Vendetta Mining Corp said it has entered into an option agreement to acquire 100% of the Killer Bore zinc exploration concession, which is 5 kilometres from the company’s 100% owned Pegmont lead-zinc project in Queensland, Australia.
Vendetta noted that the Killer Bore exploration permit includes two non-contiguous blocks totaling 1,550 hectares, with historic drill results that included 4 metres (m) of 8.97% zinc and 0.51% copper from 80m to 84m down hole.
“It is our contention that the mineralisation intersected in the historic drilling at Killer Bore represents the distal part of the Pegmont mineralising system, which is zinc dominant, with copper, little to no lead and within pyrrhotite iron formations,” Vendetta Mining CEO Michael Williams said in a statement.
READ: Vendetta Mining poised to start ten hole drill program at Pegmont lead-zinc project this month
“If this is shown to be correct it highlights the scale of the Pegmont system and could provide high-grade mineralisation that could be incorporated into the development plan for Pegmont,” Williams added.
Vendetta will acquire the Killer Bore concession option from Australian copper producer Sandfire Resources by completing A$102,000 in exploration expenditures before the end of the second anniversary of the agreement, plus an additional A$500,000 in exploration expenditures between the start of the third anniversary and before the end of the fifth anniversary.
Sandfire Resources will retain a 2% Net Smelter Returns (NSR) royalty over the Killer Bore property.
Vendetta Mining's wholly-owned Pegmont lead-zinc project lies in the Mount Isa - McArthur Mineral Province, Australia which hosts one of the world's richest endowments of lead-zinc-silver mineralization, including several significant mines.
Contact Sean at sean@proactiveinvestors.com