Vendetta Mining (TSXV:VTT) has announced the first batch of drill results from the 2018 resource development program on the Pegmont lead-zinc project in Queensland, Australia and a private placement of $1.5 million.

The initial 2018 drill program included a total of 32 holes and one hole from 2017 was extended, for a total of 4670 m. An important component of that program included the drilling of 12 diamond holes in an area that is being considered as the initial site for open pit development at Pegmont.

Zone 1 highlights:

• PVRD176: 5.38 metres of 10.94 percent lead-zinc (6.98 percent lead, 3.96 percent zinc;
• PVD181: 5.98 metres of 11.29 percent lead-zinc (7.21 percent lead, 4.09 percent zinc);
• PVD182: 9.32 metres of 12.50 percent lead-zinc (10.46 percent lead, 2.04 percent zinc);
• PVD183: 5.80 metres of 16.35 percent lead-zinc (10.17 percent lead, 6.18 percent zinc); and
• PVD184: 4.55 metres of 13.25 percent lead-zinc (9.85 percent lead, 3.40 percent zinc);

Director and project manager at Pegmont, Peter Voulgaris said:

“As part of the advanced planning for the preliminary economic assessment the company had been considering start-up pit locations suitable for in-pit tails disposal, the planned locations offer significant advantages to the project including a simplified permitting process, the capital savings of not needing to build a tails dam storage facility, and limiting the projects footprint. While these drill results will not be incorporated into the PEA, they and the metallurgical results that will follow are a significant step in de-risking the start-up period at Pegmont.”

Click here to read the full Vendetta Mining (TSXV:VTT) press release.