THUNDER BAY, ONTARIO--(Marketwire - Jan. 16, 2013) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce an addition to its management team by hiring Peter C. Wood, P. Eng, P. Geo. as Vice President Exploration.
Mr. Wood brings extensive experience with over 25 years in mineral exploration and development since obtaining his M.Sc. (Geology) from University of Toronto in 1987. He will have the responsibility of overseeing the design and management of exploration programs, including the upcoming drill programs at the Albany graphite deposit. Recently Mr. Wood has consulted for junior mining companies on successful exploration programs for nickel, PGM, copper-zinc-silver (VMS) and gold in Ontario and Manitoba.
Aubrey Eveleigh, President and CEO stated, "The addition of a seasoned geologist such as Peter Wood is very important for the implementation of the Company's growth strategy. He brings extensive experience and leadership to the Zenyatta technical team. In 2013, Mr. Wood will focus on defining a NI 43-101 resource at the Albany graphite deposit and preparing for a pre-feasibility study."
To complement its exploration and development work, Zenyatta will be supporting a Lakehead University M.Sc. research program to be supervised by Dr. Andrew Conly, Ph.D. of Lakehead University Mineralogy and Experimental Laboratory ("LUMINX") in Thunder Bay, Ontario. The research will be using various global publications on 'vein-type' (or hydrothermal) graphite deposits to serve as a basis to provide a comprehensive assessment of the Albany graphite deposit. The research will focus on the overall genesis of the Albany deposit. Specific questions that will be addressed: a) age of mineralization b) source and chemical nature of the graphite-forming fluids and c) unique mineralogical and geochemical characteristics of the hydrothermal graphite.
Apart from providing new insights into 'vein-type' graphite deposits, the research will also aid Zenyatta's exploration and mineral beneficiation programs. With respect to the former, increasing our understanding of the genesis of the deposit will provide insights regarding its relationship to structural and magmatic events. In terms of mineral beneficiation, the research will complement on-going work by SGS Canada Inc. (Minerals Services Division of Lakefield, ON).
Zenyatta is developing a rare 'vein-type' graphite deposit it discovered in 2011 in northeastern Ontario, Canada. It is the largest and only known 'vein type' graphite deposit under development in the world. Mineralogical work shows the graphite material to be very simple and contains negligible amounts of undesirable material. The Albany 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.
Zenyatta now has 42,385,862 common shares issued and outstanding with a total of 57,475,862 shares on a fully diluted basis. Mr. Aubrey Eveleigh, P.Geo., President and CEO, is the "Qualified Person" under NI 43-101 and has reviewed the technical information contained in this news 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.