Vendetta Confirms Prospectively of Copper-Gold Discovery with Ground EM Survey and Drilling to Commence at Pegmont Lead-Zinc Project
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2017) - Vendetta Mining Corp. (TSXV: VTT) ("Vendetta" or the "Company") is pleased to announce the results of the recently commissioned ground EM survey targeting the recent Copper-Gold discovery located 2km's southwest of the Pegmont Lead / Zinc Project.
The EM Survey followed up on the October 2016 regional exploration RC hole (PVR040) which intersected 3.0 m of 3.21% Cu and 0.57g/t Au from 113 m down hole (see Vendetta News Release VTT2016 - NR#8).
The high grade intersection of coarse chalcopyrite mineralization was intersected in a silica altered pegmatite, similar in style to the nearby Osborne - Kulthor Copper-Gold deposits. The intersection was centered within a broader silica-pyrite alteration zone of elevated copper-gold mineralization. The hangingwall alteration was intersected over 5 m, grading 0.09% Cu, 0.02 g/t Au, and the footwall alteration zone was intersected over 5 m, grading of 0.24% Cu, 0.09 g/t Au. Additional drilling is required to estimate the true thickness.
EM Survey Results
The ground moving loop EM survey was completed on 100 m line spacing with 50 m station spacing.
Key Highlights of the Survey:
- The survey identified three areas where geologic structures interpreted from aero magnetic data correlate with the presence of near-surface conductivity (from the EMsurvey data).
- The "northern" EM conductor coincides with the drilled intercept in PVR040, it has a strike length of over 800 m and is modelled as steeply dipping.
- Modelling of the "middle" conductor suggests that exploration hole PVR039 was drilled slightly to the NW of the conductor and the target remains open for testing. The middle anomaly has a strike of around 400 m but remains open to the SW, it has also been modelled as steeply dipping.
- The "southern" conductor was identified at the SE end ofthe planned survey, the grid was extended to capture it. This target has notbeen drill tested previously.
Follow up drilling will now be planned using the modelled EM data, this is expected to be undertaken during Q2, 2017.
Resource Development Drilling to Commence at Pegmont Lead / Zinc Deposit
The first of two drills is scheduled to be on the property on May 12th, with the second drill arriving prior to the end of May. Lead-Zinc resource development drilling will commence with the "Z" fold and Zone 3. The "Z" fold is a kink fold, located between Zone 2 and 3, where previous drilling has returned high grade massive to semi-massive sulphide, see Figure 2. The fold structure has an interpreted strike length of about 800 m. For more details on the Companies 2016 "Z" fold drilling please see Vendetta Mining new release VTT2016-NR#9, 30th Nov. 2016.
Upon arrival of the second larger capacity resource development drilling on the high zinc grade Zone 5 will re-commence.
2017 NI 43-101 Mineral Resource Estimate Commissioned
The Company has engaged AMC Consultants (Canada) Ltd. ("AMC") to complete an independent mineral resource update on the Pegmont Lead-Zinc Project and to prepare the accompanying NI 43-101 report. AMC is an internationally recognised independent consulting firm with offices in Canada, Australia, Asia and the UK.
The mineral resource update will incorporate over 13,500 m of drilling undertaken since the 2014 NI 43-101, a new geological model and the 2016 metallurgical test work results.
The Company expects to receive the mineral resource estimate prior to the end of May.
Figure 1. April 2017 Moving Loop Electromagnetic Response Map Chanel 14
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/2983/26590_a1493877891583_84resize.jpg
Figure 2. 2016 "Z" Fold Drilling, See Vendetta Mining new release VTT2016-NR#9, 30th Nov. 2016 for details.
To view an enhanced version of Figure 2, please visit:
http://orders.newsfilecorp.com/files/2983/26590_a1493877892380_51.jpg
About Pegmont
The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining centre of Mount Isa, and 25 km west of South32'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 multiple lens, stratiform Broken Hill style 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 Company has, through its programs confirmed Zone 5 is an area of higher grade zinc and multiple mineralized horizons. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company focused on advanced stage exploration and development at the Pegmont Lead Zinc Project in Australia. Vendetta has an option to acquire a 100% interest by completing certain work requirements and making option and advance royalty payments. Additional information on the Company can be found at www.vendettaminingcorp.com
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
Forward Looking Information
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.
Disclaimer
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 for which the use of proceeds is geared toward, 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.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release and as such, accepts no responsibility for the adequacy or accuracy of this release.