Vancouver, BC / ACCESSWIRE / September 2nd, 2014 / Vendetta Mining Corp. (VTT-TSX:V) (the "Company" or "Vendetta") is pleased to announce the results of the Mineral Resource Estimate for the Pegmont Property located in Queensland, Australia.
Pegmont Lead Zinc Deposit
The Pegmont lead-zinc-silver deposit is located 25 km east of BHP Billiton's world class Cannington silver-lead-zinc mine and 28 km north of Chinova Resources' Osborne copper-gold mine. It is proximate to existing infrastructure that includes roads, railhead and natural gas for power generation.
Pegmont is a stratiform deposit that outcrops and dips shallowly 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 2 exploration permits that cover an area of approximately 3,468 ha. Discovered in 1971, a total of 408 bore holes for 44,745.5 m have been completed on the project to date.
Mineral Resources
Independent consultant AMC Mining Consultants (Canada) Ltd., ("AMC") completed a Mineral Resource Estimate for the Pegmont lead-zinc deposit in accordance with the requirements of National Instrument 43-101. The Mineral Resource includes Zones 1 to 4 and is tabulated below:
----------------------------------------------------------- |Oxidation State|Mineral |Tonnes|Grade | | |Resource Category|kt | | | | | |----------------| | | | |Pb %|Zn %|Ag g/t| |---------------------------------------------------------| |Sulphide |Indicated |757 |6.66|2.69|11.87 | | |-----------------------------------------| | |Inferred |4,417 |6.51|2.80|10.56 | |---------------------------------------------------------| |Transition |Indicated |797 |4.50|2.17|6.88 | | |-----------------------------------------| | |Inferred |1,066 |5.01|2.23|6.77 | |---------------------------------------------------------| |Oxide |Indicated |512 |4.56|1.58|6.37 | | |-----------------------------------------| | |Inferred |614 |5.76|1.23|5.18 | -----------------------------------------------------------
Notes on the above table:
1. CIM definitions were used for the Mineral Resources.
2. The cut-off grade applied to the oxide and transition Mineral Resources is 3% Pb + Zn, the sulphide cut-off grade is 5% Pb + Zn.
3. Cut off is based on $0.90 /lb for Pb and Zn, a $0.90 A$:US$ exchange rate, and 90% recovery for both metals.
4. Specific gravity used by oxidation state: 3.2 t/m3 oxide, 3.4 t/m3 transition and 3.9 t/m3 sulphide.
5. Using drilling results to 12 December 2013.
The Mineral Resource uses the composite results from 233 bore holes. Drilling is mainly on 100 m spaced sections, with bore holes spaced at 100 m along section lines, although 50 x 50 m spaced drilling is present in some areas. The block model was estimated using 5 x 5 x 2 m blocks, with grade interpolation through inverse distance squared methods with three successively larger search passes.
Technical Report
The Report has been prepared by qualified persons ("QPs") J.M. Shannon P.Geo, D Nussipakynova, P.Geo, A.J. Keogh MAusIMM (CP), A Riles MAIG, all of AMC, and has an effective date of 28 February 2014. The Report will be filed on SEDAR shortly.
Pegmont Exploration
Vendetta is currently completing plans and preparing its initial exploration program for 2014. This will focus on exploration drilling in Zone 5, an area not currently included in the Mineral Resource Estimate. Details will be announced in due course. Results of exploration drilling completed by the Vendor, whose cost has been reimbursed by the Company, are expected shortly.
Qualified Person
John Morton Shannon P.Geo., Principal Geologist at AMC is an independent qualified person, as defined in NI 43-101. Mr. Shannon has reviewed the technical content of this press release, and consents to the information provided in the form and context in which it appears.
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, zinc and silver. It is currently focused on advanced stage exploration projects in Australia.
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.
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
SOURCE: Vendetta Mining Corp.