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Vendetta Announces Pegmont Project Awarded Grant from Queensland Government to Test Pegmont Deeps Zinc Target and Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2020) -  Vendetta Mining Corp. ...
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[{"type":"text","content":"Vendetta Announces Pegmont Project Awarded Grant from Queensland Government to Test Pegmont Deeps Zinc Target and Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 12, 2020) -  Vendetta Mining Corp. (TSXV: VTT) (\"Vendetta\" or the \"Company\") is pleased to announce that it has been awarded an A$200,000 grant under the Queensland Government's Collaborative Exploration Initiative (\"CEI\") to test a conceptual exploration target, the Pegmont Deeps Zinc Target, as described below.Collaborative Exploration InitiativeThe CEI is a Queensland Government initiative designed to encourage the testing of new exploration concepts of economic and technical merit by directly supporting companies to test high quality exploration targets. The focus for this CEI round was on minerals deemed to be \"new economy\" minerals, critical for the future of the Queensland Mining industry, of which zinc is viewed to be a key component. The Pegmont Deeps Zinc Target was one of 25 high-quality projects recognised, with Vendetta securing the maximum funding available.The Pegmont Deeps Exploration TargetThe Pegmont Deeps Zinc Target is the postulated tracing of the Pegmont mineralised banded iron stone (\"BIF\"), at depth, into the lower limb of a large fold, where Zinc is anticipated to be dominant sulphide.Metal zonation is a characteristic of Broken Hill Type deposits, such a zonation is present at Pegmont. Lead to Zinc ratios change from 2.5:1 in Zone 1 to 1:1 in Zone 5. Several pieces of structural evidence have now been synthesised and a large-scale fold nose has been recognised in Zone 5. Continued tracing of the BIF into the position of the lower fold limb (see Figure 1), at depth below the current known mineralisation, may yield a Zinc dominant system, if the conceptual structural model proves correct.The CEI grant will fund the drilling of two 700 m deep drill holes, designed to test for the theorised repetition of the Pegmont host sequence at depth, as show in the schematic cross section below.Vendetta will send the drill core from the two holes to be analysed by a hyperspectral core scanning system, an automatic system for logging the mineral / chemical and textural variations in drill core. Apart from the BIF and its associated garnet selvage there are no other known marker horizons at Pegmont. It is hoped that the hyp...