VMS Ventures Inc. Options Base / Precious Metal Properties in the North Range of the Sudbury Basin
April 06 2010 - 3:29PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) (the "Company") is pleased to
announce it has optioned three properties in the Sudbury Basin from
prospector and owner John Brady. They are the Black Creek, Terra
Incognita and Golden Pine properties, all of which are located in
the North Range of the Sudbury Basin.
Previous operators mounted geophysical and geochemical
exploration programs on each of the three properties, but were
unable to undertake follow-up programs to further refine and drill
test anomalies. The properties are characterized by a wide range of
mineral deposit types, however it is the untested base metal
massive sulphide-type of mineralization that provides VMS Ventures
with excellent opportunities to discover base metal resources in
the Sudbury area. Mineral deposit types present on the three
properties include:
1. Zinc-copper base metal massive sulphide-type mineralization;
2. Base metals and associated gold in iron formation;
3. Epigenetic gold-silver-pyrite-quartz-carbonate veins;
4. Placer gold and rare earth elements in Pleistocene outwash sand and
gravel; and
5. Uranium mineralization in Mississauga Formation quartz-pebble
conglomerate.
VMS Ventures' CEO Rick Mark states, "VMS became aware of these
polymetallic properties through VP Exploration, Mark Fedikow's
Sudbury experiences and his work in assembling the Sudbury property
package for the VMS spin out company, North American Nickel. I am
particularly pleased that the agreement structure allows VMS to
proceed without pressure from work expenditure commitments, and so
we will be able to build these three properties into our 2011/2012
property drill readiness schedule and not take away from our 2010
plans focusing on the Copper, Sails Lake and Morton Lake projects
in Manitoba."
Black Creek:
The Black Creek property is situated in southwest Parkin
Township and eastern Hutton Township approximately 20 km north of
Capreol which is 30 km north of Sudbury. The property has excellent
all-weather road access. Black Creek comprises 63 mining claims (93
mining claim units). The property is characterized by interbedded
altered and mineralized Archean felsic and mafic volcanic rocks
hosting disseminated, blebs and laminae of sphalerite, chalcopyrite
and galena. Previous operators undertook grid-based EM and magnetic
surveys but drill testing of the multiple anomalies defined by this
survey was never undertaken. Ground truthing of the area of the
anomalies documented strongly altered volcanic rocks and base metal
mineralization. Subsequent to data compilation the property will be
mapped and ground geophysical surveys undertaken.
Terra Incognita:
The Terra Incognita property is situated in Parkin Township
approximately 30 km north of Sudbury and 20 km north of Capreol.
The property consists of 28 unpatented mining claims comprising 41
units of 40 acres each. The geology and contained geophysical
anomalies defined by historic geophysical surveys is enigmatic
owing to thick overburden cover. Airborne geophysical surveys
followed by soil geochemical surveys to prioritize geophysical
anomalies are planned. This approach has been demonstrated to be
very effective in focusing exploration on VMS Ventures' base metal
massive sulphide-type properties in the Flin Flon greenstone belt
in Manitoba.
Golden Pine:
The Golden Pine property is situated in south-central Parkin
Township approximately 20 km north-northeast of Capreol which is in
turn 30 km north of Sudbury. Access is by paved road and logging
trails. The property comprises 17 unpatented mining claims. Each 40
acre mining claim consists of 22 units. The property is host to
structurally-controlled epigenetic
gold-silver-pyrite-quartz-carbonate veins hosted within molybdenum
and barium-enriched altered rhyolite with a significant number of
base metal occurrences. Previous operators intersected 29.8 g/t
gold and 55 g/t silver over 0.7 m and 15.05 g/t gold over 2.02 m in
separate drill programs on the property. Rock chip samples with
ranges of 18.5 g/t gold - 42 g/t gold are also documented. A
structural geological mapping program, electromagnetic, magnetic
and induced polarization geophysical surveys and soil geochemical
surveys are planned for the property.
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.
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-gold-silver massive sulphide deposits in
the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS
project property portfolio consists of the Reed Lake Project,
Copper Project, McClarty Lake Project, Sails Lake Project, Puella
Bay Project and Morton Lake Project. Outside of the Snow Lake camp,
the Company holds massive sulphide prospective properties near the
past producing Fox Lake and Ruttan copper-zinc mines, near the
communities of Lynn Lake and Leaf Rapids in northern Manitoba. In
addition to the copper-zinc massive sulphide deposit prospects, VMS
has extensive land holdings prospective for nickel-copper deposits
north of Thompson and at South Bay in northern Manitoba and one
project, Cedar Lake, in the southern portion of the Thompson Nickel
Belt. 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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