VMS Updates Progress on its 2011 Exploration Programs in the Flin Flon - Snow Lake Greenstone Belt, Manitoba
May 09 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to update
its shareholders on the Company's ongoing exploration programs on
its extensive land package in the Flin Flon - Snow Lake Greenstone
Belt, Manitoba.
VMS EXPLORATION PROPERTIES
VMS-HUDBAY OPTION AND JV PROPERTIES
Option properties (Tower Zone, Super Zone, Northeast and
Northwest)
The four option agreements are part of the land package
negotiated with HudBay Minerals (TSX: HBM)(NYSE: HBM) ("HudBay") to
explore the prospective ground near the Reed Lake deposit. HudBay
may earn up to 70% of the option properties.
Airborne surveys (VTEM), data compilation and limited soil
geochemistry (MMI) over specific targets have been completed on the
option properties. Four drill holes have now been completed,
testing VTEM and BHPEM anomalies. Hole RLE002 tested BHPEM target
from hole RN-10-07, hole RLE003 tested a weak VTEM with magnetic
coincidence located 1.1 km west of the Reed Lake deposit, and
RLE004 targeted VTEM anomaly VT119 with magnetic coincidence
located on the Super Zone option and deepened TZ-09-11 to test
BHPEM targets. Assays are pending.
HudBay is continuing to drill VTEM anomalies on the option
properties and is conducting additional Time-Domain Electromagnetic
ground surveys (TDEM) for follow-up drilling programs.
Reed Lake - Joint Venture
On July 6, 2010, VMS announced a joint venture agreement with
HudBay to develop the Reed Lake property and the two claims
immediately to the south. VMS has a 30% carried interest and HudBay
has a 70% interest and will act as the operator of the joint
venture. 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. On
April 1, 2011, VMS announced a NI 43-101 geological resource of 2.6
million tonnes grading 4.52% copper and 170 thousand tonnes grading
4.26% copper in the indicated and inferred categories,
respectively. Metallurgical samples have been sent to G and T
Laboratories in Vancouver, with results expected later in the
summer. Geotechnical drilling is on-going and being supervised by
Golder Associates, with results expected in the coming months. Hole
RLE001 was designed to test the magnetic anomaly just west of the
deposit. However, while this hole intersected magnetite, no
economic sulphides were present. Diamond drilling is currently
on-going with hole RD-08-42 be deepened to approximately 1,200
metres. The drill is testing a broad approach borehole pulse
electromagnetic anomaly. A prefeasibility study is proposed with an
underground bulk sample for metallurgical work and ore resource
reconciliation.
100% OWNED PROPERTIES
Cowan River
The Cowan River Project is located 45 kilometres southwest of
the town of Snow Lake, and 8 kilometres east of our Reed Lake
discovery. VMS Ventures announced a copper discovery on April 13,
2011, in hole RE-11-001, grading 9.81% copper over 1.37 metres. To
date, a total of 834 metres in three holes have been completed on
this new discovery and additional 666 metres in two holes have been
completed on additional VTEM targets in the area. Additional
drilling on this discovery and other un-tested VTEM anomalies will
take place in summer 2011.
Sails Lake
On January 11, 2011, the Company announced a gold discovery at
its Sails Lake Project featuring an intercept of 56.89 metres
(186.65 feet) grading 1.21 grams/tonne gold. The mineralized zone
occurs within 40 metres of the surface. The Sails Lake Project is
located 25 km east of the town of Snow Lake.
A follow-up program of line-cutting and Induced Polarization
(IP) geophysical surveys is now complete with the final
interpretations forthcoming. Diamond drilling is currently being
carried out near the discovery and will be followed up with
trenching and geological mapping later this summer.
Copper
A total of 2,560 metres were drilled in 7 holes on the Company's
Copper Project located approximately 30 km south of the mining
community of Snow Lake, Manitoba. On April 27, 2011, the Company
announced a new zinc discovery in hole CP-11-006, grading 1.76%
zinc over 2.04 metres and follow-up hole CP-11-012 intersected
anomalous zinc, gold and silver. The company is now reviewing data
and assessing additional VTEM targets in the vicinity of this
discovery. Additional drilling is being planned for summer
2011.
Morton Lake
The Morton Lake Project is located 25 km west of Snow Lake and
within 500 metres of the past-producing Dickstone copper-zinc
deposit. A deep-penetrating, ground based Time Domain
Electromagnetic geophysical survey was completed by Koop
Geotechnical Inc. during the first quarter of 2011. The 54 line
kilometre survey assessed a long portion of favourable stratigraphy
that hosted the nearby Dickstone copper-zinc deposit. Geotech Ltd.
completed 340 line kilometres "Versatile Time Domain
Electromagnetic" (VTEM - plus) airborne survey over our recently
acquired southern claim blocks. A total of 957 metres in 3 holes
have been completed to date, assay results pending.
Farwell
The Farwell Project surrounds the McClarty Lake Project of
Troymet Exploration Corporation who announced a discovery on May
15, 2008, returning 1.47% zinc and 0.31% copper over 43.05 metres,
including 3.46% zinc over 15.3 metres. Geotech Ltd. completed 3,581
line kilometres of (VTEM - plus) over the project in preparation of
follow-up geochemical survey "Mobile Metal Ion" (MMI) and diamond
drilling. VMS will determine its next exploration program over the
next few months.
Ruttan and Fox
The Ruttan and Fox Projects are located in the Lynn Lake - Leaf
Rapids Greenstone Belt in northern Manitoba. This belt is part of
the northern Trans-Hudson orogeny and hosts the past producing
Ruttan mine (69.8 MT at 1.28% Cu and 1.40% Zn) and Fox mine (10.8
MT at 1.81% Cu and 1.77% Zn) historical geological resource, non NI
43-101 compliant. The company is currently compiling historical
information and integration of a recent VTEM survey to augment our
MMI soil survey which is scheduled for Q3. Exploration targeting
will commence shortly.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO
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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