Ontario gov’t funds graphite research for Zenyatta

The Ontario government is spending $500,000 to help Thunder Bay-based graphite explorer Zenyatta Ventures (TSXV: ZEN; US-OTC: ZENYF) test samples from its Albany project near the town of Hearst.

Zenyatta will use the grant for laboratory work to see if there is enough high-purity graphite at Albany to support large-scale mining. SGS is doing the testing.

The money comes from the Northern Ontario Heritage Fund, a crown corporation that has invested almost $1 billion into projects in northern Ontario since 2003.

“Zenyatta is delighted to receive the financial support from the Ontario government to help advance an innovative process to purify  Albany graphite,” the junior’s president and CEO Aubrey Eveleigh said. “The outlook for the global graphite market is promising, with demand growing rapidly from new applications.”

Ontario’s Minister of Northern Development and Mines Michael Gravelle said that “should this project demonstrate that the graphite deposit is commercially viable, it could lead to significant job creation in the region.”