Mr. Michael Williams reports
VENDETTA REPORTS ADDITIONAL HIGH GRADE DRILLING RESULTS FROM THE RECENT BRIDGE ZONE DISCOVERY AT THE PEGMONT LEAD-ZINC PROJECT
Vendetta Mining Corp. has released results from the Bridge zone and other drilling from the completed 2017 program at the Pegmont lead-zinc project in Queensland, Australia.
Bridge zone sulphide highlights:
PVRD132: six metres of 14.41 per cent Pb-Zn (11.24 per cent Pb, 3.17 per cent Zn);PVRD135: 6.16 metres of 13.39 per cent Pb-Zn (10.29 per cent Pb, 3.10 per cent Zn);PMRD016:4.39 metres of 13.05 per cent Pb-Zn (10.77 per cent Pb, 2.28 per cent Zn);PVRD146: 9.22 metres of 12.17 per cent Pb-Zn (9.77 per cent Pb, 2.40 per cent Zn); PVRD147: 9.98 metres of 10.31 per cent Pb-Zn (7.81 per cent Pb, 2.50 per cent Zn).
A full summary of the sulphide lead-zinc results including estimated true widths is provided in the attached tables.
Michael Williams, Vendetta's president and chief executive officer, commented: "These additional results from the Bridge zone discovery continue to support the high-grade continuity of this zone. Potential development of the Bridge zone is enhanced by its proximity to the main optimized pit shell at Pegmont, the closest drill intersection to date lying only 120 metres to the east and 50 m below the pit shell. We look forward to adding the Bridge zone to the mineral resource estimate which the company is working to have completed by the end of March. There remains significant potential to develop the Bridge zone further, this will form part of the 2018 drilling program."
Bridgezone underground target
The company announced the discovery of the Bridge zone on Sept. 19, 2017. Since then, a further 10 holes targeting the Bridge zone mineralization were completed. Three of these holes were successful re-entries of previous Burke Hinge zone drilling, extended to intersect the Bridge zone: two historic holes PMRD016 and 020 (drilled 1996) and one Vendetta drill hole PVRD028 (drilled 2016).
Hole PVRD146 and 147 were drilled on a section at the southeastern-most section to date, both intersecting greater than nine m widths and consistent high grades. About 50 m down dip from PVRD147, hole PVRD148 intersected the mineralized horizon but only at one m thickness.
PVRD132 was drilled on the previously announced section including holes PVRD106, 107 and 108, about 33 m down dip of PVRD108, it intersected high grades of mineralization consistent with PVRD108. PVRD028, drilled at Burke Hinge zone in 2016, was successfully re-entered and extended to intersect the mineralized horizon at about 80 m down dip of PVRD132. It found the mineralized horizon had thinned and grades has also declined.
While on the PVRD028 drill site it was decided to re-enter historic reverse circulation hole PMR016 and extend in core to obtain some closer spaced information at relatively small cost. This hole successfully intersected the Bridge zone about 25 m along strike of PVRD108, achieving comparable grades and thicknesses.
PVRD135 was drilled on the previously announced section that included holes PVRD115, 112, 114, 092 and 117. PVRD135 intersected high-grade mineralization and widths about 33 m down dip of PVRD117, which were consistent with PVRD117.
PVRD118 was drilled to test for a possible syncline target where it is theorized the beds return toward the Burke Hinge zone. Structural analysis found, however, that the mineralized horizon changes to dip, dipping steeply to the southeast, this changes the possible location of the syncline, which remains an exciting exploration target.
PVRD129 and PMRD020 tested the northwest end strike extent and failed to intersect the mineralized horizon, based on detailed structural data and analysis, it is now believed that the host beds are folded downward and potentially dip below these two holes.
Core from holes PVRD114, 135, 146 and 147 were used to form a metallurgical composite for the Bridge zone, the composite weighted 96 kilograms at an average diluted grade of 8.76 per cent lead and 2.60 per cent zinc. Testwork is currently continuing at the ALS Metallurgy laboratory.
The company plans to continue to expand the Bridge zone and test the revised structural model for the syncline targets in 2018.
Zone 5 underground target
Three holes, PVRD099, 101A and 103, were drilled at the northeast end of zone 5. All three holes experienced excessive drill path deviation, PVRD101 was abandoned and redrilled as PVRD101A, which was completed, but did not intersect the design target, hitting the attenuated northern limb of Syncline C.
Hole PVRD099 targeted the keel of Syncline C, the location of previous high-grade intersections, however the hole lifted, intersecting both upper and lower lenses on the southern limb of Syncline C. Hole PVRD103 was drilled in a further attempt to drill the keel of Syncline C, again lifted and failed to hit its target.
Zone 1 and Burke Hinge zone open-pit targets
PVRD146 was drilled to intersect the Bridge zone, within the RC precollar portion of the hole it also intersected Burke Hinge zone mineralization in the lower lens.
Two holes were drilled in zone 1, both intersected the fold structure at the planned depths but at a location where it has been attenuated.
Results from the final 24 holes of the 2017 resource development drilling program, drilled in zone 2 and zone 3, are currently being validated and interpreted, these results will be released as they are finalized.
SUMMARY OF BRIDGE ZONE AND ZONE 5 UNDERGROUND TARGETS ASSAY RESULTSBore hole From (m) To (m) Interval (m) True thickness* (m)Grade**Pb-Zn %Pb %Zn % Ag g/tBridge zone -- sulphidePVRD129 No significant resultPMRD020 No significant resultPVRD118339.34 343.00 3.66 1.22.921.141.789PVRD135226.63 233.79 7.16 5.6 11.678.952.72 14including227.63 233.79 6.16 4.8 13.39 10.293.10 16PMRD016285.90 291.29 5.39 5.2 11.159.231.91 22including285.90 290.29 4.39 4.2 13.05 10.772.28 26PVRD132237.52 245.36 7.84 7.3 11.318.822.48 15including237.52 243.52 6.00 5.4 14.41 11.243.17 18PVRD028280.17 283.43 3.26 3.05.952.843.116including281.17 283.43 2.26 2.17.793.534.266PVRD146290.00 299.22 9.22 7.2 12.179.772.40 14and308.08 310.02 1.94 1.93.941.892.068PVRD147284.75 292.73 9.98 9.4 10.317.812.50 10including285.75 292.73 6.98 6.5 13.93 10.573.36 12PVRD148No significant resultZone 5 -- sulphidePVRD099237.86 243.63 5.77 5.38.666.312.35 12and338.10 340.64 2.54 2.3 13.097.265.837PVRD101A No significant resultPVRD103No significant result* True thickness is estimated using structural measurements and 3-D geological modelling. ** Drill intersections are summarized intersection lengths greater than two m, using a combined 1-per-cent lead and zinc grade with maximum one m internal dilution. Included intervals are at acombined 5-per-cent lead and zinc grade with no internal dilution.
SUMMARY OF ZONE 1 AND BURKE HINGE ZONE OPEN PIT TARGET ASSAY RESULTSBore holeFrom (m) To (m) Interval (m) True thickness* (m) Vertical depth below surface (m)Grade** Pb-Zn %Pb %Zn % Ag g/t Zones 1 -- sulphide PVRD144No significant resultPVRD145No significant resultBurke Hinge zone -- sulphide PVRD146^951005 5 75.9 5.332.802.535Including 95 994 4 75.9 6.403.343.067* True thickness is estimated using structural measurements and 3-D geological modelling.** Drill intersections are summarized intersection lengths greater than two m, using a combined 1-per-cent-lead-and-zinc grade with maximum one m internal dilution. Included intervals are at a combined3-per-cent-lead-and-zinc grade with no internal dilution. ^ Intersection from RC precollar portion.
Notes on drilling and assay quality assurance/quality control
The drilling discussed in this release involved drilling RC precollars using a 5.75-inch diameter face sampling bit to depth prior to casing and continuing the hole in NQ2 diamond core. Diamond core samples were taken on nominal one m 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 testwork it is then halved again. This is performed to provide sufficient sample for metallurgical testwork while retaining a permanent core record.
The PVRD146 Burke Hinge zone intersection was drilled using 5.25-inch reverse circulation (RC), face sampling hammer. Samples became wet due to wet season rain and as such were subsampled using a spear rather than normal riffle split. Duplicate samples indicate the spear sampling was unbiased.
Field duplicate samples of core 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 overlimit (greater than 10,000 parts per million lead and zinc and greater than 100 ppm silver) high-grade samples being read with an atomic absorption spectrometer (AAS), (ALS methods: Pb-OG62, Zn-OG62 and Ag-OG62).
Drill hole collars are located using hand-held GPS, and the collars have since been surveyed by a licensed surveyor. Down hole surveys were undertaken using a true north seeking gyroscope with stations nominally every six m.
All diamond core is orientated using digital core orientation systems, these data are incorporated into the 3-D interpretations. Assay intervals shown in the first table are downhole intervals, and the true thickness noted is based on 3-D interpretations of the host lithology, structure and mineralization.
Aboutthe 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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