Vancouver, British Columbia - February 13, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Vendetta Mining Corp. (TSXV: VTT) (the "Company") is pleased to announce results from the Bridge Zone and other drilling from the completed 2017 program at the Pegmont Lead-Zinc Project in Queensland, Australia.
Bridge Zone Sulphide Highlights:
PVRD132: 6.00 metres of 14.41% Pb+Zn (11.24% Pb, 3.17% Zn);
PVRD135: 6.16 metres of 13.39% Pb+Zn (10.29% Pb, 3.10% Zn);
PMRD016: 4.39 metres of 13.05% Pb+Zn (10.77% Pb, 2.28% Zn);
PVRD146: 9.22 metres of 12.17% Pb+Zn (9.77% Pb, 2.40% Zn); and
PVRD147: 9.98 metres of 10.31% Pb+Zn (7.81% Pb, 2.50% Zn)
A full summary of the sulphide lead-zinc results including estimated true widths are provided in Table 1 and 2 and the location of the holes is shown on the map in Figure 1 and for the Bridge Zone intersections on the plan in Figure 2. A cross section through the Bridge Zone is shown in Figure 3.
Michael Williams, Vendetta's President and CEO commented "These additional results from the Bridge Zone discovery continue to support the high grade continuity of this zone. Potential development of the Bridge Zone is enhanced by its proximity to the main optimised pit shell at Pegmont, the closest drill intersection to date lying only 120 m to the east and 50 m below the pit shell. We look forward to adding the Bridge Zone to the Mineral Resource Estimate which the Company is working to have completed by the end of March. There remains significant potential to develop the Bridge Zone further, this will form part of the 2018 drilling program."
Bridge Zone Underground Target
The Company announced the discovery of the Bridge Zone on September 19th, 2017 (see news release VTT2017 NR#10). Since then a further ten holes targeting the Bridge Zone mineralization were completed. Three of these holes were successful re-entries of previous Burke Hinge Zone drilling, extended to intersect the Bridge Zone; two historic holes PMRD016 and 020 (drilled 1996) and one Vendetta drill hole PVRD028 (drilled 2016).
Hole PVRD146 and 147 were drilled on a section at the south-eastern most section to date, both intersecting >9 m widths and consistent high grades. About 50 m down dip from PVRD147, hole PVRD148 intersected the mineralised horizon but only at 1 m thickness.
PVRD132 was drilled on the previously announced section including holes PVRD106, 107 and 108, about 33 m down dip of PVRD108, it intersected high grades mineralisation consistent with PVRD108. PVRD028, drilled at Burke Hinge Zone in 2016, was successfully re-entered and extended to intersect the mineralised horizon at about 80 m down dip of PVRD132. It found the mineralised horizon had thinned and grades has also declined.
While on the PVRD028 drill site it was decided to re-enter historic RC hole PMR016 and extend in core to obtain some closer spaced information at relatively small cost. This hole successfully intersected the Bridge Zone about 25 m along strike of PVRD108, achieving comparable grades and thicknesses.
PVRD135 was drilled on the previously announced section that included holes PVRD115, 112, 114, 092 and 117, see the updated cross section in Figure 3. PVRD135 intersected high grade mineralisation and widths about 33 m down dip of PVRD117, which were consistent with PVRD117.
PVRD118, was drilled to test for a possible syncline target where it is theorised the beds return towards the Burke Hinge Zone. Structural analysis found however that the mineralised horizon changes to dip, dipping steeply to the south-east, this changes the possible location of the syncline, which remains an exciting exploration target, see Figure 3.
PVRD129 and PMRD020 tested the north-west end strike extent and failed to intersect the mineralised horizon, based on detailed structural data and analysis it is now believed that the host beds are folded downwards and potentially dip below these two holes.
Core from holes PVRD114, 135, 146 and 147 was used to form a metallurgical composite for the Bridge Zone, the composite weighted 96 kg at an average diluted grade of 8.76% Pb and 2.60% Zn. Test work is currently ongoing at the ALS Metallurgy laboratory.
The Company plans to continue to expand the Bridge Zone and test the revised structural model for the syncline targets in 2018.
Zone 5 Underground Target
Three holes; PVRD099, 101A and 103, were drilled at the NE end of Zone 5. All three holes experienced excessive drill path deviation, PVRD101 was abandoned and re-drilled as PVRD101A, which was completed, but didn't intersect the design target, hitting the attenuated northern limb of Syncline C.
Hole PVRD099 targeted the keel of Syncline C, the location of previous high grade intersections, however the hole lifted, intersecting both upper and lower lenses on the southern limb of Syncline C. Hole PVRD103 was drilled in a further attempt to drill the keel of Syncline C, again lifted and failed to hit its target.
Zone 1 and Burke Hinge Zone Open Pit Targets
PVRD146 was drilled to intersect the Bridge Zone, within the RC pre-collar portion of the hole it also intersected Burke Hinge Zone mineralization in the lower lens.
Two holes were drilled in Zone 1, both intersected the fold structure at the planned depths but at a location where it has been attenuated.
Results from the final 24 holes of the 2017 resource development drilling program, drilled in Zones 2 and 3, are currently being validated and interpreted, these results will be released as they are finalized.
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized intersection lengths >2.0 m, 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.
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized intersection lengths >2.0 m, 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.
^Intersection from RC pre-collar portion.
Notes on Drilling and Assay QA/QC
The drilling discussed in this release involved drilling RC pre-collars using a 5.75 inch diameter face sampling bit to depth prior to casing and continuing the hole in NQ2 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 halved again. This is performed to provide sufficient sample for metallurgical test work while retaining a permanent core record.
The PVRD146 Burke Hinge Zone intersection was drilled using 5.25 inch reverse circulation (RC), face sampling hammer. Samples became wet due to wet season rain and as such were subsampled using a spear rather than normal riffle split. Duplicate samples indicate the spear sampling was unbiased.
Field duplicate samples of core 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.
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 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 are located using handheld GPS, and the collars have since 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 true thickness noted are 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 details please see Vendetta's news release, VTT2017-NR#6, June 27th, 2017 and the NI 43-101 technical report "Pegmont Resource Update June 2017" available on SEDAR.
The Company expect to complete an updated NI 43-101 technical report in Q1, 2018.
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 the advanced stage Pegmont Lead Zinc project in Queensland, Australia. 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 31st, 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.
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