Vendetta Mining Corp (CVE:VTT) has secured 100% interest in the Pegmont lead-zinc project in Australia’s Mount Isa-McArthur Mineral Province, host to some of the world’s richest base metals mineralization.
In a note to investors, the Vancouver-based junior said it is now the full owner of the Pegmont tenements after completing all payments to the vendor of the project in May.
A formal transfer to update the legal title to the exploration permit and three mining leases is underway.
Highlights from a January 2019 preliminary economic assessment include average annual production of 124 million pounds of lead, 50 million pounds of zinc and 298,000 ounces of silver. The assessment determined a mine life of 10 years at 3,000 tons per day in an open pit scenario followed by underground mining.
As part of the transaction, Vendetta closed the first tranche of a private placement amounting to C$577,000, or 5.7 million shares at $0.10 per share. Each unit consists of one share and one-half of one warrant exercisable for two years at $0.15.
Net proceeds from the financing will be used to advance Pegmont’s development and for general working capital.
Vendetta noted that Elysium Mining Ltd, a private company owned by board member Peter Voulgaris, acquired 300,000 units in the first tranche of the private placement.
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