VMS Ventures Reports on Two Additional Holes at Its Cowan River Copper-Zinc Discovery, Near Snow Lake, Manitoba
April 20 2011 - 1:19PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
additional drill results for 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, 8.1 km west of the
past-producing Spruce Point deposit and 1.5 km south of provincial
road 39.
The Cowan River Zone was discovered by drilling an airborne
geophysical (VTEM) anomaly. The discovery was announced April 13,
2011 with hole RE-11-001 intersecting 6.59 metres of 2.25% copper
and 0.61% zinc including 1.37 metres of 9.81% copper and 1.46%
zinc.
Three holes have been drilled at the discovery zone at Cowan
River for a total of 834 metres. Assay results for holes RE-11-04
and RE-11-05 are displayed in the table below. They are collared
near the discovery hole and have intersected favourable alteration
and numerous disseminated to well-mineralized sulphide zones
containing highly anomalous copper and zinc mineralization, with up
to 2.12% copper and 2.04% zinc.
Neil Richardson, VMS' Chief Operating Officer states: "It is
very encouraging to see strong chlorite alteration and the style of
sulphide mineralization resembling stringer zone "feeder pipe"
material which occurs in the footwall or beneath massive sulphide
deposits. As well, this discovery is spatially related to the
former Spruce Point mine and VMS' Reed Lake discovery. Boreholes
have now been completed using pulse electromagnetic technology
("BHPEM") and new anomalies have been identified and incorporated
into the Company's 3D model. Additional exploration on this
discovery is now a high priority for VMS and plans are being
developed for the next phase of work later in the spring."
Additional VTEM anomalies northeast of the Cowan River discovery
were tested by drill holes RE-11-002 and RE-11-003. The anomalies
were explained by the presence of barren sulphide facies iron
formation. No further work is planned on these targets.
Assay Data:
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Hole From To Length Au Ag
Number (m) (m) (m) Cu % Zn % (g/t) (g/t)
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RE-11-004 100.19 101.24 1.05 0.97 0.05 0.03 2.10
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RE-11-004 124.40 124.96 0.56 1.32 0.08 0.03 4.70
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RE-11-004 183.01 184.06 1.05 2.12 0.10 0.21 3.65
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RE-11-004 206.47 208.30 1.83 0.05 2.04 0.03 1.94
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RE-11-005 90.83 91.49 0.66 1.00 0.06 0.03 3.35
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RE-11-005 205.21 207.45 2.24 0.23 1.83 0.03 0.88
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RE-11-005 224.82 226.55 1.73 0.94 0.01 0.03 1.35
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RE-11-002 No Significant Assays
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RE-11-003 No Significant Assays
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True widths unknown
Collar Information: (RE-11-001 - announced in PR April 13, 2011)
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UTM
Hole UTM UTM Elevation Azimuth Length
Number East (1) North (1) (1) (2) Dip (metres)
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RE-11-001 401655.00 6047750.00 283.00 270.00 -50.00 239.00
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RE-11-002 403980.00 6048350.00 287.00 290.00 -50.00 287.00
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RE-11-003 402545.00 6048687.00 295.00 90.00 -50.00 379.00
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RE-11-004 401650.00 6047788.00 283.00 235.00 -62.00 281.00
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RE-11-005 401650.00 6047788.00 283.00 215.00 -67.00 314.00
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
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 30 g assay ton, 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
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Au Ag Cu Zn
Category Tonnes (g/t) (g/t) (%) (%) Au oz Ag oz Cu lbs Zn 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
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