VMS Ventures Discovers Massive Sulphide Horizon With Zinc-Silver-Gold Mineralization at Its Copper Project, Near Snow Lake, Mani
April 27 2011 - 2:36PM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the discovery of zinc-gold-silver mineralization in drill holes
CP-11-006 and CP-11-012 at its Copper project near Snow Lake. The
Copper project is the one of the Company's largest continuous 100%
owned land packages, covering an area of approximately 200 square
kilometres (80 sq miles), and is located 30 km south of the Town of
Snow Lake.
The drilling targeted anomalies located 3.5 km south of
provincial road 39 in the northeast corner of the Copper project.
The discovery was made testing Versatile Time-Domain
Electromagnetic (VTEM) anomalies.
Neil Richardson, VMS' Chief Operating Officer states: "We are
pleased with the results of this winters' drilling campaign at our
Copper project. We have discovered a new volcanogenic massive
sulphide horizon with intense alteration and highly anomalous
zinc-gold-silver mineralization. Additional work is now being
planned for this horizon. Drill testing of additional VTEM
anomalies in this area will be conducted, as VMS deposits tend to
occur in clusters along such horizons. The massive sulphide
deposits of the Flin Flon - Snow Lake Belt are all located within
volcanic rocks which have undergone intense hydrothermal
alteration. This alteration is evidence of extensive fluid flow
through the volcanic host rocks. The fluids which caused the
alteration have carried base and precious metals, as evidenced by
the enrichment of metals zinc, gold, silver and copper. This
discovery warrants further exploration in this summer's upcoming
program."
The discovery hole, CP-11-006, intersected 2.04m of 1.76% zinc
in an altered mafic tuff. Hole CP-11-012 intersected highly altered
basalts with disseminated sulphides from 169.52 - 194.50m,
including a narrow solid sulphide intersection at 189.27 - 190.05m.
BHPEM surveys indicate a large anomaly near the intersections that
requires follow-up. Holes CP-11-007 to CP-11-011 tested additional
VTEM anomalies elsewhere on the project area, see table below.
Assay Data:
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Length Au Ag
Hole Number From (m) To (m) (m) Cu % Zn % (g/t) (g/t) Zone
---------------------------------------------------------------------------
CP-11-006 226.11 228.15 2.04 0.05 1.76 0.03 0.93 CM-33
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CP-11-007 to 011 No Significant Assays
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CP-11-012 179.73 183.50 3.77 0.05 0.54 0.06 0.72 CM-33
---------------------------------------------------------------------------
CP-11-012 189.27 190.61 1.34 0.01 0.17 0.85 12.07 CM-33
Lower
---------------------------------------------------------------------------
- True widths unknown -
Collar Information:
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UTM
Hole UTM East UTM North Elevation Azimuth Length
Number (1) (1) (1) (2) Dip (metres)
---------------------------------------------------------------------------
CP-11-006 440300.00 6052830.00 280.00 300.00 -55.00 281.00
---------------------------------------------------------------------------
CP-11-007 437910.00 6048760.00 280.00 300.00 -55.00 484.45
---------------------------------------------------------------------------
CP-11-008 436330.00 6048150.00 290.00 140.00 -60.00 320.00
---------------------------------------------------------------------------
CP-11-009 435250.00 6047200.00 290.00 300.00 -65.00 176.00
---------------------------------------------------------------------------
CP-11-010 435250.00 6047200.00 290.00 300.00 -65.00 539.00
---------------------------------------------------------------------------
CP-11-011 437840.00 6048630.00 280.00 300.00 -55.00 446.00
---------------------------------------------------------------------------
CP-11-012 440200.00 6052770.00 280.00 0.00 -60.00 315.00
---------------------------------------------------------------------------
(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. (HBM: TSX, HBM
: NYSE), VMS is a 30% owner and is carried to production.
Reed Lake NI-43-101 Mineral Resource - April 01, 2011
---------------------------------------------------------------------------
Mineral Resource Contained Metal
---------------------------------------------------------------------------
Au Ag Cu Zn Au
Category Tonnes (g/t) (g/t) (%) (%) 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 Launch IR Matt Harrington (613) 882-7467 Launch
IR Dean Hanisch (613) 882-7467
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