VMS Reports 50.08 Metres of 6.85% Copper in Hole RLD030 at Reed Lake JV, Indicating Continuity of Mineralization Between the Kno
March 17 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the latest drill and assay results from the in-fill diamond drill
program on the extension of Zone 10 at the Reed Lake
copper-zinc-gold-silver deposit, near Snow Lake, Manitoba, Canada.
These latest results, including holes RLD027 to RLD030, were
testing the extension of Zone 10. The in-fill program for the upper
two lenses is complete and these results focus on Zone 10 between
the 300 and 530 metre levels. This lens was previously extended by
214 metres down plunge of VMS Ventures historical drill holes with
hole RLD015, announced in a press release dated December 10,
2010.
The program is the second phase of drilling at the Reed Lake
project under a joint venture 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 kilometres from HudBay's
concentrator in Flin Flon, Manitoba. The program is proceeding on
schedule with the completion of 35 drill holes and three wedge
holes. Six metallurgical holes are scheduled for completion
shortly.
Reed Lake Joint Venture Results
Neil Richardson, VMS' Chief Operating Officer states: "We are
excited with the latest results for the lower lens (Zone 10) that
indicate the continuity of mineralization between the historical
drilling (2008) and RLD015. These holes confirm this mineralization
and will be included in our NI 43-101 Geological Resource which is
scheduled for completion in three to four weeks."
Assays have been received for holes RLD027 to RLD030 and are
tabled below:
Reed Lake Assay Data:
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Hole Number From (m) To (m) Length (m) Cu % Zn % Au (g/t) Ag (g/t) Zone
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RLD027 540.40 548.47 8.07 4.04 0.74 1.01 8.02 10
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RLD028 539.77 550.00 10.23 2.18 0.15 0.82 5.05 10
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RLD029 405.06 443.51 38.45 4.35 0.07 0.14 2.92 10
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RLD030 471.70 521.78 50.08 6.85 0.20 0.80 9.08 10
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- True widths unknown -
Reed Lake Collar Information:
--------------------------------------------------------------------------
UTM
UTM East UTM North Elevation Length
Hole Number (1) (1) (1) Azimuth (2) Dip (metres)
--------------------------------------------------------------------------
RLD027 393736.5 6049095.4 296.0 205.0 -68.0 692.0
RLD028 393736.8 6049095.6 296.3 195.0 -70.0 677.0
RLD029 393858.5 6048721.1 295.0 350.0 -65.0 500.0
RLD030 393852.4 6049038.6 295.2 219.0 -70.0 605.0
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
Three drills are currently operating at the Reed Lake Joint
Venture site. Two drills are conducting metallurgical drilling
while one machine continues cementing previously drilled holes.
Drilling will continue on the property testing Borehole Pulse
Electromagnetic anomalies for the next month before the drills are
used for anomaly drilling of Versatile Time Domain Electromagnetics
(VTEM) on the Joint Venture property and/or the neighbouring
properties which are under option from VMS to HudBay.
On July 6, 2010 VMS and HudBay announced they had entered into a
joint venture agreement in which HudBay and VMS have 70% and 30%
interests, respectively, in the Reed Lake property and two claims
immediately south of the deposit. The parties have also entered
into four option agreements which grant HudBay the right to earn a
70% interest in properties held by VMS and 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.
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 were 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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