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Vendetta Commences Field Program at the Pegmont Lead-Zinc Project and Provides Corporate Update
May 10, 2018 9:00 AM EDT | Source: Vendetta Mining Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2018) - Vendetta Mining Corp. (TSXV: VTT) (the "Company") is pleased to announce the commencement of the 2018 field program at the Pegmont Lead-Zinc Project in Queensland, Australia.
The objectives of the 2018 drilling program are:
- To expand the high grade lead-zinc mineralisation at Bridge Zone;
- Develop a Mineral Resource around the high grade but isolated sulphide intersection in PVRD156 drilled late in the 2017 program (36.61 m @ 9.07% Pb, 3.04% Zn, see VTT news release February 28, 2018), interpreted as a previously unidentified fold structure in Zone 3;
- Undertake further metallurgical drilling and test work on transition mineralisation; and
- Exploration drilling on nearby lead-zinc targets.
AMC Consultants (Canada) have been retained to undertake the Pegmont Mineral Resource update, work is in progress and the Company expects to be able to announce results around the end of May. AMC Consultants are the authors of the two previous Pegmont Mineral Resource Estimates.
The Company is also pleased to announce 100% exercise of the 50,000,000 common share purchase warrants, exercised at a price of $0.10. Proceeds of the exercise of the warrants will be used to fund the 2018 exploration program and general working capital.
Michael Williams, Vendetta's President and CEO commented "we appreciate the continued strong support of our shareholders, many of which exercised their warrants in advance, during 2017, which demonstrated their commitment to our Company and enabled us to expand the 2017 drilling program which in part allowed us to undertake resource drilling in the Bridge Zone discovery such that it will be included in the upcoming mineral resource update."
The Company is also announcing the resignation of Douglas Ramshaw as a Director. The Company wishes to sincerely thank Mr Ramshaw for his tremendous contribution to the Company over the last four years, Mr Ramshaw wishes to dedicate more time to his current executive role elsewhere. Mr Ramshaw's oversight committee memberships will be taken up by the Company's other independent Directors; David Baker and Doug Flegg.
The Company has granted 2,700,000 Performance Share Units (PSU's) to executives and consultants, which are subject to certain vesting provisions over a two year period.
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 one exploration permit that cover an area of approximately 8,290 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, see Table below, for full 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.
Table 1. June 2017 Pegmont Mineral Resource Estimate*
| Area | Classification | Material type | Tonnes (kt) | Pb % | Zn % | Ag g/t |
| Open Pit (Zones 1,2,3, & BHZ) | Indicated | Transition | 685 | 5.2 | 2.5 | 9 |
| Sulphide | 1,379 | 5.7 | 2.7 | 11 | ||
| Total | 2,064 | 5.5 | 2.6 | 10 | ||
| Inferred | Transition | 1,035 | 5.3 | 2.6 | 8 | |
| Sulphide | 5,276 | 5.5 | 2.4 | 9 | ||
| Total | 6,311 | 5.4 | 2.4 | 9 | ||
| Underground (Zones 4 & 5) | Indicated | Sulphide | 181 | 5.7 | 2.6 | 8 |
| Inferred | Sulphide | 3,336 | 4.1 | 3.8 | 6 | |
| TOTAL | Indicated | Transition | 685 | 5.2 | 2.5 | 9 |
| Sulphide | 1,560 | 5.7 | 2.7 | 10 | ||
| Total | 2,245 | 5.6 | 2.6 | 10 | ||
| Inferred | Transition | 1,035 | 5.3 | 2.6 | 8 | |
| Sulphide | 8,612 | 4.9 | 2.9 | 8 | ||
| Total | 9,647 | 5.0 | 2.9 | 8 | ||
Notes on above Table:
- The Mineral Resource update has been prepared by independent qualified persons (“QPs”) J.M. Shannon P.Geo, D Nussipakynova, P.Geo, M. Angus MAIG, P. Lebleu P.Eng, and A Riles MAIG, all of AMC Consultants, and has an effective date of 22 June 2017.
- CIM definitions were used for the Mineral Resources.
- Commodity price assumptions: Lead US$0.90/lb, Zinc US$0.95/lb and Silver US$15/oz.
- Using drilling results to 8th May 2017.
- Specific Gravity is applied based on oxidation state and zone to capture variation in mineralogy between the zones. Transitions specific gravity varied between 3.32 and 3.90 and sulphide specific gravity varied between 3.86 and 4.08.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
- Mineral Resource tonnage have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
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 the advanced stage Pegmont Lead-Zinc project in Queensland, Australia. Additional information on the Company can be found at www.vendettaminingcorp.com
Qualified Person
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 Williams"
Michael Williams
President & 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 28,, 2018.
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.