Vendetta Mining Corp. Reports Results of Exploration Drilling in Zone 5 at the Pegmont Project, Queensland, Australia
FOR IMMEDIATE RELEASE September 4rd, 2014
(VTT2014 - NR #4)
Highlights include:
-
-PMR283: 9 metres of 6.35% Pb, 6.88% Zn
-PMR290: 9 metres of 5.30% Pb, 3.11% Zn
-PMR294: 10 metres of 4.77% Pb, 3.91% Zn
Vancouver, BC / TNW-ACCESSWIRE / September 4th, 2014 / Vendetta Mining Corp. (VTT-TSX:V) (the "Company") is pleased to report results of the recent exploration drilling undertaken by Pegmont Mines Limited (the "Vendor").
During the closing period of the option agreement, a total of 13 reverse circulation ("RC") drill holes for 2,977 metres were completed on the property by the Vendor. Of these, eight were drilled in Zone 5, one in Zone 4, and four were drilled on regional targets. This was undertaken to meet minimum Queensland Government expenditure commitments. The costs incurred by the Vendor for this program have been reimbursed by the Company.
Results of this RC program have been provided to the Company and also reported by the Vendor. The Company is in the process of completing its quality control checks ("QA/QC") on the drilling and assaying, which includes the submission of certain samples for check assay at a second laboratory. Until these QA/QC checks have been performed, the Company cautions that the results cannot be relied upon. The results as supplied by the Vendor are tabulated in Table 1 and drill hole locations are illustrated on a map below.
Zone 5 at Pegmont is not included in the current Mineral Resource estimate but does form part of the exploration potential at Pegmont (see "Technical Report Pegmont Property Mineral Resource Estimate" AMC Mining Consultants (Canada) Ltd., effective date of 28 February 2014).
The results summarized in Table 1 are for intersections equal to or greater than 1 metre at 1% lead plus zinc. While the intervals in the table are intersected widths, it is anticipated that the true widths would be 80-90% of those shown.
The Company is currently completing plans and preparing its initial exploration program for 2014. This will focus on exploration drilling in Zone 5. Details will be announced in due course.
Table 1. Summary of Recent Assay Results.
--------------------------------------------------------
|Bore Hole|Zone|From m|To m|Interval m|Grade |
| | | | | |----------------|
| | | | | |Pb %|Zn %|Ag g/t|
|------------------------------------------------------|
|PMR282 |5 |No Significant Result |
|------------------------------------------------------|
|PMR283 |5 |200 |201 |1 |0.58|1.83|2.4 |
|------------------------------------------------------|
|and |5 |276 |285 |9 |6.35|6.88|7.7 |
|------------------------------------------------------|
|and |5 |300 |301 |1 |0.76|0.44|1.4 |
|------------------------------------------------------|
|and |5 |302 |306 |4 |2.60|3.93|3.1 |
|------------------------------------------------------|
|PMR284 |5 |No Significant Result |
|------------------------------------------------------|
|PMR288 |5 |176 |177 |1 |0.40|2.37|1.9 |
|------------------------------------------------------|
|and |5 |179 |183 |4 |1.95|6.88|5.0 |
|------------------------------------------------------|
|and |5 |187 |188 |1 |0.57|0.55|1.8 |
|------------------------------------------------------|
|and |5 |194 |195 |1 |5.12|4.94|7.3 |
|------------------------------------------------------|
|and |5 |199 |203 |5 |1.34|4.60|3.5 |
|------------------------------------------------------|
|PMR289 |5 |132 |135 |3 |0.56|1.64|3.8 |
|------------------------------------------------------|
|and |5 |137 |138 |1 |0.13|0.95|0.5 |
|------------------------------------------------------|
|PMR290 |5 |153 |162 |9 |5.50|3.11|8.0 |
|------------------------------------------------------|
|PMR292 |5 |126 |130 |4 |3.66|2.82|6.6 |
|------------------------------------------------------|
|PMR293 |4 |48 |49 |1 |2.68|0.45|8.5 |
|------------------------------------------------------|
|PMR294 |5 |128 |133 |5 |2.79|5.76|6.1 |
|------------------------------------------------------|
|and |5 |135 |144 |9 |3.48|2.93|4.4 |
|------------------------------------------------------|
|and |5 |153 |163 |10 |4.77|3.91|6.0 |
|------------------------------------------------------|
|and |5 |191 |192 |1 |0.31|0.96|2.2 |
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Figure 1. Plan view of Zone 5 drill hole collars in relation to the current Mineral Resources Classification (after AMC Mining Consultants (Canada) Ltd*)
About Pegmont Lead Zinc Project
The Pegmont lead-zinc-silver deposit is located 25 km east of BHP Billiton's world class Cannington silver-lead-zinc mine and 28 km north of Chinova Resources' Osborne copper-gold mine. It is proximate to existing infrastructure that includes roads, railhead and natural gas for power generation.
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, prior to this release, a total of 408 bore holes for 44,746 m have been completed on the project.
The Pegmont Mineral Resource 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.
Qualified Person
John Morton Shannon P.Geo., Principal Geologist at AMC Mining Consultants (Canada) Ltd. is an independent qualified person, as defined in NI 43-101. Mr. Shannon 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, zinc and silver. It is currently focused on advanced stage exploration projects in Australia. It has entered into an option agreement to acquire a 100% interest in the 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 reliability of RC drill results prior to QA/QC by the Company, the accuracy of mineral resource estimates, 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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