Vendetta Commences 2016 Drilling Program at the Pegmont Lead-Zinc Project

VANCOUVER, BC / ACCESSWIRE / June 2, 2016 / Vendetta Mining Corp. (TSXV: VTT) (“Vendetta” or the “Company”) is pleased to announce that it has commenced drilling activities on the Pegmont Lead-Zinc Project located in the Mount Isa region of Queensland, Australia.

Phase 1 drilling will focus on the near surface sulphide mineralization at the Burke Hinge Zone (“BHZ”) and on Zone 5 which has demonstrated higher zinc grades, highlights of which can be found in Table 1 below.

The objectives of the program are:

• Complete Phase 1 drilling in the BHZ and Zone 5 for a total of 4,600 m in 25 drill holes;
• Complete metallurgical flotation test work on the BHZ and Zone 5;
• Update the NI 43-101 Mineral Resource Estimate, including for the first time the BHZ and Zone 5 during Q4 2016.

Located on a granted Mining Lease, mineralization at the BHZ outcrops and plunges shallowly to the south west with sulphide mineralization starting 24 m below surface. The BHZ was initially drilled in 1996 with further drilling conducted by Vendetta in the 2014 program resulting in the discovery of a tight anticline structure that has a significant accumulation of lead-zinc mineralization in the fold hinge. The BHZ is currently drilled on a nominal 15-20 m hole spacing on 45 m sections.

Vendetta conducted its initial exploration drilling in Zone 5 in 2014. The program confirmed the presence of a second mineralized horizon and demonstrated that the zinc grade increases in Zone 5 – confirming the Company’s geological model for the Pegmont deposit. Zone 5 has a known strike of 500 metres and is located between 110 and 380 m below surface, it is open down-dip and along strike. The Company will also undertake a minor program of shallow reverse circulation (“RC”) drilling on regional exploration targets.

Vendetta Retains Former MMG Metallurgist

To oversee the metallurgical program, the Company has retained the services of Geoff Richmond, an accomplished metallurgist with over 45 years of mineral processing experience. Most recently, Mr. Richmond spent 6 years as Principal Metallurgist at MMG Limited and its predecessor companies. He was project metallurgist during the detailed engineering phase at Las Cruces Mine in Spain (now First Quantum) and was Laboratory Manager at one of Australia’s leading metallurgical laboratories which is now part of the ALS Metallurgy group in Tasmania, Australia. Prior to these appointments Mr. Richmond spent 14 years working in operations and process improvement at the Hellyer Zinc-Lead-Copper mine, a significant zinc and lead producer at the time.

Vendetta’s President and CEO, Mr. Williams stated, “we are pleased to add a metallurgist of Mr. Richmond’s caliber to our growing team. His experience will allow us to maximize each phase of the metallurgical program.”

The Company will be releasing results over the course of the program.

About Pegmont

The Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining center of Mount Isa, and 28 km west of South32’s world class Cannington silver-lead-zinc operation and 25 km north of Chinova Resources’ Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation.

Pegmont is a multiple lens, stratiform Broken Hill style 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 two exploration permits that cover an area of approximately 3,468 ha.

Highlights of the drill results from Burke Hinge Zone and Zone 5 are presented in Table 1 below and the February 2014 NI 43-101 Mineral Resource Estimate on Zones 1 to 4 in Table 2.

Table 1.     Highlights of the Burke Hinge Zone and Zone 5 Sulphide Drilling, which are not included in the February 2014 NI 43-101 Mineral Resource Estimate.

 

Note: For full details about the above drill results please see the Company’s previous news releases on the 15th October 2014, 28th January 2015 and 10th February 2015.

Table 2. February 2014 Pegmont Zone 1 – 4 Mineral Resource Estimate*.

*Reference: “Technical Report Pegmont Property Mineral Resource Estimate” AMC Mining Consultants (Canada) Ltd, effective date of 28 February 2014. The Technical Report is available on SEDAR.

Notes on Table 2:

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.

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 recently optioned 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
1.604.484.7855

Forward Looking Information

This news release includes forward-looking statements that are subject to risks and uncertainties.  Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements.

Disclaimer

All statements within, other than statements of historical fact, are to be considered forward looking. Although Vendetta Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: the completion of the full exploration program for which the use of proceeds is geared toward, the accuracy of exploration results, the accuracy of Mineral Resource Estimates, the anticipated results of future exploration, the forgoing ability to finance further exploration, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release and as such, accepts no responsibility for the adequacy or accuracy of this release.

SOURCE: Vendetta Mining Corp.

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