VANCOUVER, BRITISH COLUMBIA (the "Company") is pleased to
provide a Corporate Update on its progress at its Reed Lake
Discovery Zone near Snow Lake, Manitoba.
This Update is designed to summarize VMS Ventures'
accomplishments at the Reed Lake Discovery based on the significant
understandings of the deposit gained by our geological team, and to
inform shareholders of the plans and opportunities ahead.
The Update is divided into two sections. First, this executive
summary, which briefly outlines what we have learned, what it means
and what we will do next. Second, and to be published next week, a
more detailed geological report that will describe our team's
analytical processes and the geologic rationale they are using to
define and expand this deposit.
Executive Summary
After eight months and thirty-seven drill holes at the Discovery
Zone, the VMS team has reached a point where we can now usefully
summarize the knowledge acquired and explain the rationale for our
plans to expand the deposit at our Reed Lake Discovery Zone.
The three drill programs have provided an abundance of
geological data that is invaluable to understanding the deposit. We
can now better explain the nature and meaning of the rock through
our examination of the drill intercepts, and with the help of the
various geophysical and geochemical tools used, we are now able to
project its strike and dip and consider more clearly its size
potential.
Based on this analysis, our current drill program (underway) is
designed to drill deeper from the southwest back against the dip
and to step out to the west following the strike of the
deposit.
Significant characteristics of the deposit include:
a) Portions of the deposit have metal values that are typical of
the larger Flin Flon-Snow Lake Cu-Zn deposits, which indicate the
deposit has minable grades;
b) The deposit also exhibits good evidence of metal zonation
with copper and zinc-rich parts within the same drill cores, which
is common to mined deposits in the belt;
c) The presence of magnetite at the stratigraphic top of the
sulphide body suggests that all available sulphur (and presumably
the copper and zinc) in the magma chamber from which the deposit
originated was used in the formation of the deposit, i.e., the
deposit may have a substantial size;
d) The cross cutting alteration observed to date is mostly pale
green to green chlorite, which suggests that the main portion of
the alteration zone, which will be black chlorite, and presumably
the central portion of the mineralizing system, has not yet been
intersected;
e) The presence of identifiable sulphide blocks within intervals
of NSS indicates that some of the sulphides have slumped into their
present position from a topographically higher position. This
suggests that the portion of the deposit we have discovered to date
appears to be what is known as a 'debris flow', and therefore is
only a part of the deposit.
f) The deposit comes to within 30 m of the surface and, to date,
extends more than 180 m below the surface;
g) The Main lense is open at depth and to the west;
h) The East lense is open at depth and to the east; and
i) The geology and geophysical information are now correlatable.
Both the airborne and ground magnetic results are not only
correlatable with the sulphide lense drilled to date, but extend to
the west for another 300 m.
It has been reported previously, but is worth noting again, that
the infrastructure advantages of this Manitoba, Canada discovery
are significant. Manitoba is rated by the Fraser Institute of
Vancouver, Canada as the 5th best jurisdiction in the world for
exploration. The discovery is within 150 meters of the paved
highway that is less than 90 minutes from the mining centers of
Flin Flon and Snow Lake, and the electricity costs are among the
lowest in North America.
There is new Plan View map now on the website which will better
allow you to follow the drill program's progress. The link to the
Plan View map is
http://www.vmsventures.com/image_pages/image021.asp.
One drill continues on the Discovery Zone and a second drill is
now in place to begin drilling the alteration zone discovered at
the Tower Zone, 1,000 m to the east.
The DeepEM and ground magnetics surveys are near completion with
reports expected shortly. Down hole surveying is again
underway.
Approximately 21 line kilometers of gravity survey data have now
been collected at Reed Lake. The grid coverage area is roughly
centered over the discovery zone and extends over an area of 2.5 km
by 2.1 km. The data are being processed to produce a 3D model of
the gravity anomalies detected. The preliminary results show a
prominent gravity high at the discovery site. The direct
relationship between the gravity anomaly and the sulphide
mineralization is not fully understood and will require further
drilling to establish but the association of the gravity high
directly over the known area of mineralization is considered very
encouraging for the survey's potential to guide our exploration of
this deposit.
Data from all the surveys are anticipated to arrive in stages
over the next ten days with modeling of the results to follow.
Drill number three will be mobilized and utilized to test targets
stepping out to the west and will follow targets confirmed or
established by the various surveys mentioned.
All technical information in this release has been reviewed by
the Qualified Person, Dr. George Gale, P. Eng. Samples are prepared
and analyzed at TSL Laboratories in Saskatoon, Saskatchewan using
ICP-MS and Fire Assay analytical methods.
VMS Ventures Inc. is focused primarily on acquiring, exploring
and developing copper-zinc properties in the Flin Flon-Snow Lake
VMS Belt. The Company also holds the largest land package
considered prospective for nickel-copper mineralization at Lynn
Lake, which is to date Canada's third largest nickel producing
camp. The Company's project portfolio consists of the Snow Lake VMS
project, the Lynn Lake Gabbros nickel-copper project, the Nickel
Belt project, the South Bay nickel-copper-cobalt PGE property, and
the Eden Lake Carbonatite Complex, Specialty Metals property. All
VMS Ventures Inc. properties are located in the mining friendly
province of Manitoba, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO & Chair
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: VMS Ventures Inc. Keith Patey Director of
Communications (604) 986-2020 or Toll Free: 1-866-816-0118 (604)
986-2021 (FAX) Website: www.vmsventures.com Coal Harbor
Communications Dale Paruk (604) 662-4505 or Toll Free:
1-877-642-6200
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