Zenyatta Ventures announced June 25 that a warrant exercise has yielded gross proceeds of $12.6 million for exploration at its graphite project near Hearst.
“Some of the proceeds will be used to fund continuing drilling, resource estimate, metallurgical studies, graphite characterization and a preliminary economic assessment,” said company president-CEO Aubrey Eveleigh in a June 25 release. “The budget for this program is approximately $7.5 million. The company is now in a great position to carry out the exploration and development program on our graphite deposit for the foreseeable future without a need for a capital raise.”
Zenyatta is developing a graphite deposit it discovered near the Constance Lake First Nation in 2011.
The company said this “rare hydrothermal or vein type deposit” are the largest and only known graphite deposit of its type under development in the world.
Zenyatta’s Albany graphite deposit is 30 km north of the Trans-Canada Highway near the communities of Constance Lake First Nation and Hearst.
