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Vendetta Mining Provides Update; Zijin Global Fund Acquires 6 Million Shares
Vancouver, British Columbia--(Newsfile Corp. - October 17, 2017) - Vendetta Mining Corp. (the "Company") (TSXV: VTT) is pleased to issue the following corporate
About this update from Vendetta Mining Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - October 17, 2017) - Vendetta Mining Corp. (the \"Company\") (TSXV: VTT) is pleased to issue the following corporate update. Early Warrant Exercise(s) Leading Chinese gold, copper and zinc miner, Zijin Mining Group through the Zijin Global Fund have acquired and exercised 6 million Vendetta Mining Corp. Warrants priced at $0.10. Existing shareholder Solitario Zinc Corp. (XPL-NYSE; SLR-TSX) have also exercised 5 million warrants priced at $0.10. The warrants were issued in connection with the Company's 2016 Private Placement of units and are set to expire on May 5th, 2018. To date a total of 25,420,000 of the 50,000,000 $0.10 warrants have been exercised. Option Grant The \"Company\" announces that it has granted an aggregate of 4,850,000 incentive stock options (the \"Options\") to Directors, Officers and Consultants of the Company, each exercisable at $0.30 with 25% of the amount to be vested every six months after the date of grant. The Options are exercisable for a period of five years from the date of grant and are subject to the policies of the TSX Venture Exchange. Ongoing Pegmont Project Development Drilling Activities To date, a total of 85 drill holes have been completed during the 2017 program, for a total of 17,915 m. The Company has announced the results from 32 drill holes to date, see news releases dated July 25th 2017 (VTT2017 NR #7), August 24th 2017 (VTT2017 NR #9) and September 19th (VTT2017 NR #10). Processing, logging, sampling and assaying of the core is ongoing. Results will be released as they become available. Results from Zones 5, 1 and 2 are expected shortly, Drilling in Zones 1 and 2 has been prioritized, and dependent upon results, these holes will be sampled for metallurgical test work. Drilling continues with one drill currently working in Zone 1, drilling is expected to be complete mid December. The second drill left the project on schedule in early October. Copper-Gold Target Two drill pads have been prepared on the Company's Copper-Gold Target, located 1.8 km to the south-west of the Pegmont Lead-Zinc project, drilling is schedule to commence within the next two weeks. The Copper-Gold target was identified during the 2016 program with RC hole PVR040 intersecting 3.0 m of 3.21% Cu and 0.57g/t Au from 113 m down hole (see Vendetta News Release VTT2016 —...