VMS Ventures Outlines Plans for Diamond Drilling at the Copper-Rich Reed Lake Joint Venture Property
August 10 2010 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) (the "Company"), is pleased to
announce plans for a diamond drill program to begin shortly at the
copper-rich Reed Lake deposit, which is the subject of a joint
venture between the Company and HudBay Minerals Inc. (TSX: HBM)
("HudBay").
The Reed Lake deposit is a base metal massive sulphide-type
deposit near HudBay's concentrator in Flin Flon, Manitoba. On July
6, 2010 the Company and HudBay announced that they had entered into
a joint venture agreement pursuant to which HudBay has a 70%
interest and the Company has a 30% interest in the Reed Lake
property and the two claims immediately to the south. The parties
have also entered into four option agreements which grant HudBay
the right to earn a 70% joint venture interest in properties held
by the Company adjacent to the Reed Lake property.
Drilling will commence with one drill on the Reed Lake deposit
during the second week of August, 2010. A second drill is expected
to be mobilized on the property in approximately one month. Twenty
drill holes are planned for a total of 7,000 metres in this initial
program.
The initial drilling program is designed to test the continuity
and metallurgical characteristics of the deposit. The drill collars
will be established on 40-50 metre centers to provide the necessary
data to allow the completion of a National Instrument 43-101
compliant resource estimate, which HudBay has announced is
scheduled for completion by the end of 2010. The drilling will be
done on sections to establish the true width and strike of the
deposit. Some holes, drilled previously by VMS Ventures, will be
resurveyed to confirm hole location. The high-grade core of the
deposit will be targeted initially, with drilling then moving
outwards to explore the periphery of the deposit. Mineralization
will be followed down plunge to assess exploration potential.
VMS Ventures President John Roozendaal states:
"VMS is very excited to see drilling resume at the Reed Lake
deposit and we are pleased that HudBay is on the ground so quickly
after the signing of the joint venture agreement. We left the
project almost two years ago when markets were in the lows of 2008.
To have copper prices over $3.00 again as we revisit this high
grade deposit is very encouraging for our shareholders. The deepest
drill hole to date, estimated to have intersected mineralization to
a depth of approximately 450 metres returned 39.71 metres of 4.04%
copper. The Company is particularly interested in the drilling that
will investigate the geology below this level. We look forward to
the coming months of drilling at, and around the deposit, and on
the very prospective surrounding claim blocks we have optioned to
HudBay."
The Reed Lake properties are all located in Manitoba's Snow Lake
- Flin Flon Greenstone belt.
All scientific and 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.
About VMS Ventures Inc.
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.
These properties are located in the mining friendly province of
Manitoba, Canada. The Company also has optioned three properties in
the Sudbury mining camp. They are Terra Incognita, Golden Pine and
Black Creek.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO
VMS Ventures Inc.
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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