VMS Ventures Discovers High Grade Copper Zone Near Surface: 9.81% Copper Over 1.37m Within 6.59m of 2.25% Copper in Hole RE-11-0
April 13 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
initial drill results for base metal targets on its Cowan River
project near Snow Lake. The Cowan River property is located 7.5 km
east of the Company's Reed Lake copper-zinc deposit and 8.1 km west
of the past-producing Spruce Point deposit and 1.5 km south of
provincial road 39 (to view a map, please click here:
http://www.vmsventures.com/Theme/VMS/files/VMS_Manitoba_V3.pdf).
Neil Richardson, VMS' Chief Operating Officer states: "This new
discovery on our 100% owned project is very exciting as Cowan River
is close to our Reed Lake deposit and the former Spruce Point mine
and occurs within the same belt of volcanic rocks that hosts
numerous VMS-type deposits, including the past-producing Dickstone
copper-zinc mine. The strongly chloritic style of alteration of the
Cowan River host basalt and the high-grade copper mineralization
closely resemble the Reed Lake deposit. Koop Geotechnical has
completed a borehole pulse electromagnetic survey and assay data
from outstanding core samples will be available shortly. Additional
exploration is warranted on this discovery."
At Cowan River, airborne geophysical targets (VTEM) were tested
by five drill holes totaling 1,500 metres. Hole RE-11-001
intersected 6.59 metres of 2.25% copper and 0.61% zinc including
1.37 metres of 9.81% copper and 1.46% zinc in near solid and
disseminated sulphide within chloritized basalt. The intersection
occurred approximately 75 metres vertically from surface.
Pervasive chloritization of the footwall basalt and the style of
copper-rich mineralization are similar to the Reed Lake deposit and
is typical of alteration associated with volcanogenic massive
sulphide-type deposits. Assays are pending for samples from holes
RE-11-002 to -005, inclusive. Holes RE-11-002 and -003 tested VTEM
targets northeast of the copper-rich mineralization in DDH
RE-11-001. Holes RE-11-004 and -005 were drilled to follow-up
results in DDH RE-11-001.
Assay Data:
---------------------------------------------------------------------------
Hole From To Length Cu Zn Au Ag
Number (m) (m) (m) % % (g/t) (g/t) Zone
---------------------------------------------------------------------------
RE-11-001 101.78 108.37 6.59 2.25 0.61 0.28 4.72 Cowan River
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RE-11-001 102.24 103.61 1.37 9.81 1.46 1.05 19.48 Including
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RE-11-002 to -005 Assays Pending
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True widths unknown
Collar Information:
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UTM UTM UTM
Hole East North Elevation Azimuth Length
Number (1) (1) (1) (2) Dip (metres)
---------------------------------------------------------------------------
RE-11-001 401655.00 6047750.00 283.00 270.00 -50.00 239.00
---------------------------------------------------------------------------
RE-11-002 403980.00 6048350.00 287.00 290.00 -50.00 287.00
---------------------------------------------------------------------------
RE-11-003 402545.00 6048687.00 295.00 90.00 -50.00 379.00
---------------------------------------------------------------------------
RE-11-004 401650.00 6047788.00 283.00 235.00 -62.00 281.00
---------------------------------------------------------------------------
RE-11-005 401650.00 6047788.00 283.00 215.00 -67.00 314.00
---------------------------------------------------------------------------
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
The original drill targeting for this discovery was Geotech Ltd.
Versatile Time-Domain Electromagnetic survey (VTEM) with
interpretation completed by Condor Consulting Ltd. of Denver,
Colorado. This data was then incorporated into ArcView (GIS) and
Gemcom® and integrated with historical and geochemical data.
Follow-up work consisted of borehole and surface pulse
electromagnetic surveys, geochemical whole rock sampling of diamond
drill core and 3D geological modeling. Additional drilling is being
planned on this target for Q2 or Q3, 2011 pending ground
conditions.
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 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 a and analytical
standards.
The Company's Reed Lake deposit (NI 43-101 compliant Indicated
Mineral Resource of 2.6MT of 4.52% copper - in press release dated
April 1, 2011, see table below) is currently being developed by VMS
Ventures joint venture partner HudBay Minerals Inc. (TSX:
HBM)(NYSE: HBM), VMS is a 30% owner and is carried to
production.
Reed Lake NI 43-101 Mineral Resource - April 01, 2011
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Mineral Resource Contained Metal
------------------------------------------- -------------------------------
Au Ag Cu Zn Au Ag Cu Zn
Category Tonnes (g/t) (g/t) (%) (%) oz oz lbs lbs
---------------------------------------------------------------------------
Indicated 2,550,000 0.64 7.86 4.52 0.91 52469 644382 253572000 51051000
Inferred 170,000 0.38 4.55 4.26 0.52 2077 24868 15932400 1944800
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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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