VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to update
its shareholders on the Company's exploration plans on its
extensive 100% held property package in the Flin Flon - Snow Lake
Greenstone Belt, Manitoba, Canada.
100% OWNED PROPERTIES
Exploration and drill permits have now been received for several
of the Company's project areas including Morton Lake, Copper-South,
Copper Extension, Puella East and Sails Lake. More permits for
additional projects are anticipated in the coming weeks. All of
these property packages are owned and operated by VMS Ventures Inc
and are separate from the Company's Reed Lake project Joint
Ventures with HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM).
A drilling contract has been awarded to Westcore Drilling of
Salmo, B.C., and road building and line cutting contracts have also
been signed. As detailed in this release, exploration activities
will commence immediately and the first drill hole is expected to
be collared in the last week of January. This winter's drill
program will test numerous potential base metal VTEM and Time
Domain Electromagnetic anomalies throughout the Company's property
package and is expected to continue into April, or when freeze up
ends.
Morton Lake
The Morton Lake project is located 25 km west of Snow Lake. The
project boundary is within 500 m of the past producing Dickstone
copper-zinc mine. Because of the geological similarity to the rocks
hosting the Dickstone deposit, targets in the northwest portion of
this property are a priority for drilling this season.
The geological rock unit that hosts the Dickstone mineralization
has been mapped on the VMS Morton Lake property and a 1.5 - 2 km
segment will be surveyed using DeepEM ground geophysics. Both the
line-cutting and geophysical surveying contracts have been awarded
and work is expected to commence in the next few weeks.
The DeepEM system being employed is capable of detecting massive
sulphide bodies to depths well below the depth of an airborne
survey, up to 800 m below surface. HudBay Minerals used it to help
discover its Lalor Lake deposit in 2007, approximately 20 km to the
west of the VMS Morton Lake property.
Targets generated from the DeepEM survey, along with airborne
geophysical anomalies already identified elsewhere on the property,
will be drilled this winter. Historical drill records compiled by
the Company indicate abundant disseminated base metal
mineralization accompanied by alteration in these shallow drill
holes. On this basis, the area is interpreted to be highly
prospective for base metal massive sulphide-type mineralization of
economic grade.
Finally, high-precision trace element geochemical studies of the
Reed Lake copper-zinc deposit host rocks were conducted by Dr. Alan
Bailes in 2010. The similarity between the geochemistry of the
VMS/HudBay Reed deposit host rocks and those hosting the Dickstone
deposit resulted in the Company doubling its land position in the
area to 90 sq. km in 2010.
Sails Lake Update
On January 11th 2011, the Company announced a gold discovery at
its Sails Lake project featuring an intercept of 56.89 m (186.65
feet) grading 1.21 grams/tonne gold starting within 40 metres of
surface.
A follow-up program of new line-cutting, Induced Polarization
(IP) geophysical surveys, and Mobile Metal Ion geochemical soil
sampling will commence in February, with outcrop washing, detailed
geological mapping and prospecting for additional outcropping
mineralization to follow in the spring. Drill core samples of the
gold mineralization from hole SA-10-007 have been taken for
petrographic and lithogeochemical study to determine the
mineralogical siting to the gold. Understanding the host lithology
will assist Company geologists in planning the next drill
program.
Paleozoic Cover Projects
Copper Project (Includes Copper North, Copper South and Copper
Extension Properties)
The Copper project covers 185 sq. km of prospective geology in
the Flin Flon Snow Lake greenstone belt of Manitoba. The property
is located approximately 45 km south of the mining community of
Snow Lake, Manitoba where HudBay Minerals operates the Chisel North
zinc-copper-gold-silver mine.
Work permits for the Copper Project have now been received and
drill road construction is underway. Four priority drill targets
have been selected for this program based on the Company's
extensive geological-geophysical-geochemical database for the
property. The four targeted VTEM anomalies have been Maxwell
modeled by Condor Consulting of Boulder, Colorado. Several
volcanogenic massive sulphide-type deposits have been discovered on
or adjacent to the Company's property package and the same host
rocks to the deposits are covered by Company claims or Mineral
Exploration Licenses.
Several hundred discrete geophysical anomalies were detected in
VTEM airborne geophysical surveys commissioned by the Company.
These have undergone preliminary geophysical and geochemical
interpretation, and select target areas have been prioritized for
Maxwell modeling and subsequent drilling.
The Copper Project area is covered by a relatively thin layer
(25 - 40 m) of younger Paleozoic rock. VMS believes many deposits
remain to be discovered in the greenstone belt that underlies the
Paleozoic cover that has impeded historic exploration efforts.
Advances in exploration technology including increased depth
penetration of geophysical and geochemical survey techniques
combined with compilation of historical data sets provide
exploration geologists a new opportunity to discover new mines in
this area of an under-explored world class belt. The
copper-zinc-gold-silver deposit discovered at Reed Lake by VMS
Ventures in 2007, demonstrates the prospectivity of the "covered"
areas of the Flin Flon-Snow Lake belt.
Upon completion of winter drill roads, diamond drilling
equipment will be mobilized onto collar locations and testing of
targets will commence. Drilling is expected to commence in late
January.
McClarty Lake (Includes McClarty South, McClarty North &
Farwell Properties)
The Company's McClarty Lake project covers an area in excess of
300 sq. km of geology prospective for hosting Volcanogenic Massive
Sulphide copper-zinc-gold-silver deposits like that discovered on
the Company's Reed Lake property in 2007. The property is located
45 km to the southwest of Snow Lake, Manitoba. The McClarty Lake
land package surrounds a base and precious metal discovery made in
the mid 1990's which is now being explored by Troymet Exploration
Corp., and HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM). Drill
intercepts from the property reported by Troymet Exploration Corp.,
include 4 metres grading 4.17 g/t gold in drill hole DYC-016 and
15.30 metres grading 3.46% zinc in drill hole MC08-08.
Significant drilling activity on the 5 claims in the area being
explored by Troymet and HudBay Minerals, which cover an area of
approximately 6 sq. km, is expected at these properties during the
upcoming drill season. VMS will assess the results of this program,
and develop targets on its adjacent claims that occur along strike
of the Troymet-HudBay mineralized horizon. Drilling permits for the
Company's properties are pending.
Other Properties:
Exploration and drill permits are pending for the Leak Lake,
9-7, and Reed properties. Drill collar locations will be based on
Maxwell modeled VTEM anomalies with significant Mobile Metal Ion
geochemical signatures. Additional information regarding drill
targets on these properties will be released upon receipt of work
permits.
UPDATE ON THE VMS-HUDBAY REED LAKE DEPOSIT JOINT VENTURES
HudBay Minerals Inc. has now released results of the first 14
infill drill holes from its initial diamond drill program at Reed
Lake. In a December 10th 2010 news release it was announced that
the first step out drill hole RLD015 testing for mineralization
outside of the known deposit was successful and intercepted 10 m of
massive sulphide 210 m down plunge of the deepest hole previously
drilled on the deposit. HudBay has reported that they intend to
complete a National Instrument 43-101 resource estimate for the
deposit within the first quarter of 2011. Definition drilling has
now been completed with results available in the next few weeks.
The focus will now be on defining the mineralization up-plunge from
RLD015 to previous drilling by VMS. New step-out targets will also
be tested with the aim of expanding the Reed Lake deposit. Work on
the four optioned property packages surrounding the Reed Lake
Deposit joint venture is expected to begin in winter 2011.
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
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
www.vmsventures.com Launch IR Matt Harrington (613) 882-7467 Launch
IR Dean Hanisch (613) 882-7467
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