Vendetta Mining (VTT.V) has now confirmed it will release its resource estimate around the end of this month, as AMC Consultants has started to work on the technical report. This updated resource estimate will include an additional 13,500 meters of drilling completed since the previous resource, and we (and the market) are expecting to see 8 million tonnes in the sulphide resources.
Anything above 8 million tonnes would be a positive surprise, but we’re also keen to see an updated resource for the transition zones. Whilst Vendetta is obviously focusing on the sulphides at Pegmont, the transition zone could add more value as the first metallurgical tests indicated the zinc and lead could successfully be recovered from the rock.
Now Vendetta has completed its C$4.2M private placement at C$0.20, the company is eager to get back in the field and will complete this summer’s drill program using two drill rigs.
About two weeks ago, Vendetta also released the results of its Electro-Magnetic survey on the copper-gold discovery a few kilometers south of Pegmont where the drill bit intersected 3 meters of 3.21% copper and 0.57 g/t gold last year. This survey has confirmed there are three areas of interest and the ‘discovery hole’ (we’re still reluctant to call this a discovery hole as it’s just a short ‘anomalous’ intercept) was drilled to the northwest of the conductor. As such, all three targets remain open for testing as it looks like the discovery hole has just scratched the proverbial surface.
The three targets are pretty sizeable as well, with the northern and middle conductor having a strike length of respectively 800 meters and 400 meters. Vendetta will follow up on these EM survey results by drilling a few additional holes to test the conductors.