Vendetta Mining (VTT.V) has announced the assay results from several drill holes it drilled last fall and winter at its Pegmont lead-zinc project in Australia’s Queensland province. Six Reverse Circulation holes were drilled at the Gossan Load zone which is located approximately 300 meters from the main mineralized zone at Pegmont.
The results at Gossan are interesting with 6 meters of 12.69% ZnPb and 9 meters at 9.52% ZnPb which is quite good and definitely economical. Also keep in mind this Gossan Load zone is not included in the current resource estimate at Pegmont which already contains 8.2 million tonnes of which the majority is sulphide mineralization at a ZnPb grade of in excess of 9%. As the company is focusing on the sulphide zones, the targeted tonnage is a bit lower at over 5 million tonnes, but we expect Vendetta to be able to increase this towards 10 million tonnes quite rapidly.
We are bullish on zinc and it looks like Pegmont will have a very attractive zinc-kicker to its lead production (which is the main metal at Pegmont). As this company is flying under the radar, it might be a base metal junior to put on your radar screen.
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Disclosure: The author holds a long position in Vendetta Mining. Please see our disclaimer for current positions.
