Vendetta drills 9 metres of 15.24% Pb+Zn at Pegmont, Australia
Vendetta Mining Corp. [VTT-TSXV; VDTAF-OTC] reported drill results from the 2021 Zone 5 Exploration drilling program on the 100%-optioned Pegmont lead-zinc project in the Mount Isa – McArthur Mineral Province, Queensland, Australia.
Zone 5 highlights include hole PVRD207 that returned 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); hole PVRD201 with 6.02 metres of 10.99% Pb+Zn (6.97% Pb, 4.02% Zn); hole PVRD202 with 5.81 metres of 7.97% Pb+Zn (7.97% Pb, 4.92% Zn); hole PVRD203 with 7.97 metres of 8.45% Pb+Zn (5.92% Pb, 2.53% Zn); and hole PVRD204: 4.22 metres of 11.27% Pb+Zn (6.28% Pb, 4.98% Zn).
The 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. One of those holes, PVRD196, located in Zone 5, intersected 8.42 metres of 7.07% Pb, 5.98% Zn and 9 g/t Ag between 161.10 and 169.52 metres down hole, outside of the current Mineral Resource, with an estimated true thickness of 7.0 metres.
Michael Williams, 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. Being the upper portions of Zone 5, they should greatly assist the inclusion of Zone 5 into the mining inventory.”
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 historic intersections. 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.
Results of a PEA were released 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 US$0.91/lb lead, US$1.09/lb zinc and US$16.50/oz silver.