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Vendetta Mining Corp
Symbol C : VTT
Shares Issued 144,861,491
Close 2018-07-11 C$ 0.19
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Vendetta to start PEA on Pegmont

2018-07-12 11:55 ET - News Release

Mr. Michael Williams reports

VENDETTA COMMENCES PRELIMINARY ECONOMIC ASSESSMENT AND UPDATES RESOURCE DEVELOPMENT ACTIVITIES

Vendetta Mining Corp. has provided the following update on resource development activities and the commencement of a preliminary economic assessment at the Pegmont lead-zinc project in Queensland, Australia.

Update on mineral resource estimate

An updated mineral resource estimate is expected within the coming weeks. Vendetta retained AMC Consultants (Canada), which undertook the two previous Pegmont mineral resource estimates and National Instrument 43-101 technical reports. The new resource will incorporate work from the 2017 program: 112 holes for 23,238 metres of drilling, an updated geological model and locked cycle metallurgical test results.

Preliminary economic assessment

The company wishes to announce that it has engaged key consulting and engineering disciplines to undertake a preliminary economic assessment on Pegmont. The project scope is for a one-million-tonne-per-annum stand-alone processing plant, with mill feed sourced from open pit and underground.

Study partners and areas of responsibility

AMC Consultants (Canada): mineral resource estimate, mine planning, mine capital and mine operating costs, and overall report preparation. Use of AMC affords a seamless continuity of project knowledge as AMC completed the 2014, 2017 and are preparing the 2018 mineral resources estimates. AMC will also provide an independent review of the mine geotechnical assessments being performed by Elysium Mining Ltd., and the project financial model to be prepared by David J. Baker Consulting Ltd., non-independent consulting firms.

GR Engineering Services Ltd.: mineral processing, process operating, and capital costs and infrastructure. GRES are a mid-size engineering, consulting and contracting company that services mining companies globally. In recent years, GRES has completed a number of relevant lead-zinc projects in Australia including: engineering, procurement and construction (EPC) delivery of the Munguna Zinc and Rasp lead-zinc flotation plants and studies at the Abra lead and Woodlawn zinc-lead-copper projects.

Klohn Crippen Berger: waste rock characterization, ground, surface and process water, tails management, and closure planning. KCB are internationally recognized experts in these areas. KCB have completed several significant projects in the Mount Isa region including Glencore PLC's Ernest Henry copper mine, and Mount Isa mines lead-zinc and copper mines.

AARC Environmental Solutions Pty Ltd.: environmental and permitting. AARC have completed multiple projects in the Mount Isa region including South 32's proposed Cannington mine expansion project, CST Minerals Pty. Ltd.'s Lady Annie copper project, Altona Mining Ltd.'s Roseby copper project, Exco Resources Ltd.'s Mount Colin copper project, CopperChem Ltd.'s Great Australia mine, FMR Investments Pty. Ltd.'s Eloise copper mine and Glencore PLC's Ernest Henry mine.

Vendetta anticipates completing the PEA in September.

Michael Williams, Vendetta's president and chief executive officer, commented: "The updated resource estimate due out this month will provide us with a solid base from which to base the PEA. The PEA marks another major step forward for the company following successful resource development drilling programs. It is an opportunity to formally demonstrate the infrastructure advantages that the Pegmont project benefits from."

2018 development program update

The initial 2018 drill program has been successfully concluded. A total of 32 holes and one hole from 2017 was extended for a total of 4,670 metres.

The program had several objectives:

  • Improve the confidence of material type classification of the pit shells that is expected to form part of the early development plan for Pegmont. Holes will be also used for metallurgical test work;
  • To further outline a new high-grade fold structure in Zone 3 that was identified at the end of the 2017 program;
  • To locate strike extent of Bridge zone and infill one section;
  • Install groundwater monitoring bores -- these will be used to assess groundwater quality as part of the baseline data collection program.

The logging and sampling of these holes are continuing and the results will be released when available.

The second of two baseline flora and fauna surveys, the dry season survey, was completed by the company's environmental consultants, AARC, in June. The final baseline flora and fauna report is expected in August.

Fieldwork is continuing on site with geological mapping and soil sampling.

About the Pegmont lead-zinc project

Pegmont is a stratiform, Broken Hill-type deposit that outcrops with an overall shallow dip to the southeast and is hosted in a magnetite-rich banded iron formation within high-grade metamorphic rocks. The project consists of three granted mining leases and one exploration permit that cover an area of approximately 8,290 hectares.

Pegmont is situated in the Mount Isa and McArthur mineral province, which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several world-class lead-zinc-silver mines.

Pegmont is located 25 kilometres west of South 32's Cannington silver-lead-zinc operation, one of the world's largest producers of lead and silver, and 28 kilometres north of Chinova Resources' Osborne copper-gold operations. Pegmont is proximal to existing infrastructure, including public roads, mine haul roads, rail and a natural gas pipeline for power generation.

In June, 2017, Vendetta updated the mineral resource estimate for Pegmont; for full details, please see Vendetta's news release dated June 27, 2017.

About Vendetta Mining Corp.

Vendetta Mining 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 the advanced-stage Pegmont lead-zinc project in Queensland, Australia.

Qualified person

Peter Voulgaris, MAusIMM, MAIG, a director of Vendetta, is a non-independent qualified person as defined by National Instrument 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.

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