 95.0 m - 241.0 m within a wider intersection of 195.0 m of graphite mineralization grading 4.0% Cg from 90.0 m to 285.0 m.
  • Hole 13 yielded 177.0 m @ 5.3% Cg from 138.0 m - 315.0 m within a wider intersection of 219.9 m of graphite mineralization grading 4.5% Cg from 95.1 m to 315.0 m.
  • Hole 14 yielded 186.0 m @ 4.9% Cg from 146.0 m - 332.0 m within a wider intersection of 426.0 m of graphite mineralization grading 3.0% Cg from 118.0 m to 544.0 m.
  • Hole 15 yielded 125.0 m @ 4.6% Cg from 132.0 m - 257.0 m within a wider intersection of 300.0 m of graphite mineralization grading 2.2% Cg from 60.0 m to 360.0 m. (All lengths reported are drill intersected core lengths and do not represent true widths).

Ten (10) more holes have since been completed on the East Pipe, all of which yielded broad intervals of graphite mineralization from visual observations of drill core. Holes 11 - 15 were designed to start outside the limit of the indicated geophysical anomaly and angled to help define and confirm the overall geometry of the pipe-like body. Drill hole location data from all 25 holes drilled to date is provided in the table below.

Aubrey Eveleigh, President and CEO stated, "These latest results demonstrate excellent vertical continuity of the East Pipe and exceptional size potential of the Albany graphite deposit. Drill intercepts appear to be correlating extremely well with the shape of the ground geophysical conductors. The drill has now been mobilized to the West Pipe and hole 26 has commenced. The current campaign will continue there until sufficient drill holes have been completed, following which a NI 43-101 compliant resource estimate will be prepared by RPA for both the East and West pipes."

Graphitic carbon analyses for drill holes 16 through 26 will be released once received. A plan map and drill hole table will also be placed on the website today. The following table shows data for all holes drilled to date on the Albany graphite deposit.

UTM UTM
HOLE-ID LENGTH (m) EASTING NORTHING ELEVATION AZIMUTH DIP
26 DRILLING 682395 5545565 130 45 -50
25 213 682984 5545799 130 225 -50
24 252 682917 5545637 130 45 -50
23 270 682845 5545745 130 45 -50
22 261 682866 5545706 130 45 -50
21 291 682890 5545673 130 45 -50
20 303 683016 5545768 130 225 -50
19 291 682952 5545830 130 225 -50
18 432 682809 5545809 130 120 -50
17 509 683200 5545700 130 270 -50
16 531 683095 5545894 130 225 -50
15 412 682860 5545610 130 45 -50
14 668 683090 5545590 130 315 -50
13 425 683100 5545700 130 270 -50
12 366 683025 5545825 130 225 -50
11 684 682955 5545935 130 180 -65
10 438 682955 5545800 130 180 -65
9 425 682955 5545850 130 180 -65
8 365 682955 5545800 130 0 -65
7 321 682600 5545570 131 0 -65
6 346 682400 5545570 131 0 -65
5 326 682955 5545700 130 0 -65
4 179 682955 5545700 130 180 -80
3 495 682500 5545770 131 180 -56
2 528 682500 5545370 131 0 -65
1 543 682500 5545570 131 0 -65
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 Brisbane, Australia 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., 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.

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.

Contact:
Zenyatta Ventures Ltd.
807-346-1660
info@zenyatta.ca
www.zenyatta.ca

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