VMS Ventures to Begin Drilling at Its Sails Lake Base Metal/Gold Property Near Snow Lake, Manitoba
October 06 2010 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
that drilling of base metal and gold targets on its 100% optioned
Sails Lake property is planned to commence on, or about, October
12th, 2010.
The Sails Lake property is located 25 km east of the mining
community of Snow Lake, Manitoba and consists of 8 claim blocks
covering an area of approximately 1,900 hectares. The upcoming
drill program will include between 1,500 and 2,000 meters of
diamond drilling and will test multiple base and precious metal
targets. This program is independent of the ongoing drill program
at the Reed Lake deposit, operated by HudBay Minerals Inc. (HBM:
TSX) under a Joint Venture agreement announced July 6, 2010.
Historic base metal drilling at Sails Lake intersected narrow
zones of base metal mineralization and hydrothermal alteration,
characteristic of volcanogenic massive sulphide-type base metal
deposits in the Flin Flon-Snow Lake belt. Exploration at Sails Lake
has been minimal, with no diamond drilling since 1960.
Past exploration on the Sails Lake property also focused on
high-grade gold targets exposed at surface by trenching. The
interest in the area was attributed to the geological similarities,
including structural style and mineralogical associations, to the
gold mineralization mined at the Snow Lake Gold Mine, which is now
operated by Alexis Minerals (AMC: TSX), Alexis Minerals reported
total Snow Lake Mine Property Measured and Indicated 3,531,000
tons, 0.152 oz/t, 535,000 contained ounces and total Snow Lake Mine
Property Inferred Resources 2,367,418 tons, 0.152 oz/t, 356,229
contained ounces in its NI 43-101 Preliminary Assessment Report in
April 2010.
SAILS LAKE PROJECT
VMS Ventures' exploration has been ongoing at Sails Lake since
2007 and has resulted in the development of an integrated,
multi-level database. The database includes VTEM airborne
geophysical surveys, geological mapping and prospecting results,
high-precision trace element rock geochemistry, Mobile Metal Ions
soil geochemical surveys and a compilation of all previous work on
the property including historical drill hole logs and assays. Two
distinct styles of mineralization are present, volcanogenic massive
sulphide-type zinc-copper-gold-silver and structurally-controlled
high-grade gold.
1) Base Metal Massive Sulphide-Type Targets
Geological mapping and geochemical studies by Company geologists
show that the property is underlain by primitive arc volcanic
rocks, the principal host rocks for base metal deposits in the Flin
Flon-Snow Lake belt. Mapping has also identified a previously
unrecognized 3km by 1.5 km domain of felsic volcanic rocks and
significant areas of hydrothermally altered mafic volcanic rocks
stratigraphically below the felsic complex. Because historic
mapping showed the area to be underlain by ocean floor mafic
volcanic rocks, it is under-explored for base metal mineralization.
Additional staking has followed volcanic rocks to the south and
east, along strike, which are believed to be a continuation of the
VMS prospective arc volcanic rocks.
2) Structurally-Controlled Gold Mineralization
An Induced Polarization (I.P.) survey by Matrix Geotechnologies
Ltd. is underway covering areas where assays of outcrop rock chip
samples collected from historic surface gold showings have returned
results as high as 64 g/t gold. The I.P. survey is designed to
identify concentrations of disseminated mineralization, such as
that associated with the historic high-grade gold showings on the
property. This area of gold mineralization has also been the focus
of MMI soil geochemical surveys and when integrated with the IP
database will generate final drill targets.
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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