VMS Ventures Reports Mineralization at 30 Metres From Surface in Zone 30 (Zinc-Copper Lens), Including 15.7m of 6.57% Zinc, From
December 16 2010 - 3:30PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
drill and assay results from the initial in-fill diamond drill
program at the Reed Lake deposit, near Snow Lake, Manitoba, Canada.
These results are from holes RDL009 to RDL014 inclusive. They were
designed to test the zinc - copper rich lens (zone 30) located near
surface. See figure 1, below, which is a plan view of the diamond
drill holes and mineralized zones.
Neil Richardson, VMS' Chief Operating Officer, states: "The
results for the upper zinc - copper rich lens (zone 30) are very
encouraging as they show that the deposit comes within 30 metres of
surface, which suggests it is amenable to ramp development and
early production from an underground operation. The results
emphasize the metal zonation in this polymetallic deposit which, in
addition to copper and zinc, also carries appreciable amounts of
gold and silver. Metal zonation and significant precious metal
credits are common characteristics of massive sulphide deposits in
the Snow Lake camp."
Holes RLD009 to RLD012 inclusive were drilled on section line 50
and on the eastern edge of zone 30. Assays have been received for
holes RLD009 to RLD014 and are tabled below:
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Hole From To Length Au Ag Cu Zn
Number (m) (m) (m) (g/t) (g/t) (%) (%) Zone
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RLD009 129.26 139.04 9.78 1.79 24.55 1.13 4.60 30
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75.74 91.90 16.16 1.59 15.86 1.27 3.21 30
RLD010 ------------------------------------------------------------------
119.47 122.00 2.53 0.03 1.04 0.38 3.48 120
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RLD011 48.75 67.14 18.39 1.42 19.07 2.23 3.27 30
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RLD012 35.84 51.60 15.76 1.30 13.55 1.53 6.57 30
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RLD013 No Significant Mineralization
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RLD014 No Significant Mineralization
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True widths unknown
The in-fill program is the first phase of drilling at the Reed
Lake project under a joint venture formed between VMS and HudBay
Minerals Inc. (TSX/NYSE:HBM) ("HudBay"). The Reed Lake deposit is a
base metal, polymetallic, massive sulphide-type deposit located
approximately 100 kilometers from HudBay's concentrator in Flin
Flon, Manitoba. Two drills are currently operating on site at Reed
Lake. One drill is conducting in-fill drilling in preparation for a
National Instrument 43-101 mineral resource estimate, which is
expected in the first quarter of 2011. A second drill is drilling
deeper exploration holes down plunge to the west of the deposit. On
December 10, 2010 VMS reported that the first step out drill hole
at Reed Lake intersected 10 metres of 2.39% copper 214 metres down
plunge of the known deposit.
Reed Lake Collar Information
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UTM UTM UTM
Hole North East Elevation Azimuth Length
Number (1) (1) (1) (2) Dip (metres)
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RLD009 6048881.4 394013.9 296.25 225 -70 302
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RLD010 6048873.3 394004.9 296.15 225 -60 251
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RLD011 6048866.5 393997.8 298.06 225 -45 224
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RLD012 6048856.6 393986.7 296.12 225 -43 149
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RLD013 6048832.2 394034.5 296.62 225 -43 236
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RLD014 6048849.0 394051.8 295.82 225 -65 260
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
Drill holes RLD013 and RLD014 were collared on section line 0
and were drilled outside the known mineralized envelopes and
testing for extensions of the mineralization laterally towards the
southeast. These two holes failed to intersect any significant
mineralization.
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.
For additional details on exploration at the Reed Lake deposit,
see VMS' press releases issued between September 17, 2007 and
December 10, 2008, available at www.sedar.com.
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/VMSmap.pdf
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 Launch IR Matt Harrington (613) 882-7467 Launch
IR Dean Hanisch (613) 882-7467
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