VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the discovery of high grade copper on its Super Zone property. Hole
RLE006 intersected two zones of mineralization within a bimodal
(rhyolite / basalt) volcanic sequence located 1.8 kilometres
northeast of the Reed Copper Deposit.
The first zone intersected 7.18 metres of 7.44% copper (from
133.89 to 141.07 metres) and a second zone intersected 44.49 metres
of 0.79% copper and 0.39% zinc (from 214.00 to 258.49 metres). The
initial hole in this zone was RLE004 targeting a 1 kilometre long
VTEM airborne anomaly with coincident magnetics. This hole
intersected 0.34 metres grading 5.41% Cu. The follow-up borehole
pulse electromagnetic survey indicated two conductive targets and
was followed up with discovery hole RLE006.
The Super Zone property is part of a parcel of properties
adjacent to the Reed deposit which are under option to VMS' joint
venture partner HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM)
("HudBay"). HudBay has the right to earn a 70% joint venture
interest in the option properties and, upon earning such interest,
VMS would retain a 30% interest.
Neil Richardson, VMS' Chief Operating Officer states: "We are
very excited with the potential of this high grade copper discovery
on our Super Zone property. All of the largest deposits in the belt
are associated with bimodal volcanism and this has all the earmarks
of such a discovery. This discovery signifies the potential of a
new camp emerging with our partner HudBay. HudBay is continuing
exploration with two diamond drills testing geophysical and
geological targets on the option properties. VMS management would
like to congratulate the HudBay technical team for this discovery,
which took place in their first drill program on the property."
Option Properties Assay Data:
---------------------------------------------------------------------------
Hole Number From (m) To (m) Length (m) Cu % Zn % Au (g/t) Ag (g/t)
---------------------------------------------------------------------------
RLE004 275.87 276.21 0.34 5.41 0.27 1.58 26.74
---------------------------------------------------------------------------
RLE006 133.89 141.07 7.18 7.44 0.23 0.48 7.57
---------------------------------------------------------------
214.00 258.49 44.49 0.79 0.39 0.16 1.58
---------------------------------------------------------------------------
RLE001-003
and RLE005 No Significant Assays
---------------------------------------------------------------------------
True widths unknown
Option Properties Collar Information:
---------------------------------------------------------------------------
UTM
UTM East UTM North Elevation Length
Hole Number (1) (1) (1) Azimuth (2) Dip (metres)
---------------------------------------------------------------------------
RLE001 393334.00 6048883.00 296.00 45.00 -55.00 599.00
---------------------------------------------------------------------------
RLE002 396086.00 6049836.00 295.00 120.00 -75.00 254.00
---------------------------------------------------------------------------
RLE003 392804.00 6048779.00 295.00 130.00 -60.00 260.00
---------------------------------------------------------------------------
RLE004 395050.00 6050455.00 295.00 317.00 -60.00 397.00
---------------------------------------------------------------------------
RLE005 396049.00 6049452.00 295.00 130.00 -60.00 149.00
---------------------------------------------------------------------------
RLE006 395050.00 6050455.00 295.00 335.00 -55.00 341.00
---------------------------------------------------------------------------
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
Reed Copper Project Joint Venture
A preliminary economic assessment and technical activities
required for permitting, including metallurgical and geotechnical
testing and mine design, are underway with the expectation of a
construction decision by year-end.
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 Copper Project 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 property.
For additional details on the Reed deposit, see VMS' NI 43-101
compliant technical report entitled "Technical Report Reed Deposit,
Central Manitoba, Canada" dated March 31, 2011.
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 Copper 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
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jul 2023 to Jul 2024