VMS Announces Preparations for Phase 2 Drilling at the Reed Lake Tower Zone and Drill Plans for Its Sails Lake and Copper Projec
February 04 2010 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) (the "Company") is pleased to
report that preparations for phase 2 drilling of newly identified
targets on its 100% owned Reed Lake property package, the Tower
Zone, are now underway. Drilling is anticipated to commence in the
next 10 days. Permits are in place and access roads to the new
drill collar locations are being built ahead of the drilling
equipment arriving.
The Tower Zone
Four of the five conductive drill targets have been identified
on the basis of surface DEEPEM geophysical surveys. The fifth
target is a new, strong conductor that was identified separately by
the down-hole EM surveys included in the phase 1 Tower Zone
drilling. It is in the vicinity of encouraging geology encountered
in drill core intersections from that program.
Phase 2 drilling will be focused on targets located in low lying
areas where summer drilling may be impeded by wet ground
conditions.
More specific details about each target, and accompanying
images, will be available when drilling commences.
Sails Lake
A drill program on the Company's 100% held Sails Lake property
is being planned for this winter/spring drill season. Final drill
target locations are currently being evaluated.
The program will focus on two major conductive features with
geological settings that characterize Snow Lake
copper-zinc-gold-silver deposits. Historical drilling on the
property has identified base metal mineralization and the upcoming
drill program will focus on targets related to this mineralization.
The drill targets have been developed from a multidisciplinary
exploration approach undertaken over the past 3 years. This work
has included a VTEM airborne geophysical survey, geological mapping
of rock outcroppings and MMI soil geochemical surveys. The
integration of these data sets with historical work obtained from
government archived assessment reports will focus the diamond drill
testing.
The Sails Lake property is located approximately 10 km east of
the past-producing Osborne Lake copper-zinc-gold-silver deposit and
approximately 30 km east of the mining community of Snow Lake.
Copper Project
The Company is now planning ground geophysical surveys of
selected target areas on its 100% owned Copper project, in
preparation for drill testing this spring.
The Copper project is a 30 km trend with several known base
metal deposits, but no previous production. Base metal massive
sulphide-type deposits are known to occur in clusters, with a wide
range in tonnage and grade, so the occurrence of several deposits
is very encouraging. Given the prolific nature of the Flin Flon -
Snow Lake greenstone belt to host high value Volcanogenic Massive
Sulphide deposits, Company geologists believe this relatively
under-explored area is one of the most prospective areas in the
belt to discover a new mining camp.
The Copper project area is covered by post-mineralization
Ordovician dolomite and sandstone that has impeded traditional
exploration in the area. Conventional mapping of the host volcanic
rocks is not possible, so historically, exploration was limited to
older airborne geophysical survey technology. Still, a number of
deposits have been discovered beneath this cover rock, including
the Copperman copper-zinc-gold-silver deposit, which occurs
adjacent to the Copper Project, also held under option by VMS
Ventures Inc.
VMS exploration programs began three years ago, and have
resulted in the identification of many geophysical anomalies and
therefore a large number of prospective targets across the 30 km
length of the property. The Company's work has included airborne
VTEM geophysical surveys, ground reconnaissance, detailed Mobile
Metal Ions geochemical surveying of airborne anomalies and the
compilation of exploration work from assessment files stored in the
office of the Manitoba Mining Recorder. Successive programs have
been designed to reduce the number of targets to several higher
priority targets. More recent exploration has included
deep-penetrating ground geophysical surveys and more detailed MMI
soil surveys over selected target areas.
The Copper Project is located approximately 45 km by paved
highway, to the east of the Company's Reed Lake discovery. It is 20
km southeast of the mining community of Snow Lake, where HudBay
Minerals operates a mill and concentrator and where the development
and exploration of the Lalor Lake zinc-copper-gold-silver deposit
is ongoing. Access to the northern end of the property package is
via a paved highway.
All technical information in this release has been reviewed by
Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the
Company and Vice President of Exploration and Technical Services,
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 Nickel Belt project and the South Bay
nickel-copper-cobalt PGE 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
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts 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 (604)
986-2021 (FAX) www.vmsventures.com Coal Harbor Communications Dale
Paruk (604) 662-4505 or Toll Free: 1-877-345-3399
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