Vendetta Mining Provides Update and Zijin Global Fund Acquires 6 Million Shares
Vancouver, British Columbia--(Newsfile Corp. - October 17, 2017) - Vendetta Mining Corp. (the "Company") (TSXV: VTT) is pleased to issue the following corporate update.
Early Warrant Exercise(s)
Leading Chinese gold, copper and zinc miner, Zijin Mining Group through the Zijin Global Fund have acquired and exercised 6 million Vendetta Mining Corp. Warrants priced at $0.10.
Existing shareholder Solitario Zinc Corp. (XPL-NYSE; SLR-TSX) have also exercised 5 million warrants priced at $0.10.
The warrants were issued in connection with the Company's 2016 Private Placement of units and are set to expire on May 5th, 2018. To date a total of 25,420,000 of the 50,000,000 $0.10 warrants have been exercised.
Option Grant
The "Company" announces that it has granted an aggregate of 4,850,000 incentive stock options (the "Options") to Directors, Officers and Consultants of the Company, each exercisable at $0.30 with 25% of the amount to be vested every six months after the date of grant.The Options are exercisable for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange.
Ongoing Pegmont Project Development Drilling Activities
To date, a total of 85 drill holes have been completed during the 2017 program, for a total of 17,915 m. The Company has announced the results from 32 drill holes to date, see news releases dated July 25th 2017 (VTT2017 NR #7), August 24th 2017 (VTT2017 NR #9) and September 19th (VTT2017 NR #10). Processing, logging, sampling and assaying of the core is ongoing. Results will be released as they become available. Results from Zones 5, 1 and 2 are expected shortly, Drilling in Zones 1 and 2 has been prioritized, and dependent upon results, these holes will be sampled for metallurgical test work.
Drilling continues with one drill currently working in Zone 1, drilling is expected to be complete mid December. The second drill left the project on schedule in early October.
Copper-Gold Target
Two drill pads have been prepared on the Company's Copper-Gold Target, located 1.8 km to the south-west of the Pegmont Lead-Zinc project, drilling is schedule to commence within the next two weeks. The Copper-Gold target was identified during the 2016 program with RC hole PVR040 intersecting 3.0 m of 3.21% Cu and 0.57g/t Au from 113 m down hole (see Vendetta News Release VTT2016 - NR#8 for details). A ground EM survey conducted in A 2017 identified a coincident EM conductor anomaly, this was modelled as steeply dipping with a strike length of over 800 m (see Vendetta News Release VTT2017 - NR#5).
Commencement of Environmental Baseline Studies
The Company is pleased to announce that it has engaged AARC Environmental Solutions Pty Ltd ("AARC") to undertake the seasonal terrestrial ecology surveys for the Pegmont Lead Zinc Project.
Founded in 1996, AARC has extensive experience in baseline ecological surveys in the Mount Isa - Cloncurry region for both mineral exploration and operational metalliferous mines. AARC have completed projects including South 32's Cannington Mine Expansion Project, CST Minerals Pty Ltd's Lady Annie Copper Project, Altona Mining Ltd's Roseby Copper Project, Exco Resources Ltd's Mount Colin Copper Project, CopperChem Ltd's Great Australia Mine, FMR Investments Pty Ltd's Eloise Copper Mine and Glencore PLC's Ernest Henry Mine.
Given Pegmont's location, two ecological surveys are required to capture the Wet and Dry Seasons. AARC will conduct the Wet Season surveys in late November, and a Dry Season survey will then be undertaken in mid 2018.
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 Pegmont Lead Zinc project. 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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements within this news release, other than statements of historical fact relating to Vendetta Mining Corp., are to be considered forward-looking statements with respect to the Company's intentions for its Pegmont project in Queensland, Australia. Forward-looking statements include statements that are predictive in nature, are reliant on future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "significant", "intends", "targets", "estimates", "seeks", attempts", "assumes", and other similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Vendetta Mining Corp., are, by their nature, subject to inherent risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those in forward-looking statements include: the interpretation of current results from the 2017 drilling program mentioned in this news release, further results from the 2017 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, delays in the completion of exploration, delays in the completion of the updated Mineral Resource Estimate, the future prices of lead, zinc, and other metals, and general economic, market and/or business conditions. There can be no assurances that such statements and assumptions will prove accurate and, therefore, readers of this news release are advised to rely on their own evaluation of the information contained within. In addition to the assumptions herein, these assumptions include the assumptions described in Vendetta Mining Corp.'s Management's Discussion and Analysis for the year ending, May 31st, 2017.
Although Vendetta Mining Corp. has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking statements, there may be other risks, uncertainties and other factors that cause future performance to differ from what is anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Vendetta Mining Corp. does not assume any obligation to update any forward-looking statements after the date on which such statements were made, except as required by applicable law.