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Vendetta Mining Corp. Announces $1.5 million Financing - 2016 Exploration Plans for the Pegmont Lead-Zinc Project
(via Thenewswire.ca) Vancouver, BC / TheNewswire / March 3, 2016 ? Vendetta Mining Corp...
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vendetta Mining Corp. Announces $1.5 million Financing - 2016 Exploration Plans for the Pegmont Lead-Zinc Project(via Thenewswire.ca)\n\n \nVancouver, BC / TheNewswire / March 3, 2016 ? Vendetta Mining Corp. (VTT-TSX: V) (\"Vendetta\" or the \"Company\") is pleased to announce its 2016 exploration plans for the Pegmont Lead-Zinc project in Queensland, Australia and a private placement of $1.5 million.\n\n\n \nPursuant to the financing, the Company plans to issue up to 30 million units at $0.05 per unit to raise gross proceeds of $1.5 million (subject to TSX Venture Approval). Each unit will comprise one common share and one common share purchase warrant at an exercise price of $0.10 for a period of two years following the closing of the financing.\n\n\n \nThe proceeds of the private placement will be used to advance the development of the Pegmont Lead-Zinc Sulphide project. The 2016 Program will include metallurgical and resource development drilling at the newly discovered near surface Burke Hinge Zone and within Zone 5 (areas of increasing zinc grade), metallurgical test work, property payments and for general working capital. The 2016 drilling program is scheduled to commence prior to April 30, 2016. \n\n\n \nVendetta also intends to update the NI 43-101 Mineral Resource Estimate by Q4 2016. The Company will incorporate the proposed 2016 drilling and metallurgical work, and also the results from 6,500 m of drilling completed in the Burke Hinge Zone and Zone 5 since the February 2014 NI 43-101 Mineral Resource Estimate on Zones 1 to 4 (see below).\n\n\n \nAbout Pegmont \n\n\n \nThe Pegmont lead-zinc-silver deposit is located in North West Queensland Mineral Province, 175 km south-east of the major mining center of Mount Isa, and 25 km west of South32's world class Cannington silver-lead-zinc operation and 28 km north of Chinova Resources' Osborne and Kulthor copper-gold operations. It is proximate to infrastructure including roads, rail, and natural gas for power generation. \n\n\n \nPegmont is a multiple lens, stratiform Broken Hill style deposit that outcrops with an overall shallow dip to the south east and is hosted in a magnetite rich banded iron formation within high grade metamorphic rocks. The project consists of three granted mining leases and two exploration permits that cover an area of approximately 3,468 ha. \n\n\...