VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the latest drill and assay results from the in-fill diamond drill
program at the Reed Lake deposit, near Snow Lake, Manitoba, Canada.
These latest results are from holes RDL016 to RDL022 inclusive
which, were designed to test the continuity and lateral extent of
the zinc-copper rich lens (zone 30) which extends vertically near
to surface. See figure below for drill hole traces and mineralized
zone outlines.
Drill highlights include:
RDL020 reporting 32.28 metres grading 3.41% copper - 1.33% zinc
- 2.1 g/t gold - 22.03 g/t silver
RDL021 reporting 28.05 metres grading 4.85% copper - 1.75% zinc
- 2.35 g/t gold - 25.69 g/t silver
RDL022 reporting 8.90 metres grading 3.95% copper - 4.14% zinc -
1.92 g/t gold - 25.78 g/t silver
These results are part of the first phase of drilling at the
Reed Lake project under a joint venture agreement formed between
VMS and HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) ("HudBay"). The
Reed Lake deposit is a base metal, polymetallic, massive
sulphide-type deposit and is located approximately 100 kilometers
from HudBay's concentrator in Flin Flon, Manitoba. The program is
proceeding on schedule with 30 holes now completed.
Two drills are currently operating at the Reed Lake Joint
Venture site focusing on completing in-fill drilling on the copper
rich lens (zone 10) and defining the mineralization up-plunge from
the step out hole RLD015 announced December 10th, 2010. Drill hole
RLD015, was a significant first step-out from the deposit which
intersected massive sulphide mineralization 214 metres down plunge
of the deposit, the current drill program at Reed Lake is expected
to provide the data necessary for defining the deposit in
preparation for a National Instrument 43-101 mineral resource
estimate, which is scheduled for completion by March 31, 2011.
Neil Richardson, VMS' Chief Operating Officer states: "These
results for the upper zinc-copper-rich lens in zone 30 and
copper-zinc rich lens in zone 20 are consistent with our working
deposit model and provide us the definition required to complete an
initial resource estimate. Copper and zinc metal zonation and
significant precious metal credits are common characteristics of
massive sulphide-type deposits in the Snow Lake camp."
Assays have been received for holes RLD016 to RLD022 and are
tabled in detail below:
Reed Lake Assay Data:
---------------------------------------------------------------------------
Hole From To Length Au Ag
Number (m) (m) (m) Cu % Zn % (g/t) (g/t) Zone
---------------------------------------------------------------------------
RLD016 218.73 221.00 2.27 1.13 0.25 0.11 2.93 120
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLD017 No Significant Assays
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLD018 244.14 244.44 0.30 4.20 1.79 0.93 20.23 120
-----------------------------------------------------------------
371.00 371.50 0.50 1.14 0.02 0.07 3.77 99
-----------------------------------------------------------------
407.88 410.73 2.85 7.05 4.44 1.39 11.89 10
-----------------------------------------------------------------
435.00 440.00 5.00 0.10 1.01 0.00 0.48 110
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RLD019 162.00 167.00 5.00 0.64 5.60 0.28 3.67 30
-----------------------------------------------------------------
262.80 263.84 1.04 0.76 1.99 0.04 1.03 120
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLD020 75.02 107.30 32.28 3.41 1.33 2.10 22.03 30
-----------------------------------------------------------------
185.40 191.92 6.52 5.45 1.24 0.39 7.52 20
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLD021 55.95 84.00 28.05 4.85 1.75 2.35 25.69 30
-----------------------------------------------------------------
124.66 125.58 0.92 2.96 0.07 0.61 3.43 20
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLD022 45.90 54.80 8.90 3.95 4.14 1.92 25.78 30
---------------------------------------------------------------------------
- True widths unknown
Reed Lake Collar Information:
---------------------------------------------------------------------------
Hole UTM UTM UTM Azimuth Length
Number North (1) East (1) Elevation (1) (2) Dip (metres)
---------------------------------------------------------------------------
RLD016 393890.9 6048983.5 295.3 383.0 -65.5 225.0
RLD017 393892.3 6048971.5 295.7 221.0 -53.7 225.0
RLD018 393904.0 6048988.0 295.6 506.0 -66.8 225.0
RLD019 394000.0 6048911.0 295.0 308.0 -73.0 225.0
RLD020 393991.2 6048893.0 295.9 281.0 -65.5 225.0
RLD021 393990.5 6048892.5 295.7 250.0 -53.9 225.0
RLD022 393974.0 6048880.0 296.0 303.0 -44.3 220.0
---------------------------------------------------------------------------
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
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.
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.
To view planview of lens 30 and 20 excluding lens 10 at the Reed
Deposit, please click here:
http://media3.marketwire.com/docs/vmss0131.pdf.
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 or Dean Hanisch (613)
882-7467
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