VMS Ventures Reports 58.89 Metres of 1.21 g/t Gold Including 9.89 Metres of 5.13 g/t Gold in Diamond Drill Hole SA-10-007, Sails
January 11 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
that drilling of base metal and gold targets on its Sails Lake
property is complete. Drill hole SA-10-007 intersected the Long
Zone mineralization 75 metres below historical trenching that
returned 14.0 metres of 1.70 g/t gold. No historical drilling was
performed on this target.
Neil Richardson, VMS' Chief Operating Officer states: "We are
obviously pleased with the results of hole SA-10-007. They indicate
the potential for a low grade - bulk tonnage deposit on our Sails
Lake project, though it should be noted that some very high-grade
gold was intersected within the mineralized interval. High-grade
gold mineralization has also been discovered in outcrop elsewhere
on the property from historic exploration and these occurrences
will be investigated in subsequent programs. The mineralization of
the Long Zone consists of disseminated blebs, specks and bands of
arsenopyrite within a silicified - albitized alteration halo in a
diorite host rock. Additional geophysical, geological and
geochemical surveys and diamond drilling are now being planned for
early Q2 2011."
The original drill target was based on the presence of a
mineralized outcrop exposed in a trench with coincident induced
polarization chargeability anomalies and strongly elevated Mobile
Metal Ions soil geochemical anomalies. A follow-up 3D IP survey,
detailed surface rock and soil geochemical surveys and geological
mapping are being planned for the next stages of exploration on the
property. There are several additional surface gold showings on the
property which will be examined in greater detail as a result of
the drilling success at the Long Zone. Drill core is being sampled
for thin sections to confirm the mineralogical siting of the gold
mineralization. High precision trace element geochemistry will also
be undertaken to determine the original rock type hosting the gold
mineralization and to assist geological mapping on the
property.
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 1900 hectares. The diamond
drilling program tested multiple base and precious metal targets
with ten (10) holes drilled for a total of 1967.31 metres. This
program is independent of the drill program, and other activities
at the Reed Lake deposit, operated by HudBay Minerals Inc. (HBM:
TSX) under a Joint Venture agreement announced July 6, 2010.
Sails Lake base metal drilling program (holes SA-10-001 -
SA-10-006A) focused on electromagnetic and magnetic anomalies
within favourable volcanic host rocks. Although the program was
successful in explaining these anomalies, no economic
mineralization was intersected.
Sails Lake Assay Data - gold targets only (uncut)
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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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60.00 118.89 58.89 1.21 0.38 - - Long
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SA-10-007 61.18 71.07 9.89 5.13 0.50 - - Including
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63.34 63.89 0.55 68.38 1.50 - - Including
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105.29 105.75 0.46 0.95 1.50 - - Garlic
SA-10-008 ---------------------------------------------------------------
176.95 177.95 1.00 0.75 0.57 - - Garlic
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SA-10-009 No Significant Mineralization
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True widths unknown
Sails Lake Collar Information
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UTM UTM UTM
Easting Northing Elevation Azimuth
HOLE Number (1) (1) (1) LENGTH (2) Dip
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SA-10-001 466040 6085730 300 188 200.6 -48.5
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SA-10-002 464432 6085488 297 236 200 -50
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SA-10-003 465010 6085360 297 277 200 -50
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SA-10-004 467010 6084430 281 159.31 280 -50
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SA-10-005 467579 6083058 284 185 307 -60
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SA-10-006 464840 6086530 282 35 200 -50
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SA-10-006-A 464840 6086530 282 194 200 -50
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SA-10-007 466432 6083673 290 190 335 -50
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SA-10-008 466074 6083996 300 249 358 -50
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SA-10-009 465383 6084162 300 254 357 -50
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
For additional details on exploration on our Sail Lake property,
see VMS' press releases issued between January 24, 2007 and October
6, 2010, available at www.sedar.com.
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 BQ size. The core was logged and
mineralized intersections were marked for sampling and assaying by
geologists and geotechnicians employed by VMS Ventures Inc. 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. Chemical analyses reported in this press
release were performed by TSL Laboratories in Saskatoon. Base
metals were analyzed through atomic absorption spectrometry after a
multi-acid digestion whereas gold was analyzed by fire assay Atomic
Absorption using a 30g charge, with gravimetric finish for assays
greater than 3 g/t. Sampling and analytical procedures are subject
to a comprehensive Quality Assurance and Quality Control program
that includes duplicate samples, blanks and analytical
standards.
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 or Dean Hanisch (613)
882-7467
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