Vendetta Reports Additional High Grade Drilling Results from Zones 2 and 3 at Pegmont Lead-Zinc Project
Vancouver, British Columbia (Newsfile Corp. - August 24, 2017) - Vendetta Mining Corp. (TSXV: VTT) (the 'Company') is pleased to announce further drill results from the 2017 program at the Pegmont Lead-Zinc Project in Queensland, Australia.
This initial part of the program has been executed in Zone 3 and is now being extended to Zone 2. The goal is to expand and upgrade the Mineral Resource near the base of the open pit shell used to constrain the June 2017 Mineral Resource and to locate additional mineralization within the pit shell (see news release, VTT2017-NR #6) but outside of the resource estimation search parameters.
Zones 2 Highlights:
PVRD067: 8.4 metres of 11.30% Pb+Zn (8.05% Pb, 3.24% Zn);
PVRD074: 6.2 metres of 14.64% Pb+Zn (11.43% Pb, 3.21% Zn); and
PVRD079: 9.1 metres of 11.06% Pb+Zn (7.45% Pb, 3.61% Zn)
Zones 3 Highlights:
PVRD069: 6.2 metres of 9.72% Pb+Zn (6.44 Pb, 3.29% Zn); and
PVRD072: 4.6 metres of 11.32% Pb+Zn (8.20% Pb, 3.12% Zn);
A full summary of the sulphide lead-zinc results including estimated true widths are provided in Table 1 and the location of the holes is shown on the map in Figure 1.
Michael Williams, Vendetta's President and CEO commented 'These results coupled with the previously announced Zone 3 assays give us reason to be encouraged by the consistently higher grades being intersected in the current program. We will continue to focus on the areas within the pit the shell that have the greatest potential to increase both tonnes and grade while also targeting potential expansion of the resource in areas that may later fall inside an optimized pit shell. We are continuing to develop the underground target in Zone 5 and are commencing testing conceptual exploration targets near the Burke Hinge Zone.'
Zones 2 and 3 Results
Zone 2 is a flat to moderately dipping area, located between 50 and 100 m from surface, with a strike length of 2 km. Holes PVRD067 and 068 are drilled from that same pad, the high grade intersection in PVRD069 is located in a flat dipping portion of Zone 2. Hole PVRD068 was drilled to test a modelled low grade zone in Zone 2 immediately prior to the 'Z' fold, and confirmed the zone is a site of structural attenuation (stretching and thinning) separating the high grade open folds in Zone 2 and the 'Z' fold.
PVRD073, 074, 079 and 075 are drilled from one pad into Zone 2. Hole 073 was drilled into the attenuated fold limb at the base of Zone 1, while the high grade intersections in holes PVRD074, 079 and 075 are located in a moderately dipping open fold structure to the north-east of the 'Z' fold. PVRD074 will be used for metallurgical test work.
Zone 3 is located about 50 to 100 m below Zone 2, it is flat to moderately dipping, separated from Zone 2 by a drag fold called the 'Z fold'. It has a modelled strike of 1.2 km.
Holes PVRD069, 071 and 072 are drilled from the same pad, the high grade intersections in the moderately dipping Zone 3 are spaced about 20 m apart and are in the same structural position as the previously reported high grade intersections in holes PVRD065, 066 and 063 (see VTT NR #5), located 40-50 m to the NE. Hole PVRD077 was probing the down dip extent of the high grade structure intersected in aforementioned holes, it intersected the host lithology but lacked mineralization.
Table 1. Summary of Open Pit Target Zone 2 and 3 Drill Assay Results.BoreHole Dip / Azimuth From (m) To (m) Vertical Depth Below Surface (m) Interval (m) True Thickness* (m) Grade# Pb+Zn % Pb% Zn% Ag g/t Zone 2 PVRD067 -52/316 108.07 116.50 91.4 8.43 6.9 11.30 8.05 3.24 13 Including 108.07 115.51 90.6 7.44 6.1 12.64 9.09 3.56 15 PVRD068 -86/330 No Significant Result PVRD073 -51/324 129.30 130.55 99.0 1.25 1.0 3.82 1.06 2.76 6 PVRD074 -89/305 113.70 119.87 119.8 6.17 5.8 14.64 11.43 3.21 21 PVRD075 -81/114 106.83 114.55 112.5 7.72 7.6 9.16 6.52 2.64 11 Including 106.83 112.55 110.5 5.72 5.6 11.82 8.43 3.39 14 PVRD079 -85/325 114.56 123.62 122.6 9.06 8.9 11.06 7.45 3.61 8 Including 115.56 121.62 120.1 6.06 5.9 14.08 10.01 4.07 10 Zone 3 PVRD069 -80/153 186.68 192.93 185.1 6.25 6.1 9.72 6.44 3.29 9 Including 186.68 190.93 183.2 4.24 4.1 13.35 8.70 4.64 11 PVRD071 -71/142 188.10 194.95 181.6 6.85 6.8 9.20 6.17 3.03 9 Including 188.10 192.95 180.3 4.85 4.8 12.35 8.23 4.13 11 PVRD072 -65/136 189.09 193.72 174.5 4.63 4.5 11.32 8.20 3.12 16 PVRD077 -62/135 No Significant Result
*True thickness is estimated using structural measurements and three dimensional geological modeling.
#Drill intersections are summarized using a combined 1% lead and zinc grade with maximum 1 m internal dilution.
To date the a total of 52 drill holes have been completed for a total of 13,322 m in Zones 1, 2, 3 and 5.
Processing, logging and sampling of the core not discussed in this release is ongoing. The Company will release results as they become available.
Drilling continues with two drills, one drill is working in Zone 1 and the other has commenced the exploration program testing conceptual targets near the Burke Hinge Zone.
Figure 1. Surface Map Showing 2017 Mineral Resource Block Model Contours, Pit Shell and Location of Current Results and 2017 Completed Holes
To view an enhanced version of Figure 1, please visit: http://orders.newsfilecorp.com/files/2983/28626_a1503557877936_10.jpg
Notes on Zone 3 Drilling and Assay QA/QC
The drilling at Zone 2 and 3 involved drilling RC pre-collars using a 5.75 inch diameter face sampling bit to depth prior to casing and continuing the hole in NQ2 diamond core. Diamond core samples were taken on nominal 1 m lengths but varied to match geological contacts. Samples of the core are obtained using a diamond saw to half cut the core, if the hole is to be included in metallurgical test work it is then halved again. This is performed to provide sufficient sample for metallurgical test work while retaining a permanent core record.
Diamond core samples were taken on nominal 1 m lengths, with a diamond saw being used to half core and then quarter the core. Quarter core samples are dispatched for analysis, so as to provide sufficient sample for metallurgical test work while retaining a permanent core record.
Field duplicate samples were taken and blanks and commercially prepared certified reference materials (standards) were added into the sample sequence for every hole submitted. These were analyzed by the Company and no issues were noted with analytical accuracy or precision.
Samples used for the results described herein were prepared and analyzed at ALS Laboratory Group in Townsville, Queensland. Analysis was undertaken using a four acid digest and ICP (ALS method: ME-ICP61 for 7 elements) with over limit (>10,000 ppm lead and zinc and >100 ppm silver) high grade samples being read with an atomic absorption spectrometer (AAS), (ALS methods: Pb-OG62, Zn-OG62 and Ag-OG62).
Drill hole collars are located using handheld GPS, and the collars will be surveyed by a licensed surveyor prior to undertaking an update of the mineral resource estimate. Down hole surveys were undertaken using a true north seeking gyroscope with stations nominally every 6 m.
All NQ2 diamond core is orientated using digital core orientation systems, this data is incorporated into the 3D interpretations. Assay intervals shown in Table 1 are down hole intervals, and the true thickness noted are based on 3D interpretations of the host lithology, structure, and mineralization.
About The Pegmont Lead Zinc Project
Pegmont is a stratiform, Broken Hill-Type deposit that outcrops with an overall shallow dip to the south east and is hosted in a magnetite-rich banded iron formation within high grade metamorphic rocks. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha.
Pegmont is situated in the Mount Isa ? McArthur Mineral Province, which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several world-class lead-zinc-silver mines.
Pegmont is located 25 km west of South 32's Cannington silver-lead-zinc operation, one of the world's largest producers of lead and silver and 28 km north of Chinova Resources' Osborne copper-gold operations. Pegmont is proximal to existing infrastructure including public roads, mine haul roads, rail, and a natural gas pipe line for power generation.
In June 2017 Vendetta updated the Mineral Resource estimate for Pegmont, for details please see Vendetta's news release, VTT2017-NR#6, June 27th, 2017 and the NI 43-101 technical report 'Pegmont Resource Update June 2017' available on SEDAR.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead and zinc. It is currently focused on advanced stage exploration projects in Australia, the first of which is the Pegmont Lead Zinc project. Additional information on the Company can be found at www.vendettaminingcorp.com
Peter Voulgaris, MAusIMM, MAIG, a Director of Vendetta, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael WilliamsPresident & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements within this news release, other than statements of historical fact relating to Vendetta Mining Corp., are to be considered forward-looking statements with respect to the Company's intentions for its Pegmont project in Queensland, Australia. Forward-looking statements include statements that are predictive in nature, are reliant on future events or conditions, or include words such as 'expects', 'anticipates', 'plans', 'believes', 'considers', 'significant', 'intends', 'targets', 'estimates', 'seeks', attempts', 'assumes', and other similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Vendetta Mining Corp., are, by their nature, subject to inherent risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those in forward-looking statements include: the interpretation of previous and current results from the 2017 drilling program mentioned in this news release, further results from the 2017 drilling program, the accuracy of exploration results, the accuracy of Mineral Resource Estimates, the anticipated results of future exploration, the forgoing ability to finance further exploration, delays in the completion of exploration, delays in the completion of the updated Mineral Resource Estimate, the future prices of lead, zinc, and other metals, and general economic, market and/or business conditions. There can be no assurances that such statements and assumptions will prove accurate and, therefore, readers of this news release are advised to rely on their own evaluation of the information contained within. In addition to the assumptions herein, these assumptions include the assumptions described in Vendetta Mining Corp.'s Management's Discussion and Analysis for the nine months ended, February 29th, 2017.
Although Vendetta Mining Corp. has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking statements, there may be other risks, uncertainties and other factors that cause future performance to differ from what is anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Vendetta Mining Corp. does not assume any obligation to update any forward-looking statements after the date on which such statements were made, except as required by applicable law.
Click on, or paste the following link into your web browser, to view the associated documents
24.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: Vendetta Mining Corp.
Canada ISIN: CA92261V1022 End of News DGAP News Service