Zenyatta Ventures Ltd. provides update on Albany Graphite Bulk Sampling Program
TSX VENTURE: ZEN
Thunder Bay, Ontario--(Newsfile Corp. - January 11, 2019) - Zenyatta Ventures Ltd. (TSXV: ZEN) ("Zenyatta", "ZEN" or "Company") is pleased to provide an update on its now fully permitted 2019 bulk sampling program on the Albany Graphite Project, located in northern Ontario near the communities of Constance Lake First Nation and Hearst. The main purpose of the program is to recover a large sample of the graphite mineralization in order to generate graphene product samples for market development purposes. The program is expected to generate up to 40 tons of 99.8% purity graphene pre-cursor material. The total budget for the program is $3 million, to be funded with the proceeds of the recently completed flow-through financing.
"This bulk sampling program is critical to the further development of the exciting graphene product opportunity that we have confirmed with our research partners over the past few months. We now have numerous potential customers requesting product samples to test in various new graphene-based technologies and composites in our 5 identified verticals. This work will also help us discover the market value of ZEN's graphene products." stated Dr. Francis Dubé Co-CEO.
The Company has now received the final two permits required from the Ministry of Northern Development and Mines: one for permission to collect the 990 tonne sample and offer graphene produced from the sample for sale to prospective future customers; and second, an exploration permit to drill the large diameter reverse circulation drill holes required to recover the sample from the overburden-covered Albany Deposit.
The Company has also received permission from the Ministry of Natural Resources and Forestry to build three ice bridge creek crossings along the proposed winter access road to the drill site which will largely utilize pre-existing forestry roads, a bridge and the 2013 winter trail. Now that the program is fully permitted and funded, preparation of the winter road will get underway immediately. The drilling is expected to be completed by the end of March 2019 following which processing work on the bulk sample can begin.
Peter Wood, P. Eng., P. Geo. is the qualified person for the purposes of National Instrument 43-101 and has reviewed, prepared and supervised the preparation of the technical information contained in this news release.
For further information:
Dr. Francis Dubé, Co-CEO & Head of Business Development and Technology
Tel: +1 (289) 821-2820
Zenyatta's Albany Graphite Project hosts a large and unique quality deposit of highly crystalline graphite. Independent labs in Japan, UK, Israel, USA and Canada have demonstrated that Zenyatta's Albany Graphite/Naturally PureTM easily converts (exfoliates) to graphene using a variety of simple mechanical and chemical methods. The deposit is located in northern Ontario just 30km north of the Trans-Canada Highway, near the communities of Constance Lake First Nation and Hearst. Important nearby infrastructure include hydro-power, natural gas pipeline, a rail line 50 km away and an all-weather road just 10 km from the deposit.
To find out more on Zenyatta Ventures Ltd., please visit our website at www.zenyatta.ca. A copy of this press release and all material documents with respect of the Company may be obtained on Zenyatta's SEDAR profile at www.sedar.ca.
CAUTIONARY STATEMENT: 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 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 "potential", "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 uses for graphite or graphene 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 metallurgical processing, ongoing 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, but are not limited to: failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the inability to identify target markets and satisfy the product criteria for such markets; the inability to complete a prefeasibility study; the inability to enter into offtake agreements with qualified purchasers; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in Zenyatta's public documents filed on SEDAR. 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. Although Zenyatta believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zenyatta disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.