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Vendetta Mining poised for drilling at the Pegmont Deeps Zinc target after it wins A$200,000 state grant

The project was one of 25 high-quality projects recognised and Vendetta secured the maximum funding available under the state government's Collaborative Exploration Initiative

Vendetta Mining Corporate -
Due to the pandemic, the Queensland government waived the rent on exploration permits and the firm's EPM26210 permit benefits from this relief

Vendetta Mining Corp (CVE:VTT) (OTCMKTS:VDTAF) has hailed a A$200,000 grant from the Queensland government, which will allow the firm to drill test the Pegmont Deeps zinc target in Australia.

The project was one of 25 high-quality projects recognised and Vendetta secured the maximum funding available under the state government's Collaborative Exploration Initiative (CEI), the company said.

READ: Vendetta Mining closes on $811k private placement to fund Pegmont Lead-Zinc project in Australia

The cash will help fund drilling two 700 metre (m) deep holes, designed to test whether the Pegmont host sequence repeats at depth. The drill core will be sent to the lab to be analyzed by a hyperspectral core scanning system; the firm said.

"The acknowledgement of the target is a welcome endorsement of the potential that remains at Pegmont," Vendetta director and project manager Peter Voulgaris said in a statement on Wednesday.

"While the company's focus has been, and remains, value-driven resource development, this Queensland Government initiative allows us the flexibility to step away from that development focus and test a very exciting conceptual structural target. If successful, the potential resource expansion has been enhanced significantly," he added.

Vendetta also said it was now preparing a coronavirus (COVID-19) operating procedure, in line with Australian Federal and Queensland State Government rules to allow drilling to commence and has started planning the drilling of the Pegmont Deeps Zinc Target and a broader drill program.

Due to the pandemic, the state government waived the rent on exploration permits and the firm's EPM26210 permit benefits from this, the group noted. Vendetta also applied for relief from the balance of the minimum prescribed exploration expenditure on EPM 26210 for 12 months, ending August 2020.

On Wednesday, the company also announced a private placement of up to 6.25 million units at C$0.08 each for gross proceeds of C$500,000. Each unit will consist of one share and one-half of a share purchase warrant exercisable for two years at C$0.11 each.

Vendetta'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.

Shares advanced over 5.2% to C$0.10 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Vendetta Mining Corporate

Price: 0.075 CAD

TSX-V:VTT
Market: TSX-V
Market Cap: $14.59 m
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