Vendetta Mining Announces First Assay Results from the 2014 Drilling Program at the Pegmont Lead-Zinc Project
Vancouver, BC, TheNewswire / January 28th, 2015 ? Vendetta Mining Corp. (VTT-TSX:V) (the "Company") is pleased to announce the first results from the October-December 2014 drilling program at the Pegmont Lead-Zinc Project in Queensland, Australia.
Highlights include:
PVR018: 5 metres of 6.86% Pb, 2.85% Zn
PVR019: 6 metres of 8.48% Pb, 4.21% Zn
PVR021: 9 metres of 5.58% Pb, 3.94% Zn and 6 metres of 6.98% Pb, 3.13% Zn
As part of the recently completed program, the Company drilled six infill RC holes totaling 532 m in the area known as "Gossan Load", located 300 m to the NE of the main mineralization at Pegmont.
The objective of the Gossan Load drilling was to confirm the data quality of historic drill results in the sulphide mineralization. Assay results are summarized in Table 1 below. Gossan Load does not form part of the current NI 43-101 Mineral Resource Estimate, see Table 2 below.
Mineralization is known to outcrop in a weakly developed gossan at the NW end, however a re-interpretation incorporating the results of the 2014 infill program indicates that the host garnet sandstone and banded iron stone (BIF) horizon have been tightly folded into an NE dipping, shallow SE plunging recumbent anticline, a notably different setting to the main mineralization at Pegmont. The fold hinge (now called the Burke Hinge Zone) appears to be the site of lead and zinc metal accumulation, with the lead and zinc grades being comparatively higher than the limbs.
The top of the sulphide mineralization in the Burke Hinge Zone is present at depths below surface of between 24 m to 40 m, and has a known plunge extent of 200 m. The Burke Hinge Zone is open to the SE and the Lower Limb is open down dip to the NE. The location of the drilling and geometry of the mineralization is shown in plan and in cross sections in Figure 1.
Table 1. Gossan Load Sulphide Lead-Zinc Assay Results
----------------------------------------------------------------
|Bore |Bearing|Dip|From|To |Interval|Grade |Comments |
|Hole | | |m |m |m | | |
| | | | | | |--------------| |
| | | | | | |Pb |Zn |Ag | |
| | | | | | |% |% |g/t | |
|--------------------------------------------------------------|
|PVR014|206 |-60|No Significant Result |Below |
| | | | |Hinge |
| | | | |Zone |
|--------------------------------------------------------------|
|PVR015|206 |-60|97 |98 |1 |0.46|5.12|4.0 |Lower Limb|
|--------------------------------------------------------------|
|PVR018|206 |-60|53 |54 |1 |8.49|2.78|19.6|Upper Limb|
|--------------------------------------------------------------|
|and |82 |87 |5 |6.86|2.85|9.4 |Lower Limb|
|--------------------------------------------------------------|
|PVR019|206 |-47|63 |69 |6 |8.48|4.21|13.1|Lower Limb|
|--------------------------------------------------------------|
|PVR020|206 |-60|47 |50 |3 |2.19|4.48|6.3 |Lower Limb|
|--------------------------------------------------------------|
|PVR021|206 |-50|61 |70 |9 |5.58|3.94|7.8 |Upper Limb|
|--------------------------------------------------------------|
|and |81 |87 |6 |6.98|3.13|15.4|Lower Limb|
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Figure 1 Drill Plan (top) and Two Interpreted Cross Sections (below) for the Gossan Load.
Click Image To View Full Size
"The Company is pleased with these results and the recognition of the anticline hinge is an important step that will aid in targeting further high grade mineralization. The hinge zone represents a significant opportunity to the Company as to date it is the shallowest, thickest accumulation of sulphide mineralization known at Pegmont. The Company will continue to test the hinge zone and step out down plunge in future drilling programs as well as investigate any possible a connection between this and the main mineralized zones at Pegmont" stated Michael Williams, Vendetta's President and CEO.
The Company is awaiting the results from the completed 2,995.8 m diamond drilling program in Zone 5 and will release those results as they become available.
Notes on RC Drilling and Assay QA/QC
RC drilling was undertaken using 5.25 inch diameter face sampling bit, sampling was 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.
Field duplicate samples were taken, blanks and commercially prepared certified reference materials (standards) were added into the sample sequence for every hole submitted. No issues were noted with analytical accuracy or precision.
Samples used for the results described herein are prepared and analyzed at ALS Laboratory Group in Townsville, Queensland. Analysis was undertaken using a four acid digest and 32 elements ICP with over limit high grade samples are read with an atomic absorption spectrometer (AAS).
Drill hole collars were located using GPS and down hole surveys were undertaken using true north seeking gyroscope with stations every 5 m.
Assay results intervals shown in Table 1 are down hole intervals, it is anticipated that true widths would be 90 to 95% of those shown.
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 below in Table 2.
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
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. 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.
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: further results from the 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, 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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