VMS Ventures Inc.: Sails Lake 2009 Exploration Plans
May 27 2009 - 3:06PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) (the "Company") is pleased to
announce 2009 exploration plans for its Sails Lake Project.
The Sails Lake claim block is situated approximately 20 km east
of the town of Snow Lake, Manitoba. The project comprises 8 claims
with a total area of 1,888 hectares. The property is underlain by
similar geology to what is found at the nearby Snow Lake camp, the
site of numerous past, and currently producing, deposits, as well
as the recent major Lalor base metals and gold discovery of HudBay
Minerals.
In early 2007, believing the Sails Lake area had significant
undiscovered potential, VMS Ventures contracted Geotech Ltd. to
undertake a state-of-the-art VTEM EM and magnetic survey over the
property. The VTEM system combines an excellent depth of
investigation with a superior spatial resolution, thus providing
the means to effectively define potential new deposits with a
degree of certainty not possible from historic surveys.
Since then, the Company has undertaken geological mapping on a
part of the property in the vicinity of an historic trench which
exposes sulphide-bearing rocks containing trace amounts of Cu and
Zn. This zone coincides with a strong continuous VTEM anomaly that
extends away from the trench for approximately 2 km in an easterly
direction. An historic drillhole, near the centre of this large
VTEM anomaly, intersected 7.2% Zn over a 60 cm core interval.
Geochemical surveys conducted in 2007 and 2008 revealed
anomalous metal values in Cu, Zn and Au along a portion of this
VTEM trend. Condor Consulting Inc. of Lakewood, Colorado, is
completing detailed modeling of the VTEM data in the area and this
work is showing that the trend is comprised of a number of steeply
dipping, strongly conductive features that are coincident with the
geochemical anomalies.
The Company has designated this geophysical-geochemical feature
as its first 'Exploration Object' on the Sails Lake property. It is
now designated the Schooner Target. A helicopter-supported drill
program to test the Schooner Target is planned after the summer
ground exploration season is complete. To view an image, please
follow the link
http://www.vmsventures.com/image_pages/image028.asp.
Elsewhere on the Sails Lake property, there are a number of
other prospective VTEM features. Some of these have been examined
during a reconnaissance geochemical program in 2008 and the
remainder will be assessed this year in the 2009 geochemistry
programs slated to begin in June. Areas with anomalous geochemical
signatures identified during the 2008 survey will be surveyed in
detail with MMI-M geochemical methodology.
In addition, detailed geological mapping will be undertaken over
as many targets as possible in July and August, as a part of the
2009 mapping program. The Company expects the geochemical surveys
and the geological mapping to upgrade a number of other targets to
Exploration Object status, which will add potential drill targets
for the autumn drill program.
The Company also wishes to announce that it has entered into an
amendment agreement with Strider Resources Limited to amend the
Lynn Gabbros property option agreement dated May 28, 2004. The
parties have agreed to extend the term for completion of the final
$300,000 in expenditures due on the property from May 30, 2009 to
May 30, 2011. In consideration, the Company has agreed to issue to
Strider 100,000 common shares in the capital of the Company at a
price of $0.28 per share.
All technical information in this release has been reviewed by
Dr. George Gale, P.Eng, who is the Qualified Person for the Company
and Vice President of Exploration, VMS Ventures Inc.
VMS Ventures Inc. currently has a profile on Corebox.net which
is updated as soon as assay results are released. The link to visit
our Corebox profile is:
http://www.corebox.net/properties/reed_lake/.
Investors are invited to visit the VMS Ventures IR Hub at
http://www.agoracom.com/IR/VMSVentures where they can post
questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to VMS@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
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
John Roozendaal B.Sc., President & Director
The TSX Venture exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: VMS Ventures Inc. Keith Patey Director of
Communications (604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com Coal Harbor Communications Dale Paruk (604)
662-4505 or Toll Free: 1-877-345-3399
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jul 2023 to Jul 2024