Vendetta Reports High Grade Exploration Intersections in Zone 5 at the Pegmont Lead-Zinc Project, Queensland
FOR IMMEDIATE RELEASE November 8, 2021
(VTT2021 – NR #11)
Vendetta Reports High Grade Exploration Intersections in Zone 5 at the
Pegmont Lead-Zinc Project, Queensland
Vancouver, BC – November 8, 2021 − Vendetta Mining Corp. (VTT-TSX: V) (“Vendetta” or the
“Company”) is pleased to announce the drill results from the 2021 Zone 5 Exploration drilling program
on the Pegmont Lead-Zinc project in Queensland.
Zone 5 Highlights:
PVRD207: 9.00 metres of 15.24 % Pb+Zn (9.86% Pb, 5.37% Zn);
4.65 metres of 13.03% Pb+Zn (6.21% Pb, 6.82% Zn);
PVRD201: 6.02 metres of 10.99% Pb+Zn (6.97% Pb, 4.02% Zn);
PVRD202: 5.81 metres of 7.97% Pb+Zn (7.97% Pb, 4.92% Zn);
PVRD203: 7.97 metres of 8.45% Pb+Zn (5.92% Pb, 2.53% Zn); and
PVRD204: 4.22 metres of 11.27% Pb+Zn (6.28% Pb, 4.98% Zn)
Significant results from Vendetta’s July - August 2021 drilling program are summarised in Table 1. This
program was designed to follow up along strike from an intersection in an exploration hole completed
late 2020 as part of a Queensland Government Collaborative Exploration Initiative (see News Release
August 12, 2020), one of those holes PVRD196, loc ated in Zone 5, intersected 8.42 m @ 7.07% Pb,
5.98% Zn and 9 g/t Ag between 161.10 and 169.52 m down hole , outside of the current Mineral
Resource, with an estimated true thickness of 7.0 m.
The first two holes, PVRD199 and 200 did not deviate as expected, from the same drill pad PVRD201
intersected the target as expected. Five holes (PVRD202 to 206) were dr illed on the next drill pad,
located 145 m further to the west. PVRD202 unexpectedly intersected mineralisation immediately below
the amphibolite dyke in the RC pre-collar. The amphibolite dyke is a sub-horizontal sheet interpreted to
be post mineralisatio n, this intersection is however the first on the project with banded ironstone in
contact with the amphibolite. PVRD202, 203 and 204 intersected their targets as expected with
PVRD202 intersecting the upper and lower limbs of a targeted fold. PVRD205 didn’t deviate as
anticipated and failed to intersect the target. PVRD206 intersected a low-grade attenuated limb at the
target depth. The third drill and final drill pad was located approximately 300 m to the west of the first
pad and is located on the eastern edge of the current Mineral Resource in Zone 5. Here PVRD207 and
208 intersected the target as expected , with PVRD207 intersecting the upper and lower limbs of the
targeted fold.
Michael Williams, Vendetta’s President and CEO commented “This program has further demonstrated
that we are able to successfully target the new Zone 5 interpretation. The intersections from these three
drill pads will require follow up drilling to enable these intersections to be brought into the next Mineral
Resource update , this drilling will be resource development drilling in the future. B eing the upper
portions of Zone 5, they should greatly assist the inclusion of Zone 5 into the mining inventory”.
Table 1. Summary of Significant Assay Results.
Bore
Hole
Dip /
Azimuth
From
(m)
To
(m)
Interval
(m)* Grade#
Pb+Zn
%
Pb
%
Zn
%
Ag
g/t
Zone 5 – New Fold Structure
PVRD199 -70/283 No Significant Result – hole deviation
PVRD200 -70/265 No Significant Result – hole deviation
PVRD201 -83/192 158.80 164.82 6.02 10.99 6.97 4.02 8
PVRD202 -74/163 69 71 2 7.42 2.67 4.75 11
and 158.40 161.94 3.54 5.10 0.97 4.12 6
and 172.05 177.86 5.81 12.89 7.97 4.92 9
PVRD203 -70/161 129.36 131.36 2.00 6.19 1.24 4.95 19
and 136.41 144.38 7.97 8.45 5.92 2.53 10
PVRD204 -70/210 159.30 163.52 4.22 11.27 6.28 4.98 9
and 167.68 171.48 3.80 12.58 7.00 5.58 11
PVRD205 -66/224 No Significant Result – hole deviation
PVRD206 -69/141 No Significant Result – low grade attenuated limb
PVRD207 -86/176 137.00 145.00 9.00 15.24 9.86 5.37 13
and 158.85 163.50 4.65 13.03 6.21 6.82 10
and 188.42 190.42 2.00 10.97 3.94 7.04 17
PVRD208 -75/177 186.48 188.88 2.40 10.65 4.42 6.24 12
* True thickness is estimated at 80 to 95% of the intersection length, three-dimensional geological
modelling is ongoing.
# Drill intersections are summarized intersection lengths ≥2.0 m, using a combined 3% lead and zinc grade
with maximum 1 m internal dilution.
Preparation for 2022 Exploration Drill Program
In addition to restarting the resource development drilling program on the Pegmont Pb-Zn deposit the
Company is planning on drilling two exploration areas ; Killer Bore and the Wills Zone (previously
known as the Bonanza Lode).
Ten drill sites have been pegged at the Killer Bore high grade zinc project. Heritage clearance will now
be obtained in preparation for drilling in early 2022. The holes are designed to confirm and expand the
historic intersections in three holes: AND041 3 .0 m @ 15.44% Zn, ANP418 4 m @ 8.26% Zn and
DDH01KB001 4.0 m @ 10% Zn. For further details about the Killer Bore acquisition please see the
news release dated August 9, 2021.
At the Wills Zone the Company has pegged five drill sites and will now seek heritage clearance on those
drill sites. The planned drilling is following up on historic intersections in diamond core hole PMD037
5.0 m (203 to 208 m) @ 3.06% Pb, 3.69% Zn.
Notes on Drilling and Assay QA/QC for Table 1
All boreholes were pre-collared with reverse circulation (“ RC”) 5.75” diameter face sampling bit to
depth prior to casing and continuing the hole in HQ2 diamond core. PVRD202 intersection between 69
and 71 m was RC split from the riffle splitter at the drill site. All other reported intersections are from
diamond core samples 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 , retaining a half for a permanent core
record. Assay intervals shown in Table 1 are summarised using length weighted down hole intervals .
Approximate true thickness range is based on visual assessment of the core to bedding angles. All
diamond core is orientated using digital core orientation systems, this data will be incorporated into the
3D interpretations.
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 [Pb>10%],
Pb-OG62h [Pb>20%], Zn-OG62 [Zn>10%] and Ag-OG62 [Ag>100 pm]). Blanks and commercially
prepared certified reference materials (standards) were added into the sample sequence for every hole
submitted. These were analysed by the Company and no issues were noted with analytical accuracy or
precision.
Drill hole collars are located using handheld GPS . Down hole surveys were undertaken using a true
north seeking gyroscope with stations nominally every 12 m.
Bulk density determinations are made on every sample sent for analysis that was deemed visually to be
above 3% Pb+Zn.
About Pegmont
Vendetta’s 100% owned Pegmont Lead Zinc Project is situated in the Mount Isa – McArthur Mineral
Province, Australia which hosts one of the world’s richest endowments of lead -zinc-silver
mineralization, including several significant lead-zinc-silver mines.
The current Mineral Resource Estimate at the Project is as follows:
Indicated 5,758 Kt @ 6.5% Pb, 2.6% Zn, 11 g/t Ag
Inferred 8,277 Kt @ 5.1% Pb, 2.8% Zn, 8 g/t Ag
The results of a Preliminary Economic Assessment (“PEA”) on Pegmont were released by the Company
by news release dated January 28, 2019. The PEA outlined a 10 -year mine plan that generates a strong
economic return with a (base case) pre-tax IRR of 32% (after tax 24%) and NPV8% of $201M ($128M
after tax) using long term consensus metal prices of $0.91/lb lead, $1.09/lb zinc and $16.50/oz silver.
The PEA indicated a strong sensitivity to metal prices and US$:A$ exchange rate with a pre-tax IRR of
37% (after tax 27%) and NPV8% of $249M ($158M after tax), using metal prices as of January 22, 2019
of $0.94/lb lead, $1.25/lb zinc and $15.30/oz silver and US$:A$ of $0.71.
About Vendetta Mining Corp.
Vendetta Mining Corp. is a Canadian junior exploration company focused on advanced stage exploration
and development at the Pegmont Lead Zinc Project in Australia. Vendetta has an option to acquire a
100% interest by completing certain work requirements an d making option and advance royalty
payments. Additional information on the Company can be found at www.vendettaminingcorp.com
Qualified Person
Peter Voulgaris, MAIG, MAusIMM, 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
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