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Vendetta Mining Corp

Exchange: TSXV Exchange | Oct 23, 2017, 11:44 PM EDT

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Vendetta Mining Discovers New High Grade Zone at Pegmont Lead/Zinc Deposit

Vancouver, British Columbia--(Newsfile Corp. - September 19, 2017) - Vendetta Mining Corp. (TSXV: VTT) (the "Company") is pleased to announce the discovery of a new high grade lead/zinc zone in an area that had no previous drilling. The discovery hole PVRD092, intersected 6.2 metres of 12.99% Lead + Zinc in the area between the Burke Hinge Zone (BHZ) and Zone 2. The Company now refers to this area as the Bridge Zone.

PVRD092 was immediately followed up with an additional seven drill holes on two section lines, see Table 1 for assay results and the plans in Figures 1 and 2, and cross section in Figure 3, for drill hole locations.

Highlights:

Bridge Zone

  • PVRD092 Sulphide: 6.25 metres of 12.99% Pb+Zn (10.15% Pb, 2.84% Zn)
  • PVRD112 Sulphide: 4.98 metres of 14.94% Pb+Zn (12.19% Pb, 2.76% Zn)
  • PVRD114 Sulphide: 5.06 metres of 14.66% Pb+Zn (11.09% Pb, 3.57% Zn)
  • PVRD117 Sulphide: 6.15 metres of 15.41% Pb+Zn (12.88% Pb, 2.53% Zn)

Burke Hinge Zone

  • PVRD092 Transition: 8.31 metres of 8.63% Pb+Zn (5.83% Pb, 2.81% Zn)
  • PVRD092 Sulphide: 7.22 metres of 11.23% Pb+Zn (7.90% Pb, 3.32% Zn)

Michael Williams, Vendetta's President and CEO commented "This result is further validation of the technical team's understanding of the Pegmont geology. We are looking forward to quickly developing a maiden resource and we have expanded the drill program to further delineate the Bridge Zone."

Drill success of the Bridge Zone confirms the concept whereby the structurally district settings of the moderately north-east dipping BHZ is connected to the generally flat dipping Zone 2.

The success of PVRD092 was immediately followed up with a fan of three drill holes located approximately 85 m along strike to the south-east; PVRD106, 107 and 108. Both lead and zinc grades are improve in the down dip direction and a fourth drill hole is now planned 40 m down dip of PVRD108.

The Company drilled a further four drill holes on the PVRD092 section from a different drill pad: PVRD112, 114, 115 and 117. All four drill holes intersected consistent grades and thicknesses, with a slight increase in grade in the down dip direction. Drill hole PVRD114 didn't lift as planned and intersected within 7 m of PVRD092, results indicate close spaced continuity of both grade and thickness.

The majority of the holes have a low grade footwall of 1 to 3 m in garnet sandstone. A thin 1-2 m thick mineralised horizon lies 8-9 m below the footwall of the main mineralised lens.

The principal horizon intersected on the two sections is believed to be a continuation of Lens B, seen throughout Pegmont, which is now present over a continuous strike length of 1.8 km.

The Bridge Zone holes discussed in this release were expedited through the core shed and at the ALS laboratory, being prioritised in front of other completed holes to assist with drill rig scheduling and drill pad preparation.

A third Bridge Zone section is currently being drilled, located 85 m to the north-west of the PVRD092 section line, three drill holes are planned. The first hole on that section is a re-entry of an historic RC hole (PMR020) and is being extended in NQ core, drilling is currently underway.

Table 1. Summary of Bridge Zone Assay Results

Bore
Hole


Dip
/Azimuth

From
(m)

To
 (m)

Interval
(m)

True
 Thickness*
(m)
Grade#
Pb+Zn %
Pb
%

Zn
%

Ag
g/t
Bridge Zone - Section 1 (ordered from up dip intersection to down dip intersection)
PVRD115-52/204234.38242.007.627.69.727.751.9713
including234.38239.034.656.514.0011.022.9817
PVRD112-55/205232.30238.306.005.912.9610.562.4013
including232.30237.284.984.914.9412.192.7614
PVRD114-64/201219.60225.666.066.013.009.963.0515
including219.60224.665.065.014.6611.093.5716
PVRD092-54/205265.16271.416.256.212.9910.152.8415
PVRD117-76/039235.00245.1510.1510.09.868.241.6211
including236.00242.156.156.015.4112.882.5316
Bridge Zone - Section 2 (ordered from up dip intersection to down dip intersection)
PVRD106-57/204243.81249.345.535.54.912.172.7411
PVRD107-63/205230.78233.752.972.99.878.151.7217
PVRD108-65/205230.62236.245.625.510.888.732.1514
including230.62235.244.624.512.8110.272.5316

 

*True thickness is estimated using three dimensional geological modeling and structural measurements.

#Drill intersections are summarized using a combined 1% lead and zinc grade with maximum 1 m internal dilution. Included intervals are based on a combined 5% lead and zinc grade.

Burke Hinge Zone Intersections

PVRD092 was collared in the BHZ so as to work from the "known" to the "unknown", in doing so it intersected the upper and lower lenses of the BHZ as planned, although at better than expected grades. Results are summarized in Table 2.

The first intersection (26.60 — 34.91 m) in the Hanging-wall Lens occurs in moderately weathered country rocks, the host banded iron formation is however more resistant to weathering and the lead-zinc mineralization is present as visible sulphides. This is typical of the transition mineralization intersected at the BHZ, where transition mineralization is defined as predominantly sulphide lead-zinc mineralization in variably weathered rocks. The second intersection (54.24-55.28 m) is sulphide lead-zinc mineralization in fresh country rock.

Table 2. Summary of Burke Hinge Zone Drill Assay Results.


Bore

Hole


Dip
 / Azimuth

Material
Type

From
 (m)

To
 (m)

Interval
(m)

True Thickness*
 (m)
Grade#
Pb+Zn %
Pb
%

Zn
%
Ag g/t
PVRD092-76/136Transition26.6034.918.318.28.635.832.8110
including
28.7534.916.166.111.127.613.5113
andSulphide54.2461.467.227.011.237.903.3217

 

*True thickness is estimated using three dimensional geological modeling and structural measurements.

#Drill intersections are summarized using a combined 1% lead and zinc grade with maximum 1 m internal dilution. Included intervals are based on a combined 3% lead and zinc grade.

Syncline Targets

The conceptual syncline targets under the BHZ were tested with drill holes PVRD091, 094 and 118. PVRD091 intersected a thick sequence of amphibolite dyke interpreted to be near the hinge of the anticline which possibly forms the folded sequence at the BHZ. The hole, therefore, didn't intersect the target position it did however confirm the existence of an anticline. With a better understanding of the dip of the Bridge Zone banded iron formation, drill hole PVRD118 targeted the down extent of the Bridge Zone near the interpreted positon of Syncline Target 1. PVRD118 intersected 9.9 m of host garnet sandstone and banded iron formation with visible lead and zinc sulphide mineralisation, approximately 160 m down dip of PVRD117. Core logging of PVRD118 is ongoing, and no assays are available at this time.

Drill hole PVRD094 was drilled to test the conceptual Syncline Target 2, however the hole dropped in dip more than planned and drilled the interpreted north-west limb of the anticline, intersecting a thick sequence of amphibolite dyke. The Syncline 2 remains a valid target, re-interpretation of the cross section in light of the structural measurements collected from the drilling described here is required before further work on the Syncline 2 occurs.

Pegmont Exploration Drilling

Further exploration holes are planned as part of the 2017 drilling program, including the Copper target to the south west of Pegmont, where previous Vendetta drilling intersected 3m of 3.27 % Cu and 0.57 g/t Au co-incident with an 800 m long ground EM anomaly. This drilling is expected to continue in to November.

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Figure 1. Map Showing Location of the Bridge Zone Target, June 2017 Mineral Resource Block Model Contours, Open Pit Shell and 2017 Completed Holes to Date

To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/2983/29109_vendetta1enhanced.jpg

Cannot view this image? Visit: http://orders.newsfilecorp.com/files/2983/29109_vendetta2.jpg

Figure 2. Bridge Zone Drill Hole Locations

To view an enhanced version of Figure 2, please visit:
http://orders.newsfilecorp.com/files/2983/29109_vendetta2enhanced.jpg

Update on Pegmont Resource Development Drilling

To date, a total of 62 drill holes have been completed during the 2017 program, for a total of 14,000 m.

Including completed drill holes discussed in this release, the Company has announced the results from 32 drill holes, see news releases dated 25th July 2017 (VTT2017 NR #7) and 24th August 2017 (VTT2017 NR #9).

Processing, logging, sampling and assaying of the core not released to date is ongoing. Results will be released as they become available. Priority will next be given to drill holes to be used in the Zones 1, 2 and 3 metallurgical test work.

Drilling continues with one drill currently working in Zone 2 and the second drill working on the Bridge Zone.

Cannot view this image? Visit: http://orders.newsfilecorp.com/files/2983/29109_vendetta3.jpg

Figure 3. Interpreted Bridge Zone Cross Section A-A' (looking South East)

To view an enhanced version of Figure 3, please visit:
http://orders.newsfilecorp.com/files/2983/29109_vendetta3enhanced.jpg

Pegmont Project Tenement Land Holding Increased

The Company would like to advise that the land holding for the Pegmont Project has been simplified and expanded.

The Pegmont Project tenement package comprised two exploration permits; EPM 14491 and 15106 and three mining licences; ML 2620, 2620 and 2623. The two EPMs have been surrendered and in their place a single, lager exploration permit EPM 26210 has been granted, this occurred on the August 22nd, 2017, for a total area of 8,290 ha. There is no change to status of the three mining licences.

Queensland exploration permits are granted for an initial 5 year term and are subject to a relinquishment schedule, they can be renewed for a further 5 years.

Notes on Bridge Zone Drilling and Assay QA/QC

The drilling at Bridge involved drilling RC pre-collars using a 5.75 inch diameter face sampling bit to depth prior to casing and continuing the hole in either NQ2 or HQ2 diamond core. Diamond core samples were taken on nominal 1 m lengths but varied to match geological contacts. Samples of the core are obtained using a diamond saw to half cut the core.

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 7 elements) with over limit (>10,000 ppm lead and zinc and >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 handheld GPS, and the collars will be surveyed by a licensed surveyor prior to undertaking a mineral resource update. Down hole surveys were undertaken using a true north seeking gyroscope with stations nominally every 6 m.

All NQ2 and HQ2 diamond core is orientated using digital core orientation systems and this data is incorporated into the 3D interpretations. Assay intervals shown in Table 1 and 2 are down hole intervals, and the true thickness noted are based on orientated core structural measurements and 3D models.

About The Pegmont Lead Zinc Project

Pegmont is a stratiform, Broken Hill-Type 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 one exploration permit that cover an area of approximately 8,290 ha.

Pegmont is situated in the Mount Isa — 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 km west of South 32's Cannington silver-lead-zinc operation, one of the world's largest producers of lead and silver and 28 km 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 pipe line for power generation.

In June 2017 Vendetta updated the Mineral Resource estimate for Pegmont, for full details please see Vendetta's news release, VTT2017-NR#6, June 27th, 2017.

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
604 484 7855

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.

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