Vendetta Mining Continues to Intersect High Grade Lead-Zinc from Zone 2 Open Pit Target, Pegmont Lead-Zinc Project
Zones 2 Highlights:
PVRD102: 9.20 metres of 11.51% Pb+Zn (7.87% Pb, 3.28% Zn);
PVRD113: 8.25 metres of 10.73% Pb+Zn (7.99% Pb, 2.74% Zn);
PVRD121: 7.90 metres of 13.00% Pb+Zn (9.92% Pb, 3.08% Zn); and
PVRD127: 5.50 metres of 10.48% Pb+Zn (7.35% Pb, 3.13 Zn)
Zones 5 Highlights:
PVRD086: 8.90 metres of 9.79% Pb+Zn (6.16% Pb, 3.62% Zn)
A full summary of the sulphide lead-zinc results including estimated true widths are provided in Table 1 and 2, the location of the holes is shown on the map in Figure 1.
Michael Williams, Vendetta's President and CEO commented, "The Company is very pleased that the resource development drilling continues to yield high grade results, these coupled with the previously released results build a solid basis for updating the mineral resource estimate which the Company is planning to complete in Q1 2018."
This drilling continues a series of sections which were released previously, see Vendetta news release VTT2016 NR #9, August 24, 2017. Drilling in Zone 2 occurred on six sections, with a final strike spacing of nominally 50 m. For drill hole locations please see Figure 1.
Drill hole PVRD102 was drilled on a section which included previously released holes PVRD073, 074, 075 and 079. It was located to test for the presence of a previously unidentified fold whose presence was inferred from the structural analysis of the completed holes. It successfully intersected high grade mineralisation and confirmed the presence of a fold structure.
Drill holes PVRD093 and 095 were drilled from the same pad towards the north-west. PVRD095 intersected both the geology and mineralisation as anticipated. PVRD093 didn't intersect the host lithology, subsequent structural analysis suggests the hole ended prematurely, it will likely be extended in the future.
Holes PVRD121 and 122 were drilled from the same pad towards the north-west, these holes intersected the host banded iron stone slightly shallower than predicted in the geological model. The holes successfully intersected high grade mineralisation outside of the current resource model.
PVRD113 single hole drilled on the edge of modelled high grade intersected both the geology and mineralisation as anticipated.
The next section comprises three holes; PVRD136, 137 and 138, which are yet to be logged.
PVRD127 interested high grade mineralisation 10 m deeper than expected, in an area in the resource model which is modelled as having lower than intersected grades.
The south-western most section drilled in Zone 2 includes four holes; PVRD130, 131, 133 and 134. To date only PVRD130 has been logged and assayed, returning a high grade intersection about 15 m deeper than expected and preliminary interpretation suggests is an unknown fold structure.
Table 1. Summary of Open Pit Target Zone 2 Sulphide Assay Results.
|Dip / Azimuth||From (m)||To (m)||Interval (m)||True Thickness* (m)||Vertical Depth Below Surface (m)||Grade #|
|Pb+Zn %||Pb%||Zn%||Ag g/t |
|PVRD093||No Significant Result|
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized intersection lengths >2.0m, using a combined 1% lead and zinc grade with maximum 1 m internal dilution. Included intervals are at a combined 3% lead and zinc grade with no internal dilution.
Drill hole PVRD086 was drilled at the north-east end of Zone 5, approximately 500 m along strike from the previously released results, see Vendetta news release VTT2017 NR #12, November 7, 2017, and shows that within Zone 5 there is metal zonation, with zinc grade increasing towards the south-west.
Drill Hole PVRD088 attempted to drill along strike from PVRD086 but the drill path didn't follow the expected course and the hole intersected the attenuated north limb of Syncline C. The same target was attempted again with PVRD089 which in turn also didn't follow the expected path and was subsequently abandoned.
Table 2. Summary of Zone 5 Assay Results Underground Target.
|Dip / Azimuth||Lens||From (m)||To (m)||Interval (m)||True Thickness* |
|Pb+Zn %||Pb %||Zn% ||Ag g/t |
|PVRD088||-82/191||No Significant Result|
|PVRD089||-86/180||Abandoned - No Significant Result|
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized intersection lengths >2.0m, using a combined 1% lead and zinc grade with maximum 1 m internal dilution. Included intervals are at a combined 5% lead and zinc grade with no internal dilution.
Copper-Gold Target Exploration
At the copper-gold target two exploration holes have been completed from one drill pad. The first hole, PVRD149 intersected minor veining including a quartz vein (3 cm) with boxwork (suggesting the presence of leached sulphide) and a ~5 cm silica + chalcopyrite + pyrite vein. A 20 m zone of low tenor chalcopyrite infilling fractures was present. PVRD150, drilled beneath PVRD149, failed to intersect any visible chalcopyrite. The Company believes that there has been insufficient sulphide mineralization intersected to explain the TEM conductor anomaly. A third drill hole, PVRD151, has commenced, located 300 m to the SW of PVRD149.
Update on Pegmont Resource Development Drilling
To date, a total of 95 drill holes have been completed during the 2017 program, for a total of 20,058 m.
Including completed drill holes discussed in this release, the Company has announced the results from 56 drill holes, see also Company news releases dated July 25th 2017 (VTT2017 NR #7), August 24th 2017 (VTT2017 NR #9), September 19th 2017 (VTT2017 NR #10) and November 7th 2017 (VTT2017 NR#12).
Processing, logging, sampling and assaying of the core not released to date is ongoing. Results will be released as they become available. Drilling is scheduled to be concluded on or about the December 15th, prior to the arrival of the wet season in North West Queensland.
Figure 1. Surface Map Showing 2017 Mineral Resource Block Model Contours, Pit Shell, Location of Current Results and 2017 Completed Holes
To view an enhanced version of this graphic of Figure 1, please visit:
Metallurgical sampling of Zones 1 and 2 sulphide material has been completed and the two composites dispatched to the ALS Metallurgy laboratory in Tasmania.
A total of five holes formed the sulphide composite for Zone 2: PVRD079, 113, 122, 127 and 130, covering approximately 500 m of strike length. The composite included dilution through the addition of 0.5 m of sub 3% Pb+Zn material on both the hangingwall and footwall to reflect potential mining performance, the composite has a length weighted average grade of 7.59% Pb and 3.02 % Zn, a grade considered to be representative of the Company's 2016 and 2017 drilling in Zone 2, as summarized below, from north-east to south-west, at a 3% Pb+Zn cut off:
PVRD036^: 7.54 m of 6.14% Pb+Zn (3.56% Pb, 2.57% Zn)
PVRD053^: 9.49 m of 9.84 % Pb+Zn (6.83% Pb, 3.01% Zn)
PVRD067#: 7.44 m of 12.64% Pb+Zn (9.09% Pb, 3.56% Zn)
PVRD074#: 6.17 m of 14.64% Pb+Zn (11.43% Pb, 3.21% Zn)
PVRD075#: 5.72 m of 11.82% Pb+Zn (8.43% Pb + 3.30% Zn)
PVRD079#: 8.06 m of 11.57% Pb+Zn (8.36% Pb, 3.22% Zn)
PVRD102*: 9.20 m of 11.51% Pb+Zn (7.87% Pb, 3.28% Zn)
PVRD095*: 5.03 m of 11.37% Pb+Zn (6.42% Pb, 4.96% Zn)
PVRD113*: 6.25 m of 13.16% Pb+Zn (9.73% Pb, 3.44% Zn)
PVRD121*: 7.90 m of 13.00% Pb+Zn (9.92% Pb, 3.08% Zn)
PVRD122*: 5.50 m of 13.54% Pb+Zn (9.76% Pb, 3.78% Zn)
PVRD047>: 8.30 m of 12.27% Pb+Zn (7.21% Pb, 5.06% Zn)
PVRD127*: 4.50 m of 12.56% Pb+Zn (8.93% Pb, 3.63% Zn)
PVRD130*: 5.83 m of 10.81 % Pb+Zn (7.50% Pb, 3.31% Zn)
Please refer to the following for full details:
^ VTT2016 NR #9, November 30, 2016,
> VTT2016 NR #6, September 21, 2016
# VTT2016 NR #9, August 24, 2017,
* This Release
Geology and assay results from Zone 1 sulphide and transition material are being interpreted and will be released shortly.
Resignation and Appointment of New CFO
Cale Moodie has resigned from the position of Chief Financial Officer effective November 15, 2017, to devote more time to his other ventures. Vendetta has appointed Jasmine Lau as Chief Financial Officer.
Michael Williams commented, "We would like to thank Mr Moodie for his efforts and contributions to Vendetta since the IPO in 2010 and subsequent acquitting of the Pegmont project, and we wish him every success is his future endeavors. I would also like to welcome Ms Lau as CFO."
Ms Lau is a member of the Institute of Chartered Accountants of British Columbia and has focused her career in the resource and pharmaceutical industries. Ms Lau has served as CFO and financial controller of several public exploration companies with projects throughout the world. In addition to her experience working with junior resource companies, Ms Lau worked at Teck Resources Ltd. as a Sarbanes-Oxley Auditor. Prior to Teck Resources Ltd., Ms Lau worked for Deloitte & Touche LLP's Vancouver Assurance & Advisory group where she focused on audits of public mining and resource companies. Jasmine earned a Bachelor of Commerce from the University of British Columbia.
Mr Moodie will assist Ms Lau to ensure a smooth transition.
Notes on Zone 2 Drilling and Assay QA/QC
The drilling at Zones 2 and 5 involved drilling RC pre-collars using a 5.75 inch diameter face sampling bit to depth prior to casing and continuing the hole in either NQ2 or 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 one half of the core is then halved again. This is performed 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. Field duplicates are not used in holes selected for metallurgical test work to ensure the complete intersection is available for metallurgical test work.
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 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 estimated true thickness noted is 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 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, for full details please see Vendetta's news release, VTT2017-NR#6, June 27th, 2017.
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
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 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.