VANCOUVER, BC / ACCESSWIRE / September 21, 2016 / Vendetta Mining Corp. (VTT.V) (the "Company") is pleased to announce drill results from an additional ten drill holes from the ongoing 2016 drilling program at the Pegmont Lead-Zinc Project in Queensland, Australia.
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 pipeline for power generation.
Step out drilling in Zone 5 has been designed on 50 m section spacing with a nominal 40 m hole spacing. The drilling is being conducted to define a maiden mineral resource estimate for Zone 5 and to obtain metallurgical samples. These results will be incorporated in a planned update of the mineral resource estimate in Q4 2016.
In addition, the Company has successfully drilled its first holes in the Zone 2 open pit target (PVRD047) and in the adjacent Zone 3 underground target (PVRD046), with the goal of expanding the existing mineral resource in those areas.
Zone 5 Highlights:
PVRD030: 8.3 metres of 10.73% Pb+Zn (5.82% Pb, 4.91% Zn);
- and 5.7 metres of 11.01% Pb+Zn (5.85% Pb, 5.16% Zn);
PVRD032: 7.0 metres of 9.55% Pb+Zn (6.40% Pb, 3.15% Zn);
PVRD033: 5.0 metres of 9.72% Pb+Zn (5.77% Pb, 3.95% Zn); and
PVRD037: 6.0 metres of 9.72% Pb+Zn (4.53% Pb, 5.19% Zn)
Zone 2 / 3 Highlights:
PVRD046: 11.0 metres of 11.02% Pb+Zn (7.84% Pb, 3.18% Zn); and
PVRD047: 8.3 metres of 12.27% Pb+Zn (7.21% Pb, 5.06% Zn)
A full summary of the sulphide lead-zinc results including true widths are provided in Table 1.
Zone 5 is an underground target, comprising up to 3 stacked Lenses; A, B and C. Lens B is known to be the most significant, with Lens C becoming increasingly valuable as the drilling moves to the South-West. There is approximately 20 to 30 metres of competent quartzite separating Lens B and C.
Mineralization in Lens A is sporadic, however lead and zinc grades are improving to the South-West and it remains an important exploration target.
The drilling in Zone 5 has continued to confirm the Company's geological model that Pegmont is a Broken Hill type deposit with a metal zonation. Zinc to lead ratios are approaching or exceeding 1:1 in Zone 5. Table 2 summarizes all previous drilling in Zone 5.
Michael Williams, Vendetta's President and CEO commented, "We have been able to apply and test the Broken Hill type model and unlock the potential of Zone 5 where the drilling has confirmed our thesis that the zinc grade increases as we step out to the South-West. We look forward to continuing the drilling in that direction."
Table 1. Summary of the 2016 Zone 5 Drilling Assay Results.
|Bore Hole||Dip / Azimuth||From (m)||To (m)||Interval |
|True Thickness* |
|Zone 5 — Underground Target|
|Zone 2 — Open Pit Target|
|Zone 3 — Underground Target|
*True thickness is based on three dimensional geological modeling.
#Drill intersections are summarized using a combined 1% lead and zinc grade, over minimum down hole intersection length
Figure 1. North West - South East Cross Sections through Syncline / Anticline C, Zone 5
To view an enhanced version of Figure 1, please visit: http://www.accesswire.com/uploads/22664_a1474438822545_82resize.jpg
Zone 5 Drilling
PVRD013, drilled in 2014, was extended at the start of this program to economically test the interpretation. It successfully intersected Lens B at the expected position, having validated the interpretation this year's Zone 5 program has successfully test what the Company refers to as Syncline and Anticline C. Holes PVRD030, 032, 033 and 037 have all successfully intersected Lens' B and C in the Syncline C and northern limb of Anticline C. PVRD032 lifted more than expected but demonstrates very good, close spaced correlation compared to PMRD141 (see Figure 1). PVRD031 and 034 tested the upper parts of the northern and southern limb, respectively, of Anticline C.
PVRD029 is now known to have been drilled under Lens B on the southern limb of Anticline B, previously intersected on that section in bore hole PVRD017 (4.56m @ 15.60% Pb+Zn, 5.45% Pb and 10.15% Zn). The revised interpretation for this section will be tested as part of the ongoing program.
Zone 2 - 3 Drilling
The first of Vendetta's drilling, which aimed at expanding the existing mineral resource in Zones 2 and 3, was successful, with holes PVRD047 and 046 intersecting shallow, high grade, sulphide lead-zinc mineralization, at 80 and 142 m below surface, respectively. Importantly, the drilling confirmed that a 20 m offset between Zones 2 and 3, previously explained by faulting, is now interpreted to be a down warping fold with significant high grades associated with the upper and lower fold hinges. This fold structure has a known strike of over 1 km, and this will be targeted in future drilling programs.
Drilling is continuing in Zone 5 at Pegmont, where a planned six holes remain to be drilled. Drilling of the Zone 2 open pit target and Zone 3 underground target will recommence shortly with previously pre-collared holes PVRD035 and 036. An additional four holes have been planned at the Burke Hinge Zone open pit target, see Vendetta's news release dated 7th September 2016 for previous results.
Vendetta will release further results as they become available.
Notes on Zone 5 Drilling and Assay QA/QC
The drilling at Zone 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 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 one half is halved again. This was 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 33 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 the mineral resource update. Down hole surveys were undertaken using a true north seeking gyroscope with stations every 6 or 10 m.
All HQ2 diamond core is orientated using digital core orientation systems and 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.
Table 2. Summary of Previous Zone 5 Drilling.
|BoreHole||Dip / Azimuth||From (m)||To(m)||Interval |
|True Thickness* |
*True thickness is based on cross section interpretations and three dimensional geological modeling.
#Drill intersections are summarized using a combined 1% lead and zinc grade over minimum down hole intersection length of 2 m.
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.
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 recently optioned 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 current results from the 2016 drilling program mentioned in this news release, further results from the 2016 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, 2016.
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.
SOURCE: Vendetta Mining Corp.