Vendetta Mining Announces Maiden Assay Results from the 2014 Zone 5 Drilling Program at the Pegmont Lead-Zinc Project
Vancouver, BC / TheNewswire / February 10, 2015 - Vendetta Mining Corp. (VTT-TSX:V) (the "Company") is pleased to announce maiden results from the Zone 5 drilling program completed between October-December 2014 at the Pegmont Lead-Zinc Project in Queensland, Australia.
Highlights include:
PVRD017: 4.0 metres of 5.83% Pb, 11.34% Zn
PVRD013: 8.8 metres of 8.73% Pb, 3.99% Zn
PVRD010: 4.2 metres of 6.29% Pb, 5.64% Zn
The Company completed 12 drill holes for a total of 2995.8 m in Zone 5, the down dip projection of the current 43-101 resource at Pegmont which does not form a part of the current NI 43-101 Mineral Resource Estimate, see Table 3 below.
The objective of the Company's first Zone 5 drilling program was to define the frame work for Zone 5, to identify controls on higher grade mineralization and to take the first step towards upgrading Zone 5 to an Inferred Resource. Assay results are summarized in Table 1 below and are compiled with the entire Zone 5 intersections, by drill section, line in Table 2.
Table 1. 2014 Zone 5 Sulphide Lead-Zinc Diamond Core Assay Results
-------------------------------------------------------------------
|Bore Hole|Bearing|Dip|From m|To |Interval m*|Grade |
| | | | |m | | |
| | | | | | |-----------------|
| | | | | | |Pb %|Zn % |Ag g/t|
|-----------------------------------------------------------------|
|PVRD001 |320 |-81|125.66|126.43|0.77 |1.52|4.79 |7.0 |
|-----------------------------------------------------------------|
|PVRD002 |340 |-73|No Significant Result |
|-----------------------------------------------------------------|
|PVRD004 |320 |-76|No Significant Result |
|-----------------------------------------------------------------|
|PVRD006 |320 |-83|307.23|309.17|1.94 |3.20|4.49 |9.6 |
|-----------------------------------------------------------------|
|PVRD007 |320 |-72|109.57|110.56|0.99 |1.42|3.91 |13.7 |
|-----------------------------------------------------------------|
|PVRD008 |340 |-85|No Significant Result |
|-----------------------------------------------------------------|
|PVRD009 |340 |-57|No Significant Result |
|-----------------------------------------------------------------|
|PVRD010 |152 |-80|160.38|164.58|4.20 |6.29|5.64 |8.3 |
|-----------------------------------------------------------------|
|PVRD012 |320 |-70|No Significant Result |
|-----------------------------------------------------------------|
|PVRD013 |140 |-65|224.77|233.58|8.81 |8.73|3.99 |9.4 |
|-----------------------------------------------------------------|
|PVRD016 |152 |-77|No Significant Result |
|-----------------------------------------------------------------|
|PVRD017 |152 |-55|224.00|226.65|2.65 |5.38|7.05 |5.4 |
|-----------------------------------------------------------------|
|and | | |260.60|246.60|4.00 |5.83|11.34|6.5 |
-------------------------------------------------------------------
* True width is estimated at 90 to 100% of the down hole intersection length in Table 1 and 2.
The drilling was conducted using reverse circulation ("RC") pre-collars and HQ diamond core tails, as this is a cost effective combination of drilling methods. All HQ core was orientated enabling structural measurements to be recorded, resulting in data that is used to validate cross section interpretations.
The location of the drilling and geometry of the mineralization is shown in Figure 1 and in four cross sections in Figure 2.
Table 2. Total Zone 5 Sulphide Lead-Zinc Assay Results by Sections
----------------------------------------------------------------------------
|Section |Drill |Sample Type|From |To |Interval|Grade
|
|Line |Hole | |m |m |m* |
|
| |Name | | | | |
|
| | | | | |
|--------------------|
| | | | | | |Pb % |Zn %
|Ag g/t|
|--------------------------------------------------------------------------|
|4350N |PMRD142|Core |376.0 |378.85|2.85 |7.56 |6.20
|8.2 |
|--------------------------------------------------------------------------|
|4300N |PVRD001|Core |125.66|126.43|0.77 |1.52 |4.79
|7.0 |
|
|---------------------------------------------------------------|
| |PMR290 |RC |154.0 |160.0 |6.0 |7.34 |4.11
|9.7 |
|--------------------------------------------------------------------------|
|4200N |PMR193 | |Not
|
| | | |Drilled
|
| | | RC |to
|
| | | |Depth
|
| | | |No
|
| | | |Significant
|
| | | |Result
|
| | | |No
|
| | | |Significant
|
| | | |Result
|
| |-------------------|
|
| |PMR289 | |
|
| | | |
|
| | | RC |
|
| |-------------------|
|
| |PVRD002|Core |
|
|--------------------------------------------------------------------------|
|4150N |PVRD007|Core |109.57|110.56|0.99 |1.42 |3.91
|13.7 |
|(see Fig.2| | | | | | | |
|
|A-A’) | | | | | | |
| |
|
|---------------------------------------------------------------|
| |PMR292 |RC |126.0 |129.0 |3.0 |4.41 |3.32
|7.6 |
|
|---------------------------------------------------------------|
| |PVRD013|Core |224.77|233.58|8.81 |8.73 |3.99
|9.4 |
|
|---------------------------------------------------------------|
| |PVRD006|Core |307.23|309.17|1.94 |3.20 |4.49
|9.6 |
|
|---------------------------------------------------------------|
| |PMR283 |RC |276.0 |285.0 |9.0 |6.35 |6.88
|7.7 |
|
|---------------------------------------------------------------|
| |and |302.0 |305.0 |3.0 |3.11 |5.00
|3.7 |
|
|---------------------------------------------------------------|
| |PMRD141|Core |271.65|277.25|6.60 |8.11 |4.57
|7.8 |
|
|---------------------------------------------------------------|
| |and |325.8 |327.8 |2.0 |7.35 |6.52
|8.0 |
|--------------------------------------------------------------------------|
|4100N |PVRD014|Core |No Significant Result
|
|
|---------------------------------------------------------------|
| |PVRD012|Core |No Significant Result
|
|
|---------------------------------------------------------------|
| |PMR284 |RC |Ore Stoped out by Lease Amphibolite
dyke |
|
|---------------------------------------------------------------|
| |PMR282 |RC |Not Drilled to Depth
|
|--------------------------------------------------------------------------|
|4050N |PVRD009|Core |No
|
| | | |Significant
|
| | | |Result
|
| | | |Ore
|
| | | |Stoped
|
| | | |out
|
| | | |by
|
| | | |Lease
|
| | | |Amphibolite
|
| | | |dyke
|
| |-------------------|
|
| |PVRD008|Core |
|
|
|---------------------------------------------------------------|
| |PMR294 |RC |130.0 |133.0 |3.0 |4.34 |8.42
|9.1 |
|
|---------------------------------------------------------------|
| |and |136.0 |141.0 |5.0 |6.02 |4.26
|7.7 |
|
|---------------------------------------------------------------|
| |and |155.0 |162.0 |7.0 |6.55 |5.18
|8.1 |
|--------------------------------------------------------------------------|
|4000N |PMRD111|Core |168.35|170.9 |2.6 |6.00 |6.46
|8.4 |
|(see Fig.2| | | | | | | |
|
|B-B’) | | | | | | |
| |
|
|---------------------------------------------------------------|
| |PMR190 |RC |139.0 |141.0 |2.0 |7.11 |7.15
|33.3 |
|
|---------------------------------------------------------------|
| |and |160.0 |163.0 |3.0 |4.36 |5.41
|9.4 |
|
|---------------------------------------------------------------|
| |PVRD010|Core |160.38|164.58|4.20 |6.29 |5.64
|8.3 |
|
|---------------------------------------------------------------|
| |PMR192 |RC |189.0 |195.0 |6.0 |5.85 |5.46
|9.6 |
|
|---------------------------------------------------------------|
| |and |200.0 |203.0 |3.0 |6.01 |6.45
|7.4 |
|
|---------------------------------------------------------------|
| |PVRD004|Core |No Significant Result
|
|
|---------------------------------------------------------------|
| |PMR288 |RC |179.0 |182.0 |3.0 |2.49 |7.92
|6.1 |
|
|---------------------------------------------------------------|
| |and |200.0 |203.0 |3.0 |1.95 |6.40
|5.0 |
|--------------------------------------------------------------------------|
|3900N |PMR191 |RC |Not Drilled to Depth
|
|
|---------------------------------------------------------------|
| |PVRD016|Core |No Significant Result
|
|
|---------------------------------------------------------------|
| |PVRD017|Core |224.00|226.65|2.65 |5.38 |7.05
|5.4 |
|
|---------------------------------------------------------------|
| |and | |260.60|246.60|4.00 |5.83 |11.34
|6.5 |
|
|---------------------------------------------------------------|
| |PGD022 |Core |No Significant Result
|
----------------------------------------------------------------------------
Notes on Diamond Core Drilling and Assay QA/QC
All sampling was conducted using HQ size core; 52 mm in diameter. The core was half cut using a diamond saw and sampled on 1 m intervals and the sample length was varied to honor the visual grade and geology boundaries on the footwall.
Field duplicate samples were taken as quarter core of the remaining half core samples. 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.
Specific gravity measurements were taken on representative pieces of core for each sample visually recognized as being mineralized.
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 32 elements ICP with over limit, high grade samples being 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.
Figure 1 Zone 5 Drill Hole Intersection Plan
Click Image To View Full Size
Figure 2 Zone 5 Cross Section Interpretations (?25 m window)
Click Image To View Full Size
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 3.
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 3. 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: 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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