Vendetta Mining Announces Completion of 2014 Drilling Program at the Pegmont Lead-Zinc Project
Vancouver, BC / TNW-ACCESSWIRE / December 17th, 2014 ? Vendetta Mining Corp. (VTT-TSX:V) (the "Company") is pleased to report that the 2014 drilling program has been concluded at the Pegmont Lead-Zinc Project in Queensland, Australia.
The program, as reported by the Company on October 15th, 2014 was planned to consist of 3,730 m of reverse circulation ("RC") pre-collar and oriented HQ diamond core tails, with the primary objective of testing the lead-zinc sulphide mineralization in Zone 5. With the onset of the tropical wet season in North West Queensland, it was necessary to conclude the program prior to completing all the planned holes, a total of 2,995.8 m was completed as outlined in Table 1 below.
In addition to the planned program the Company undertook an infill RC drilling program on the lead-zinc sulphide portion of the Gossan Load. The objective of the infill program was to confirm the data quality of historic drill results. The Gossan Load is located 300 m to the north east of the main zones at Pegmont, it outcrops and dips steeply to the north east, with sulphide mineralization commencing about 24 m below ground surface. Neither Zone 5 nor the Gossan Load form part of the current NI 43-101 Mineral Resource Estimate* which can be found in Table 2 below.
Assay results from the 2014 Zone 5 and Gossan Load drilling programs will be released as they become available.
Vendetta intends to complete the Zone 5 drill program and begin a follow up drill program in Q2, 2015 with an update of the Pegmont mineral resource estimate planned for Q3, 2015.
Table 1. Vendetta 2014 Pegmont Exploration Drilling Summary
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|Project |Drilling Method|Number of|Total Metres |Total |
|Area | |holes | |(m) |
| | |completed| | |
| | | |---------------| |
| | | |RC |Diamond| |
|-------------------------------------------------------------|
|Zone 5 |RC pre-collar +|12 |1,712.0|1,283.8|2,995.8|
| |HQ diamond tail| | | | |
|-------------------------------------------------------------|
|Gossan Zone|RC |6 |532.0 |- |532.0 |
|-------------------------------------------------------------|
| |TOTAL |18 |2,244.0|1,283.8|3,527.8|
---------------------------------------------------------------
Other Business, Vendetta Retains Market Maker
The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service and provide assistance in maintaining an orderly trading market for the shares of the Company. VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
About The Pegmont Lead Zinc Project
The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of Mount Isa, 25 km east of BHP Billiton's world class Cannington silver-lead-zinc operation and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation.
Pegmont is a stratiform 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. 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*
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|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 |
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*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.
Notes on Table 2:
1. CIM definitions were used for the Mineral Resources.
2. The cut-off grade applied to the oxide and transition Mineral Resources is 3% Pb + Zn, the sulphide cut-off grade is 5% Pb + Zn.
3. Cut off is based on $0.90 /lb for Pb and Zn, a $0.90 A$:US$ exchange rate, and 90% recovery for both metals.
4. Specific gravity used by oxidation state: 3.2 t/m3 oxide, 3.4 t/m3 transition and 3.9 t/m3 sulphide.
5. Using drilling results to 12 December 2013.
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
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.
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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