Vendetta Reports Drilling Results from Zone 5 at Pegmont Lead-Zinc Project
Vancouver, British Columbia (Newsfile Corp. - November 7, 2017) - Vendetta Mining Corp. (TSXV: VTT) (the 'Company') is pleased to announce results from Zone 5 drilling from the ongoing 2017 program at the Pegmont Lead-Zinc Project in Queensland, Australia.
Zone 5 Highlights:
PVRD070: 5.90 metres of 8.45% Pb+Zn (4.40% Pb, 4.05% Zn);
PVRD078: 4.77 metres of 11.03% Pb+Zn (3.86% Pb, 7.17% Zn);
PVRD080: 7.46 meters of 8.61% Pb+Zn (4.60% Pb, 4.01% Zn);
PVRD083: 4.85 metres of 8.59% Pb+Zn (1.08% Pb, 7.51% Zn); and
PVRD084: 3.85 metres of 9.76% Pb+Zn (2.63% Pb, 7.13% Zn);
A full summary of the sulphide lead-zinc results including estimated true widths are provided in Table 1, with the location of the holes is shown on the maps in Figures 1 and 2.
Michael Williams, Vendetta's President and CEO commented, 'Drilling in Zone 5 in 2017 confirmed our thesis that the zinc grade increases towards the South-West and these results have solidified this with zinc grades consistently higher than lead. The exploration potential of a third lens has also been further enhanced with this drilling and we are excited about the prospects of continuing step out drilling in the South-West direction.'
Two sections were drilled on Anticline B. The first included holes PVRD070, 076 and 080, these holes intersected multiple lenses in the anticline, PVRD070 and 076 intersected three mineralised horizons; the main lens B present throughout Pegmont, Lenses C and D. PVRD080 intersected Lens B and C. A fourth hole, PVRD078 drilled at this location to test the steep northern limb of Anticline B, intersecting Lens B.
The South-Western most section on Anticline B included holes PVRD083, 084 and 085. These holes intersected the main mineralised horizon, Lens B.
PVRD081, 097 and 090 were all targeting the high grade Syncline C, however in all cases the holes deviated into the attenuated southern limb, a known structural positon of thin and low grade host lithology.
PVRD082 also was targeting the Syncline C, however the hole deviated into the northern limb of Syncline C.
Table 1. Summary of Zone 5 Assay Results.BoreHoleDip / AzimuthLensFrom (m)To (m)Interval (m)True Thickness* (m)Grade#Pb+Zn %Pb%Zn%Ag g/tPVRD070-64/141B203.54209.485.945.38.454.404.055including 203.54207.483.943.612.016.145.877PVRD076-53/140B207.45210.242.792.79.573.705.876andC263.00267.004.003.95.531.164.371andD276.82279.492.672.314.314.939.376PVRD080-47/139B245.51252.977.465.28.614.604.014including 246.51250.974.463.313.617.556.057andC287.04291.824.783.46.022.883.144PVRD078-77/139B269.05273.824.772.611.033.867.173including 269.05272.823.772.313.564.848.724PVRD083-65/140B235.65240.504.854.58.591.087.512PVRD084-82/142B187.74191.593.852.39.762.637.133PVRD085-56/140B220.89223.142.252.02.130.551.573PVRD081-88/165BNo Significant ResultPVRD082-82/323C290.22293.192.972.611.245.156.095PVRD090-89/315BNo Significant ResultPVRD087-84/145BNo Significant Result
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized using intersection lengths >2.0m, with a combined 1% lead and zinc grade, with a maximum of 1 m internal dilution. Included intervals are at a combined 5% lead and zinc grade with no internal dilution.
Figure 1. Surface Map showing Location of Drill Holes in this Release against 2017 Mineral Resource Block Model Contours, Optimised Pit Shell and 2017 Completed HolesTo view an enhanced version of Figure 1, please visit:http://orders.newsfilecorp.com/files/2983/30289_a1510062998545_27.jpg
Figure 2. Map of Zone 5 Result against 2017 Mineral Resource Block Model Contours, Position of Major Structural Features, Optimised Pit Shell and 2017 Completed HolesTo view an enhanced version of Figure 2, please visit:http://orders.newsfilecorp.com/files/2983/30289_vendetta_2_enhanced.jpg
Regional Exploration Drilling
Two reverse circulation holes PVR096 and 097 were drilled in preparation of drilling at the copper-gold target. These holes tested the strike and dip of an interpreted late fault 2 km south Pegmont that may define a boundary between lead-zinc and copper-gold systems. The holes intersected the fault, providing information on its strike and dip.
Update on Pegmont Resource Development Drilling
To date, a total of 93 drill holes have been completed during the 2017 program, for a total of 19,065 m.
Including completed drill holes discussed in this release, the Company has announced the results from 44 drill holes, see also news releases dated 25th July 2017 (VTT2017 NR #7), 24th August 2017 (VTT2017 NR #9) and 19th September 2017 (VTT2017 NR #10).
Processing, logging, sampling and assaying of the core not released to date is ongoing. Results will be released as they become available.
Drilling continues, the drill rig is currently drilling the first hole on the copper-gold target exploration program, a four hole program for a planned total of 1,400 m.
Notes on Zone 5 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 HQ2 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 analysed by the Company and no issues were noted with analytical accuracy or precision.
Samples used for the results described herein were prepared and analysed 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 of holes discussed in this release have been surveyed by a licensed surveyor. Down hole surveys were undertaken using a true north seeking gyroscope with stations nominally every 6 m.
All HQ2 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. Drilling conducted during the 2017 program is not included in the June Mineral Resource.
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 & CEO604-484-7855
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 three months ended August 31, 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.
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07.11.2017 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.
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