Mr. Peter Voulgaris reports
VENDETTA REPORTS SHALLOW HIGH GRADE DRILLING RESULTS FROM SURFACE AT THE PEGMONT LEAD-ZINC PROJECT
Vendetta Mining Corp. has released results from zone 1 drilling from the completed 2017 program at the Pegmont lead-zinc project in Queensland, Australia.
Zone 1 sulphide highlights:
PVRD104:7.1 metres of 11.02 per cent Pb plus Zn (7.10 per cent Pb, 3.93 per cent Zn);PVRD109: 5.77 metres of 11.56 per cent Pb plus Zn (7.87 per cent Pb, 3.69 per cent Zn);And:5.15 metres of 14.02 per cent Pb plus Zn (10.95 per cent Pb, 3.07 per cent Zn);PVRD111: 5.72 metres of 11.55 per cent Pb plus Zn (7.79 per cent Pb, 3.76 per cent Zn).
Zone 1 transition highlights:
PVRD123:8.54 metres of 12.56 per cent Pb plus Zn (9.52 per cent Pb, 3.04 per cent Zn);PVRD126:9.26 metres of 11.23 per cent Pb plus Zn (8.31 per cent Pb, 2.91 per cent Zn).
A full summary of the assay results including estimated true widths is provided in the attached table.
Michael Williams, Vendetta's president and chief executive officer, commented: "This is the first drilling we have conducted in zone 1, the key objectives were to define the fold structure, obtain metallurgical samples, and confirm our theory that there are higher grades in the fold structure than are currently modelled due to a lack of data density. We are pleased with the results and are confident that these drill intersections less than 100 metres from surface, will add significant value to the potential open pit."
Zone 1 sulphide drilling
The main zone 1 fold is a recumbent fold, a flat-lying position that offers an advantage of having up to three repetitions of the mineralized horizon.
A total of five close spaced holes were drilled from one pad to define the recumbent fold in zone 1. This is the first oriented core from zone 1 and the structural data have confirmed the 2016 interpretations however the mineralization is more extensive than expected. The section was completed between existing sections, which were spaced too far apart for the resource estimation to populate all of the resource model in-between.
Zone 1 transition drilling
Transition material is defined as lead and zinc mineralization that is predominately sulphide (sphalerite and galena) within variably weathered rocks. Attempts to extend the transition mineralization to the southwest were not successful, six holes on three pads intersecting attenuated mineralized beds, in a different structural position than currently modelled. The completed drilling will assist greatly in refining the geological model in this area.
Two holes (PVRD123 and 126), drilled specifically for metallurgical sampling, successfully tested the upright fold limb at high than expected grades and at 15 metres shallower than modelled in the June, 2017, resource model.
With limited drilling in zone 1 transition there remains potential to further develop high-grade near-surface transition mineralization to the northeast, representing an opportunity for additional project optimization.
Metallurgical sampling
Metallurgical composites are currently being tested by ALS Metallurgy laboratory in Tasmania. Details of the zone 2 sulphide composite can be found in the new release VTT2017 NR No. 13, Nov. 15, 2017. The zone 1 sulphide composite consisted of the five holes discussed in this release: PVRD104, 109, 110, 111 and 121. Drilling in zone 1 was limited to one section, however, the drilling covers the complete northwest to southeast down-dip extent of zone 1.
The zone 1 sulphide and transition composite included dilution through the addition of 0.5 metre of sub-3-per-cent Pb plus Zn material on both the hangingwall and footwall to reflect potential mining performance, the zone 1 sulphide composite has a length-weighted average grade of 7.78 per cent Pb and 3.18 per cent Zn, a grade considered to be representative of zone 1 sulphide drilling on recumbent-fold structure.
The zone 1 transition composite was made from PVRD123 and 126, with a length-weighted average grade of 8.43 per cent Pb and 2.83 per cent Zn. The zone 1 transition composite included dilution through the addition of 0.5 m of sub-3-per-cent Pb plus Zn material on both the hangingwall and footwall. As discussed attempts to extend the transition resource to the southwest were unsuccessful and drilling schedule constraints did not allow time to complete additional transition metallurgical drilling. With limited spatial distribution the zone 1 transition composite is not considered representative of the transition material, the testwork will, however, advance the understanding of the metallurgical performance of the transition material.
Results from this current metallurgical program are expected by the end of February.
Copper-gold target exploration
A third exploration drill hole, PVRD151, located 300 metres to the southwest of the previously completed PVRD149 and 150, was suspended due to a drilling water supply logistics and subsequent wet season rain events meant the site could not be reaccessed. The copper-target drilling completed to date will be assessed against the geophysics and if warranted PVRD151 will be completed in 2018.
SUMMARY OF OPEN PIT TARGET ZONE 1 SULPHIDE AND ZONE 1 TRANSITION ASSAY RESULTSBore hole From (m) To (m) Interval (m) True thickness*Vertical depth Grade# (m)below surface (m) Pb+Zn %Pb %Zn % Ag g/tZone 1 -- sulphidePVRD105No significant result PVRD104 36.8843.00 6.125.340.0 5.934.231.70 10including 36.8840.94 4.063.539.2 8.065.912.15 15and 70.1377.00 7.106.675.811.027.103.937including 71.1376.04 4.914.774.814.449.305.149PVRD109 62.2868.05 5.775.763.511.567.873.698including 62.2867.05 4.774.762.613.769.464.30 10and 87.3092.45 5.155.086.114.02 10.953.07 16and 97.25 104.46 7.216.197.211.168.412.75 17including 97.25 103.46 6.215.496.412.969.773.19 20PVRD110 63.4471.75 8.318.068.5 8.265.342.927including 63.4468.04 4.604.567.413.598.555.04 11PVRD111 66.2171.93 5.725.062.711.557.793.76 11and 83.2688.37 5.115.076.9 9.186.662.52 10including 84.2687.25 2.992.975.914.54 10.743.79 16and105.20 116.3511.158.8 100.8 8.836.372.469including106.20 113.35 7.156.098.312.899.343.55 12 Zone 1 -- transition PVRD119No significant result PVRD120No Significant result PVRD123 36.6045.14 8.548.036.112.569.523.04 12including 37.6045.14 7.546.536.114.05 10.713.34 13PVRD126 40.2049.46 9.267.748.011.238.312.91 13PVRD140No significant result PVRD141No significant result PVRD142No significant result PVRD143No significant result * True thickness is estimated using structural measurements and three dimensional geological modelling. # Drillintersections are summarized intersection lengths two metres, using a combined 1-per-cent lead and zinc grade withmaximum one-metre internal dilution. Included intervals are at a combined 3-per-cent lead and zinc grade with nointernal dilution.
Update on Pegmont resource development drilling
The 2017 resource development program at Pegmont was concluded on Dec. 18, 2017. During 2017, the company completed a total of 112 drill holes, for a total of 23,228 metres.
Including drill holes discussed in this release, the company has announced the results from 72 drill holes, see also company news releases dated July 25, 2017 (VTT2017 NR No. 7), Aug. 24, 2017 (VTT2017 NR No. 9), Sept. 19, 2017 (VTT2017 NR No. 10), Nov. 7, 2017 (VTT2017 NR No. 12), and Nov. 15 (VTT2017 NR No. 13).
Drill holes not discussed in this news release and in previous releases are currently being validated and interpreted. Results will be released as they are finalized.
Notes on zone 1 drilling and assay quality assurance/quality control
The drilling at zone 1 sulphide involved drilling reverse circulation precollars using a 5.75-inch diameter face sampling bit to depth prior to casing and continuing the hole in NQ2 diamond core. Drilling in zone 1 transition used RC precollars and HQ2 diamond core tails. Diamond core samples were taken on nominal one-metre lengths but varied to match geological contacts. Samples of the core are obtained using a diamond saw to half cut the core, if the hole is to be included in metallurgical test work it is then halved again. This is performed to provide sufficient sample for metallurgical testwork while retaining a permanent core record.
Diamond core samples were taken on nominal one m lengths, with a diamond saw being used to half core and then quarter the core. Quarter core samples are dispatched for analysis, so as to provide sufficient sample for metallurgical testwork while retaining a permanent core record.
Field duplicate samples were taken and blanks and commercially prepared certified reference materials (standards) were added into the sample sequence for every hole submitted. These were analyzed by the company and no issues were noted with analytical accuracy or precision.
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 ICP (ALS method: ME-ICP61 for seven elements) with over limit (10,000 parts per million lead and zinc and 100 ppm silver) high-grade samples being read with an atomic absorption spectrometer (AAS).
Drill hole collars are initially located using hand-held GPS, the collars have since been surveyed by a licensed surveyor. Downhole surveys were undertaken using a true north seeking gyroscope with stations every six m.
All NQ2 diamond core is orientated using digital core orientation systems, this data is incorporated into the 3-D interpretations. Assay intervals shown in the attached table are downhole intervals, and the true thickness noted are based on 3-D interpretations of the host lithology, structure and mineralization.
About the Pegmont lead-zinc project
Pegmont is a stratiform, Broken Hill-type deposit that outcrops with an overall shallow dip to the soeast and is hosted in a magnetite-rich banded iron formation within high-grade metamorphic rocks. The project consists of three granted mining leases and one exploration permit that cover an area of approximately 8,290 hectares.
Pegmont is situated in the Mount Isa and McArthur mineral province, which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several world-class lead-zinc-silver mines.
Pegmont is located 25 kilometres west of South 32's Cannington silver-lead-zinc operation, one of the world's largest producers of lead and silver, and 28 kilometres north of Chinova Resources' Osborne copper-gold operations.
Pegmont is proximal to existing infrastructure, including public roads, mine haul roads, rail and a natural gas pipeline for power generation.
In June, 2017, Vendetta updated the mineral resource estimate for Pegmont; for full details, please see Vendetta's news release dated June 27, 2017.
About Vendetta Mining Corp.
Vendetta Mining 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.
Qualified person
Peter Voulgaris, MAusIMM, MAIG, a director of Vendetta, is a non-independent qualified person as defined by National Instrument 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.
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