Vancouver, British Columbia--(Newsfile Corp. - January 31, 2018) - Vendetta Mining Corp. (TSXV: VTT) (the "Company")is pleased to announce results from Zone 1 drilling from the completed 2017 program at the Pegmont Lead-Zinc Project in Queensland, Australia.
Zone 1 Sulphide Highlights:
PVRD104:7.10 metres of 11.02% Pb+Zn (7.10% Pb, 3.93% Zn);
PVRD109: 5.77 metres of 11.56% Pb+Zn (7.87% Pb, 3.69% Zn);
and: 5.15 metres of 14.02% Pb+Zn (10.95% Pb, 3.07% Zn); and
PVRD111: 5.72 metres of 11.55% Pb+Zn (7.79% Pb, 3.76% Zn)
Zone 1 Transition Highlights:
PVRD123: 8.54 metres of 12.56% Pb+Zn (9.52% Pb, 3.04% Zn); and
PVRD126: 9.26 metres of 11.23% Pb+Zn (8.31% Pb, 2.91% Zn)
A full summary of the assay results including estimated true widths are provided in Table 1, with the location of the holes shown on the map in Figure 1. Zone 1 Sulphide results are shown in cross section in Figure 2.
Michael Williams, Vendetta's President and CEO 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 m 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 3 repetitions of the mineralised 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 has 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 mineralisation that is predominately sulphide (sphalerite and galena) within variably weathered rocks. Attempts to extend the transition mineralisation to the south-west were not successful, six holes on three pads intersecting attenuated mineralised 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 (<40 m) transition mineralisation to the north-east, 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 #13, November 15th, 2017. The Zone 1 sulphide composite comprised the five holes discussed in in this release: PVRD104, 109, 110, 111 and 121. Drilling in Zone 1 was limited to one section, however, the drilling covers the complete north-west to south-east down dip extent of Zone 1.
The Zone 1 sulphide and transition composite included dilution through the addition of 0.5 m of sub 3% Pb + 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% Pb and 3.18% 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% Pb and 2.83% Zn. The Zone 1 transition composite included dilution through the addition of 0.5 m of sub 3% Pb + Zn material on both the hangingwall and footwall. As discussed attempts to extend the transition resource to the south-west were unsuccessful and drilling schedule constraints didn't 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 test work 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 m to the SW 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.
Table 1. Summary of Open Pit Target Zone 1 Sulphide and Zone 1 Transition Assay Results.
| BoreHole | Dip / Azimuth | From
(m) | To
(m) | Interval
(m) | True Thickness* (m) | Vertical Depth Below Surface
(m) | Grade# |
Pb+Zn
% | Pb% | Zn% | Agg/t |
| Zone 1 — Sulphide |
| PVRD105 | -78/322 | No Significant Result |
| PVRD104 | -52/320 | 36.88 | 43.00 | 6.12 | 5.3 | 40.0 | 5.93 | 4.23 | 1.70 | 10 |
| including | 36.88 | 40.94 | 4.06 | 3.5 | 39.2 | 8.06 | 5.91 | 2.15 | 15 |
| and | 70.13 | 77.00 | 7.10 | 6.6 | 75.8 | 11.02 | 7.10 | 3.93 | 7 |
| including | 71.13 | 76.04 | 4.91 | 4.7 | 74.8 | 14.44 | 9.30 | 5.14 | 9 |
| PVRD109 | -70/141 | 62.28 | 68.05 | 5.77 | 5.7 | 63.5 | 11.56 | 7.87 | 3.69 | 8 |
| including | 62.28 | 67.05 | 4.77 | 4.7 | 62.6 | 13.76 | 9.46 | 4.30 | 10 |
| and | 87.30 | 92.45 | 5.15 | 5.0 | 86.1 | 14.02 | 10.95 | 3.07 | 16 |
| and | 97.25 | 104.46 | 7.21 | 6.1 | 97.2 | 11.16 | 8.41 | 2.75 | 17 |
| including | 97.25 | 103.46 | 6.21 | 5.4 | 96.4 | 12.96 | 9.77 | 3.19 | 20 |
| PVRD110 | -84/143 | 63.44 | 71.75 | 8.31 | 8.0 | 68.5 | 8.26 | 5.34 | 2.92 | 7 |
| including | 63.44 | 68.04 | 4.60 | 4.5 | 67.4 | 13.59 | 8.55 | 5.04 | 11 |
| PVRD111 | -62/139 | 66.21 | 71.93 | 5.72 | 5.0 | 62.7 | 11.55 | 7.79 | 3.76 | 11 |
| and | 83.26 | 88.37 | 5.11 | 5.0 | 76.9 | 9.18 | 6.66 | 2.52 | 10 |
| including | 84.26 | 87.25 | 2.99 | 2.9 | 75.9 | 14.54 | 10.74 | 3.79 | 16 |
| and | 105.20 | 116.35 | 11.15 | 8.8 | 100.8 | 8.83 | 6.37 | 2.46 | 9 |
| including | 106.20 | 113.35 | 7.15 | 6.0 | 98.3 | 12.89 | 9.34 | 3.55 | 12 |
| Zone 1 — Transition |
| PVRD119 | -51/140 | No Significant Result |
| PVRD120 | -72/138 | No Significant Result |
| PVRD123 | -52/321 | 36.60 | 45.14 | 8.54 | 8.0 | 36.1 | 12.56 | 9.52 | 3.04 | 12 |
| Including | 37.60 | 45.14 | 7.54 | 6.5 | 36.1 | 14.05 | 10.71 | 3.34 | 13 |
| PVRD126 | -75/326 | 40.20 | 49.46 | 9.26 | 7.7 | 48.0 | 11.23 | 8.31 | 2.91 | 13 |
| PVRD140 | -80/324 | No Significant Result |
| PVRD141 | -53/321 | No Significant Result |
| PVRD142 | -51/321 | No Significant Result |
| PVRD143 | 76/146 | No Significant Result |
*True thickness is estimated using structural measurements and three dimensional geological modelling.
#Drill intersections are summarized intersection lengths >2.0 m, using a combined 1% lead and zinc grade with maximum 1 m internal dilution. Included intervals are at a combined 3% lead and zinc grade with no internal dilution.