VMS Updates Reed Lake Drilling and Its Plans for Sails Lake, Morton Lake and the Copper Project
September 02 2010 - 12:56PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to update
its shareholders on various activities related to its extensive
property package in Manitoba, Canada.
VMS-HUDBAY REED LAKE DEPOSIT JOINT VENTURES
HudBay Minerals Inc. (TSX: HBM) ("HudBay") has advised that a
previously-disclosed infill drilling program intended to enable the
compilation of a resource estimate by year-end 2010 is well
underway.
On July 6, 2010 VMS and HudBay announced that they had entered
into a joint venture agreement pursuant to which HudBay has a 70%
interest and VMS has a 30% interest in the Reed Lake property and
the two claims immediately to the south. As disclosed in VMS'
August 10, 2010 press release, the drilling program is initially
targeting the high-grade core of the deposit, with drilling then
moving outwards to explore the periphery of the deposit and
down-plunge to assess exploration potential.
VMS and HudBay have also entered into four option agreements
which grant HudBay the right to earn a 70% joint venture interest
in properties held by VMS adjacent to the Reed Lake property. VMS
expects work on the option properties to begin in winter 2011.
SNOW LAKE PROPERTY PACKAGE
Summer exploration programs at VMS' Snow Lake properties were
delayed until mid-July as a result of a travel ban put in place by
the Manitoba Government due to risk of forest fires. During that
time, the VMS geological team continued its compilation of recent
and historical data and is now near prioritizing drill targets for
each of the Company's Snow Lake projects. Permits are expected
shortly for Sails Lake. Final steps are underway to establish drill
targets at Morton Lake and at the Copper Project for winter
2011.
Sails Lake
Although optioned as a VMS project, the Sails Lake property is
also well known to host gold mineralization. A soil geochemical
survey was undertaken in late July to follow up on prospecting and
historical exploration that discovered gold mineralization at Sails
Lake. In this particular area, surface rock chip samples have
returned assays of up to 30 grams per tonne gold, but they have
never been drilled or surveyed by ground geophysics. An IP ground
geophysical survey is planned to cover the gold targets later this
month. It will also test adjacent areas prospective for
copper-zinc.
This project has already produced over 50 discrete drill
targets. They are now being evaluated to select the best prospects
for drilling. Permitting for the planned mid-October drill program
is now in process.
Morton Lake
The Company originally staked the Morton Lake project, located
25 km west of Snow Lake, in part, because of its geological
similarity to the rocks hosting the past producing Dickstone
copper-zinc mine, only 500 metres to the west. In addition,
historic drill holes, some as early as 1956, intersected copper and
zinc mineralization with typical VMS-type alteration, indicative of
a strong hydrothermal mineralizing system, capable of hosting
significant VMS deposits.
The project moved up the VMS Ventures priority list this summer
after Dr. Alan Bailes visited the Reed Lake Deposit and used high
precision rock geochemistry to assist with geological
interpretations. He discovered that the host rocks at the Reed Lake
Deposit are connected to the same rock package hosting the
Dickstone Mine and Morton Lake approximately 30 km north of Reed
Lake.
As a result, the Company has doubled its land position in the
area, including the prospective rock package to the south towards
Reed Lake. The Morton Lake Project now is over 23 km in length and
approximately 90 sq km in area.
VMS has previously surveyed the northern half of the property
with the VTEM airborne system. In late July, VMS geologists began a
program of MMI soil geochemistry over the VTEM anomalies. These
prioritized VTEM targets occur along strike from, and at greater
depths than, the prospective mineralized zones identified from
historical data. These anomalies comprise the preliminary list of
drill targets. Additional targets will be established following
completion of ongoing field work and final review of the historical
data base. An initial drill program is planned for winter 2011.
Copper Project
Advances in exploration technology have created new
opportunities in old areas. The VMS discovery at Reed Lake
indicates the prospectivity of the "covered" areas of the Snow Lake
belt, and how using old data sets with new methodologies and
insights can help the Company locate drill targets in areas that in
the past may have been ignored, left behind, or missed
completely.
Most of the 250 sq km Copper Project, located to the east of
Snow Lake, is covered with a 25 to 40 metre thick dolomite rock
layer. With no outcropping of the prospective volcanic rock, the
team is effectively blind to the property's geology. To rectify
this, the team has analyzed and integrated data from over 200 drill
holes' historical records into the Copper Project database over the
summer. These historical drill records provide a description of the
underlying geology at this large, prospective property.
Other sources of information assisting the team in drill
targeting include the VTEM airborne conductivity and magnetic
geophysical surveys and soil geochemical sample surveys.
VMS plans to drill at the Copper Project in winter 2011.
Changes to Land Package
Several land packages have been reduced in a rationalization
process to focus exploration and reduce land carrying costs for the
Company. The Company is also selectively adding new properties as
opportunities arise.
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 Coal
Harbor Communications Dale Paruk (604) 662-4505 or Toll Free:
1-877-345-3399 www.vmsventures.com
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