Vendetta drills 9.02 m of 12.85% Pb+Zn at Pegmont
VENDETTA MINING Corp. has provided the last batch of drill results from the 2018 resource development program on the Pegmont lead-zinc project in Queensland. New zone 3 structure pit highlights:
• PVRD170: 6.00 metres of 11.43 per cent lead plus zinc (8.50 per cent Pb and 2.93 per cent Zn);
• PVD194: 9.02 metres of 12.85 per cent Pb plus Zn (9.05 per cent Pb and 3.80 per cent Zn). BHZ/Bridge zone highlights:
• PVD171: 5.30 metres of 9.05 per cent Pb plus Zn (6.60 per cent Pb and 2.46 per cent Zn);
• PVRD191: 4.33 metres of 11.97 per cent Pb plus Zn (9.73 per cent Pb and 2.24 per cent Zn).
Michael Williams, Vendetta’s president and chief executive officer, commented: “The discovery of the new fold structure in the shadow of the planned open pit highlights the upside potential that remains at Pegmont. The corporate strategy to date has been to focus efforts on the development of mineral resources to support a 10-year mining inventory, we anticipate the PEA will demonstrate the economic potential of that. We will now start to broaden our approach to Pegmont, looking to identify and testing brownfield exploration targets, the recently completed
mapping exercise is the first step towards that.”
(See VTT Table 1 on page 16)
Update on Pegmont option and prepaid royally agreements
The company has made the final cash option payment totalling $1-million (Australian) to the vendor on Nov. 6, 2018. The company has been granted an extension to the prepaid royalty agreement.
Applications for indicative approval for the transfer of the project to Vendetta from the Queensland Minister for Natural Resources, Mines and Energy are being prepared for lodging on Monday, Nov. 12, 2018.
Fieldwork at Pegmont is now complete for 2018. A detailed mapping program has been completed and is currently being compiled. The company expects several exploration targets to be generated from this work.
The latest guidance provided to the company from the independent consultants is that the PEA will be complete in November.
We seek Safe Harbor.
Erika Flores condensed this news release (email@example.com).
David J Baker, Douglass Alexander Flegg, Douglas William Ramshaw, Peter Voulgaris, Michael Jeffrey Williams
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