Vendetta Mining Announces Assay Results from the Burke Hinge Zone Open Pit Target at the Pegmont Lead-Zinc Project
VANCOUVER, BC / ACCESSWIRE / September 7, 2016 / Vendetta Mining Corp. (TSXV: VTT) (the "Company") is pleased to announce results from the first ten drill holes completed in its ongoing 2016 drilling program at the Pegmont Lead-Zinc Project in Queensland, Australia.
The aim of this initial part of the 2016 program was to further define the shallow mineralization at the Burke Hinge Zone ("BHZ"), obtain metallurgical samples, and incorporate these results into an updated mineral resource estimate for the Pegmont Project in Q4 of 2016, which the BHZ has not previously been included.
Highlights:
PVRD023: 6.0 metres of 9.48% Pb+Zn (6.08% Pb, 3.40% Zn);
PVRD026: 6.0 metres of 10.41% Pb+Zn (5.94% Pb, 4.47% Zn);
PVRD041: 5.0 metres of 9.15% Pb+Zn (5.99% Pb, 3.16% Zn);
PVRD042: 4.0 metres of 16.83% Pb+Zn (12.28% Pb, 4.55% Zn); and
PVRD027: 3.0 metres of 11.48% Pb+Zn (7.55% Pb, 3.93% Zn).
Michael Williams, Vendetta's President and CEO, commented, "All ten drill holes interested significant lead-zinc mineralization within 100 m of surface, confirming the shallow nature of the sulphide mineralization which continues to support the open pit potential at the BHZ. The Company has also identified an area within Zones 1 and 2 where shallow high grade lead-zinc sulphide mineralization presents another open pit target opportunity. We intend to expand the program to include infill and step out drilling along with metallurgical test work within the open pit target areas."
A summary of the assay results is given in Table 1. The collection of structural data from orientated drill core has brought about an updated interpretation, a cross section through the center of the BHZ is shown below. The Company plans to drill a further four holes at the BHZ on the basis of the updated interpretation.
The BHZ is an outcropping, moderately-dipping zone comprising two parallel limbs of a tight, overturned anticline fold. The BHZ has a known strike length of 240 m and a down dip extent of 110 m. The BHZ is located about 360 m north east of the main body of mineralization on a granted Mining License. The BHZ is currently drilled on 20 m hole spacing and on 40 m spaced sections. Results from the Companies 2014 program at the BHZ is given in Table 2.
Metallurgical composites from selected BHZ holes will now be dispatched to the ALS Metallurgy laboratory in Tasmania where mineralogical and flotation test work will be performed. Results are expected in Q4 of 2016.
Table 1. Burke Hinge Zone Summary of Significant Assay Intersections.
| Bore Hole | Dip / Azimuth | From (m) | To (m) | Interval (m) | True Thickness* (m) | Material Type# | Grade | ||||
| Pb+Zn % | Pb % | Zn % | Ag g/t | ||||||||
| PVRD023 | -60/205 | 7.0 | 29.6 | 22.6 | 9.0 | Transition | 5.38 | 3.61 | 1.77 | 6.6 | |
| and | 40.64 | 46.64 | 6.00 | 6.0 | Sulphide | 9.48 | 6.08 | 3.40 | 17.8 | ||
| PVRD024 | -60/025 | 40.20 | 48.2 | 8.00 | 7.0 | Sulphide | 6.31 | 4.40 | 1.91 | 6.4 | |
| and | 51.20 | 63.2 | 12.0 | 5.0 | Sulphide | 4.85 | 2.84 | 2.01 | 5.5 | ||
| PVRD025 | -60/205 | 6.0 | 18.0 | 12.0 | 3.8 | Transition | 3.13 | 2.25 | 0.88 | 4.3 | |
| and | 21.00 | 25.00 | 4.0 | 1.3 | Transition | 3.51 | 2.25 | 1.26 | 7.3 | ||
| PVRD026 | -60/025 | 63.65 | 66.65 | 3.00 | 2.5 | Sulphide | 6.16 | 2.56 | 3.60 | 6.1 | |
| and | 69.65 | 75.65 | 6.00 | 3.7 | Sulphide | 10.41 | 5.94 | 4.47 | 10.4 | ||
| PVRD027 | -60/205 | 34.16 | 37.16 | 3.00 | 3.0 | Sulphide | 11.48 | 7.55 | 3.93 | 27.9 | |
| PVRD041 | -60/205 | 31.0 | 36.0 | 5.0 | 4.9 | Sulphide | 9.15 | 5.99 | 3.16 | 9.1 | |
| PVRD042 | -60/205 | 42.5 | 46.45 | 4.00 | 3.9 | Sulphide | 16.83 | 12.28 | 4.55 | 19.9 | |
| PVRD043 | -60/205 | 114.00 | 118.90 | 4.90 | 4.8 | Sulphide | 3.53 | 1.24 | 2.29 | 3.1 | |
| PVRD044 | -60/205 | 83.90 | 86.65 | 2.75 | 2.2 | Sulphide | 4.69 | 2.19 | 2.50 | 11.1 | |
| PVRD045 | -60/025 | 83.35 | 87.35 | 4.00 | 2.9 | Sulphide | 7.75 | 4.19 | 3.56 | 12.7 | |
*True thick is based on cross section interpretations and three dimensional geological modeling.
# Transition material includes sulphide lead and zinc mineralization located in weathered host rocks.
Regional Drilling
Three regional exploration holes (PVR038-040) located on the southern exploration permit (EPM14491) have been completed for a total of 502 m of reverse circulation ("RC") drilling. These holes targeted low-level magnetic anomalies, however, they didn't intersect the banded iron formation/garnet sandstone, the Pegmont host lithologies. PVR040 did, however, intersect 3 m of visible chalcopyrite mineralization within a broader zone of disseminated pyrite associated with silica alteration and assays are pending. The Company intends to extend PVR038 with a diamond tail in the future, and follow up on the copper mineralization seen in PVR040.
Current Drilling
Eight holes (PVRD029 through 034, and 037) have been completed in Zone 5. Zone 5 is an area where previous drilling has shown significantly higher zinc grades compared to those seen in the other zones at Pegmont. Core logging, sampling and interpretation of these eight holes is ongoing, and the Company will release further results as they become available.
Drilling is currently in progress within the Zone 2 open pit target and in the immediately adjacent Zone 3 underground target, and holes PVRD046 to 049 have been completed and are being logged and interpreted. Previously pre-collared holes PVRD035 and 036 are currently being completed in HQ2 diamond core.
Table 2. Summary of Assay Intersections from Vendetta's 2014 BHZ program.
| BoreHole | Dip / Azimuth | From (m) | To (m) | Interval (m) | True Thickness* (m) | Material Type# | Grade | ||||
| Pb+Zn % | Pb % | Zn % | Ag g/t | ||||||||
| PVR014 | -60/205 | No Significant Result | |||||||||
| PVR015 | -60/205 | 97 | 98 | 1 | 0.9 | Sulphide | 5.58 | 0.46 | 5.12 | 4.0 | |
| PVR018 | -60/205 | 51 | 54 | 3 | 2.5 | Sulphide | 4.61 | 3.44 | 1.17 | 9.0 | |
| and | 81 | 87 | 6 | 5.4 | Sulphide | 7.30 | 4.90 | 2.41 | 7.0 | ||
| PVR019 | -60/205 | 62 | 69 | 7 | 6.7 | Sulphide | 11.52 | 7.79 | 3.72 | 12.4 | |
| PVR020 | -60/205 | 47 | 51 | 4 | 3.9 | Sulphide | 5.79 | 1.83 | 3.96 | 5.79 | |
| PVR021 | -60/205 | 57 | 70 | 13 | 13.0 | Sulphide | 7.34 | 4.29 | 3.04 | 6.6 | |
| and | 81 | 87 | 6 | 6.0 | Sulphide | 10.11 | 6.98 | 3.13 | 12.5 | ||
*True thick is based on cross section interpretations and three dimensional geological modeling.
Notes on BHZ Drilling Protocols and Assay QA/QC
The drilling at BHZ involved drilling RC pre-collars using 5.75 inch diameter face sampling bit, and samples taken in this part of the boreholes were undertaken on 1 m intervals. The 1 m samples were fed through a cyclone and split using a riffle splitter. These sampling methods are standard industry methods and are believed to provide acceptably representative samples for the type of mineralization encountered. The holes were then completed in diamond core of HQ2 size.
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.
Figure 1 Drill Plan (top) and Interpreted Cross Section (below) for the Burke Hinge Zone.
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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 west of South 32'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, 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 zinc, lead and silver. 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
Cautionary Statement on Forward-Looking Statements
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.