Vendetta Mining Announces Commencement of Drilling at Pegmont Lead-Zinc Project
Vancouver, BC / TNW-ACCESSWIRE / October 15th, 2014 / Vendetta Mining Corp. (VTT-TSX:V) (the "Company") is pleased to report that drilling will commence this week at the Pegmont Lead-Zinc Project in Queensland, Australia.
The primary objective of the 2014 program will be to drill test the lead-zinc sulphide mineralization in Zone 5, which does not form part of the current NI 43-101 Mineral Resource Estimate*.
The program will comprise 14 drill holes for a minimum of 3,730 m of which 2,040 m is reverse circulation (RC) pre-collars and 1,690 m of orientated HQ diamond core tails. The program is expected to take approximately 6 weeks to complete.
Zone 5 has several wide spaced intersections in drill holes completed in 2008, 2009 and 2014 and includes the highlights presented in Table 1.
Table 1. Zone 5 Sulphide Exploration Drilling Highlights
---------------------------------------------------------
|Drill Hole|Year Drilled|From |To |Interval|Grade |
|Name | |m |m |m## | |
| | | | | |---------|
| | | | | |Pb %|Zn %|
|-------------------------------------------------------|
|PMRD141 |2008 |271.0|277.25|6.25 |8.28|4.73|
|-------------------------------------------------------|
|PMRD142 |2008 |376.0|380.0 |4.0 |5.52|4.59|
|-------------------------------------------------------|
|PMR190 |2009 |138.0|142.0 |4.0 |4.28|4.26|
|-------------------------------------------------------|
|PMR192 |2009 |190.0|195.0 |5.0 |6.63|5.61|
|-------------------------------------------------------|
|PMR283# |2014 |276.0|285.0 |9.0 |6.35|6.88|
|-------------------------------------------------------|
|PMR290# |2014 |153.0|162.0 |9.0 |5.50|3.11|
|-------------------------------------------------------|
|PMR294# |2014 |153.0|163.0 |10.0 |4.77|3.91|
---------------------------------------------------------
# See Vendetta Mining Corp. news release #4 - September 4th, 2014.
## It is anticipated that true widths would be 80 to 95% of those shown.
Vendetta's field crew are on site; and the rig has been mobilized with drilling to commence this week. Associated Exploration Drillers Pty Ltd ("AED") of Townsville, Queensland, were awarded the drill contract for the 2014 exploration program.
About The Pegmont Lead Zinc Project
The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 25 km east of BHP Billiton's world class Cannington silver-lead-zinc mine and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold mine. It is proximate to infrastructure including roads, rail and a natural gas pipeline.
Pegmont is a stratiform deposit that outcrops and dips shallowly 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 2 exploration permits that cover an area of approximately 3,468 ha. Discovered in 1971, a total of 408 bore holes for 44,746 m have been completed on the project prior to 2014.
The current NI 43-101 Pegmont Mineral Resource Estimate for Zones 1 to 4 is presented in Table 2.
Table 2. Pegmont Deposit Mineral Resource Estimate*
-----------------------------------------------------------
|Oxidation State|Mineral |Tonnes|Grade |
| |Resource Category|kt | |
| | | |----------------|
| | | |Pb %|Zn %|Ag g/t|
|---------------------------------------------------------|
|Sulphide |Indicated |757 |6.66|2.69|11.87 |
| |-----------------------------------------|
| |Inferred |4,417 |6.51|2.80|10.56 |
|---------------------------------------------------------|
|Transition |Indicated |797 |4.50|2.17|6.88 |
| |-----------------------------------------|
| |Inferred |1,066 |5.01|2.23|6.77 |
|---------------------------------------------------------|
|Oxide |Indicated |512 |4.56|1.58|6.37 |
| |-----------------------------------------|
| |Inferred |614 |5.76|1.23|5.18 |
-----------------------------------------------------------
*Reference: "Technical Report Pegmont Property Mineral Resource Estimate" AMC Mining Consultants (Canada) Ltd, effective date of 28 February 2014. The Technical Report is available on SEDAR.
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.
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
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.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.
All statements within, other than statements of historical fact, are to be considered forward looking. Although Vendetta Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: the completion of the full exploration 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, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
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