Zenyatta Ventures Ltd. (TSXV:ZEN) announced results of its initial NI 43-101 compliant resource estimate prepared on the Albany graphite deposit in northeastern Ontario, Canada: 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; 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.
Tonnage (Mt) Grade (% Cg) Tonnes Graphitic Carbon (t Cg) INDICATED East Pipe 10.0 5.60 560000 West Pipe 15.1 2.76 417000 Total Indicated 25.1 3.89 977000 INFERRED East Pipe 7.6 2.04 155000 West Pipe 12.5 2.29 286000 Total Inferred 20.1 2.20 441000
- CIM definitions were followed for Mineral Resources.
- Cg – graphitic carbon
- Mineral Resources are estimated at a cut-off grade of 0.6% Cg.
- Mineral Resources are estimated using a long-term price of US$8,500 per tonne Cg, and a US$/C$ exchange rate of 1.0.
- Bulk density is 2.6 t/m3 in the pipes and 2.65 t/m3 in the overprint of the East Pipe.
- Mineral Resources are constrained by a preliminary pit-shell generated in Whittle software.
- Numbers may not add due to rounding.
Zenyatta Ventures President and CEO Aubrey Eveleigh, said:
We are extremely pleased with initial results from the independent work completed by RPA displaying a very robust graphite deposit. The Mineral Resource estimate shows a significant amount of graphitic carbon totaling 977,000 tonnes Indicated and an additional amount of 441,000 tonnes Inferred. It’s significant to note that the graphite mineralization extends below the preliminary pit shell and is also open at depth but not included in these Mineral Resource estimates. Zenyatta will continue with market studies and now engage an independent consultant to complete a Preliminary Economic Assessment (“PEA”) by the second quarter of 2014.