VMS Receives First In-Fill Drill Results From Reed Lake Joint Venture Project-Reports 9.90 Metres of 5.56% Copper and 38.55 Metr
September 27 2010 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
drill and assay results from the first phase of drilling at the
Reed Lake project, a base metal massive sulphide-type deposit near
HudBay Minerals Inc.'s (HBM: TSX) ("HudBay") concentrator in Flin
Flon, Manitoba, Canada.
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. 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 VMS
adjacent to the Reed Lake property.
VMS has been advised by HudBay that nine holes have now been
completed. Assays have been received for in-fill holes RLD001 and
RLD002 and are tabled below.
Reed Lake Drilling highlights:
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Hole From To Length Au Ag Cu Zn
Number (m) (m) (m) (g/t) (g/t) (%) (%) Zone
---------------------------------------------------------------------------
RLD001 129.00 138.90 9.90 0.77 8.21 5.56 0.67 20
---------------------------------------------------------------------------
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RLD002 99.30 113.28 13.98 0.46 5.19 0.94 3.74 30
---------------------------------------------------------------
140.05 178.60 38.55 0.38 4.10 3.81 0.08 20
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True widths unknown
Neil Richardson, VMS' Chief Operating Officer states, "We are
excited to see the grades and thickness of the mineralization from
this in-fill drilling program at Reed Lake. The stacked lenses
indicated by this early drilling emphasize the potential for this
deposit. We look forward to HudBay continuing their definition of
the deposit in preparation for a National Instrument 43-101 mineral
resource estimate, which HudBay has stated is targeted for early
2011."
Reed Lake Collar Information
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UTM UTM UTM
North East Elevation Azimuth Length
Hole Number (1) (1) (1) (2) Dip (metres)
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RLD001 6048903 393961.5 296 220 -45 209
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RLD002 6048910 393968.4 296 224 -60 302
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
$3 Million Exploration Program Approved
A $3 million budget for work on the property for the remainder
of 2010 was approved at a joint management committee meeting held
in Flin Flon on September 9, 2010. Over the coming months a total
of 20 holes are expected to be drilled into the deposit on six
sections spaced roughly 40 - 50 metres apart which are intended to
enable the National Instrument 43-101 mineral resource
estimate.
It is anticipated that drill results will be available for
release on monthly intervals until drilling is completed and the
last assay results are received, which are expected in
December.
For additional details on exploration at the Reed Lake deposit,
see VMS' press releases dated September 17, 2007 - December 10,
2008.
Qualified Person
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.
Quality Assurance and Quality Control
Exploration core drilling was NQ size. The core was logged and
mineralized intersections were marked for sampling and assaying by
geologists and geotechnicians employed by HudBay's Hudson Bay
Exploration and Development Company Limited (HBED) subsidiary. The
marked intersections or intervals were sawn in half by a diamond
saw and one half of the core was placed in plastic bags and tagged
with unique sample numbers, while the second half was returned to
the core box and stored. Each bagged core sample was transported to
HudBay's Hudson Bay Mining and Smelting Co., Limited (HBMS)
subsidiary's assay laboratory in Flin Flon, Manitoba where it was
dried, crushed and pulverized and a 250-gram sample was prepared
for assaying at Acme Analytical Laboratories Ltd., an independent
company in Vancouver, B.C., or the HBMS assay laboratory. From each
250 gram sample 0.25 grams was removed and leached in aqua regia
and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also
from the 250 gram sample, 30 grams was removed for gold
determination by fire assaying with an ICP-AES or gravimetric
finish at the Acme laboratory or an Atomic Absorption or
gravimetric finish at the HBMS laboratory.
Assaying integrity is monitored internally with a quality
control program, which includes the use of assay sample standards,
blanks, duplicates and repeats and externally through national and
international programs. In addition, within each group of 20 core
samples, one core sample has a second 250 gram split collected that
was check assayed at a different laboratory, either the HBMS
laboratory in Flin Flon or at the Acme laboratory in Vancouver,
B.C. This news release provides core lengths and estimates of
vertical thickness only. True widths are not provided. Where metal
assays are provided for intersections they are either a single
assay of a sample of the entire intersection length or a composite
of assays calculated from interval weighted assays over the
intersection length.
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.
Forward Looking Statement
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives
of the Company are forward-looking statements that involve various
risks. The following are important factors that could cause the
Company's actual results to differ materially from those expressed
or implied by such forward-looking statements: changes in the world
wide price of mineral commodities, general market conditions, risks
inherent in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. VMS Ventures
Inc. undertakes no obligation to update such forward-looking
statements if circumstances or management's estimates or opinions
should change. The reader is cautioned not to place undue reliance
on such forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, President, 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
www.vmsventures.com Coal Harbor Communications Dale Paruk (604)
662-4505 or Toll Free: 1-877-345-3399
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