Clarification of Technical Disclosure on Pegmont Project
Vancouver, BC / TNW-ACCESSWIRE / November 28th, 2014 / Vendetta Mining Corp. (VTT-TSX:V) (the "Company") reports that as a result of a review by the British Columbia Securities Commission, it is issuing this news release to clarify points of technical disclosure.
The informational pieces in question include Canaccord Genuity Mineral Exploration Review (November 10th, 2014) and SNN Live interview (November 6th, 2014), both of which appeared on the Company's website under the 'Media' page, and the Company has removed them from the website.
The Company would like to clarify that in both instances errors were made in the technical disclosure as follows:
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- Disclosure of the mineral resource estimate was contrary to sections 2.2(c) and 3.4(b) of NI 43-101. The inferred and indicated mineral resources estimates for the sulphide material at Pegmont had been added and quoted as a singular mineral resource.
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- Disclosure of the exploration potential was contrary to Section 2.3(1)(a) of NI 43-101 and did not state the potential quality and quantity of grade and didn't indicate that this is conceptual in nature nor the basis on which the disclosed potential quantity and grade has been determined as required by Section 2.3(2).
The Company would like to re-iterate that the mineral resource estimate is as stated in the Companies News Release # 3 - Vendetta Mining Corp. Announces a Mineral Resource Estimate on the Pegmont Lead-Zinc Project, Queensland, Australia - September 2nd, 2014, see Table 1 below, with the original source document being "Technical Report Pegmont Property Mineral Resource Estimate" AMC Consultants (Canada) Limited, effective date of 28 February 2014, available for viewing under Vendetta Mining Corp.'s profile page on SEDAR at http://www.sedar.com.
The Company would like to state that the exploration target for Pegmont is 8 to 11 Mt at 2 to 4% Pb, 1 to 3% Zn as determined by AMC Consultants (Canada) and reported in the above mentioned Technical Report. The exploration potential in both quantity and grade is conceptual in nature, it is present in three areas, Zone 5, Gossan Load and part of Zone 1. The Zone 5 and Zone 1 exploration potential is based on limited wide spaced drilling, insufficient to define an inferred mineral resource. The exploration potential at the Gossan Load is due to historic data quality needing to be confirmed. It is not certain that further exploration will delineate a mineral resource in Zone 5 and Zone 1 nor that historic data at the Gossan Load will be confirmed.
The mineral resource and exploration potential areas described above are shown on the map in Figure 1 below.
Table 1. Pegmont Deposit Mineral Resource Estimate*
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|Oxidation |Mineral | |Grade |
|State |Resource | Tonnes| |
| |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 |
----------------------------------------------
*"Technical Report Pegmont Property Mineral Resource Estimate" AMC Consultants (Canada) Limited, effective date of 28 February 2014".
Notes on the above table:
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.
Click Image To View Full Size
Figure 1. Plan view of the Pegmont Mineral Resources Classification showing location of the areas of exploration potential. (after AMC Mining Consultants (Canada) Ltd, 28 February 2014).
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.
Vendetta Mining Corp. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on lead and zinc. The Company is currently drilling the Pegmont Lead Zinc project located in Queensland, Australia. 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 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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