THUNDER BAY, ONTARIO--(Marketwired - Feb. 4, 2015) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE:ZEN) is pleased to announce that a one or two hole drill program has commenced on a buried geophysical target north of the Albany graphite deposit in north-eastern Ontario. The program will consist of approximately 650 to 700 metres testing a magnetic and electromagnetic anomaly identified by Geotech's VTEM 35 airborne system in 2010 and confirmed in a 2013 VTEM Max survey. The program is also designed to fulfill obligations under an agreement with Cliffs Natural Resources Exploration Canada Inc. that allowed Zenyatta to acquire 100% of Albany graphite deposit.
The entire Albany Project originally consisted of approximately 300,000 acres in 28 separate claim blocks in an area prospective for Copper, Nickel, PGM's and other mineral deposit types. The 2010 airborne system identified greater than thirty anomalies on the various claim blocks. All of the high priority geophysical targets were tested with this last target, called 4E, remaining.
The drilling is being performed under the supervision of Peter Wood, P.Eng., P.Geo., VP Exploration of Zenyatta. Peter Wood is the Qualified Person under National Instrument 43-101 and has reviewed 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 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, metallurgical processing, 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 identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a prefeasibility study; the preliminary nature of metallurgical test results; 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.