VMS Ventures Intersects Second Copper Occurance at Cowan River Snow Lake, Manitoba
July 28 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce
the results from its recent drill program at the Cowan River zone
and VTEM target R-4 (see table below). Hole RE-11-007 intersected
1.40% copper over 3.06 metres testing for a continuation of
mineralization at the Cowan River zone discovered this past winter
by the Company. A separate hole was drilled to test a VTEM airborne
conductor and magnetic anomaly located 2 km south of the Cowan zone
reporting 1.12% copper over 0.47 metres in hole number RE-11-006.
Drilling focused on our recently discovered Cowan River zone
(see press release dated April 13, 2011) and a new VTEM anomaly
located 2 km south of the Cowan River zone. Two holes were drilled
targeting the strike extension of the Cowan River zone and
intersected favourable geology with narrow copper values within
chloritized basalts. Stringer sulphide feeder veins within strongly
chlorite altered volcanic rocks are a common feature around VMS
type deposits mined in the belt. A detailed review of all
borehole/surface pulse electromagnetic data and 3D modeling are
underway prior to the next phase of drilling.
Drilling of VTEM target 'R-4' located 2 km south of the Cowan
River zone resulted in an intersection of 1.12% Cu over 0.47 metres
in hole RE-011-006. This mineralization is hosted within altered
basalts, which is very similar to the Cowan River zone and is in
the same geological environment that hosts the Reed Copper deposit
located 8 km west. The Reed Copper deposit hosts a NI 43-101
compliant indicated resource of 2.55 MT of 4.52% copper and 0.91%
zinc.
Plans are now underway to complete a surface DPEM survey between
this new discovery at VTEM target 'R-4' and the Cowan River zone
(see figure 1, visit the following link:
http://media3.marketwire.com/docs/ProposedDPEMgrid.jpg). The Reed
Lake MEL (Cowan River) is a 100% owned land package, 68 sq. km in
area and is adjacent to VMS Ventures' joint venture - option
properties with HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM).
Neil Richardson, VMS' Chief Operating Officer states: "We are
pleased that this drilling has intersected additional copper
mineralization at the Cowan River zone and that a second occurrence
of VMS style copper mineralization has been discovered 2 km away.
Strong chlorite alteration and highly anomalous values in hole
RE-11-006 confirm that we are in a highly prospective belt and
further geophysical surveys and a review of BHPEM/DPEM data and 3D
geological modeling are planned ahead of the next phase of
drilling."
Assay Data:
--------------------------------------------------------------------------
From To Length Au Ag
Hole Number (m) (m) (m) Cu % Zn % (g/t) (g/t) Target
--------------------------------------------------------------------------
RE-11-006 202.26 202.73 0.47 1.12 0.03 0.03 3.30 R-4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
RE-11-007 164.33 167.39 3.06 1.40 0.02 0.03 2.29 Cowan River
--------------------------------------------------------------------------
--------------------------------------------------------------------------
RE-11-008 30.65 31.31 0.66 1.00 0.03 0.96 1.90 Cowan River
--------------------------------------------------------------------------
-True widths unknown-
Collar Information:
---------------------------------------------------------------------------
UTM
Elevation Azimuth Length
Hole Number UTM East(1) UTM North(1) (1) (2) Dip (metres)
---------------------------------------------------------------------------
RE-11-006 401610.00 6045775.00 287.00 270.00 -50.00 278.00
---------------------------------------------------------------------------
RE-11-007 401650.00 6047788.00 290.00 215.00 -50.00 245.00
---------------------------------------------------------------------------
RE-11-008 401650.00 6047788.00 290.00 270.00 -50.00 206.00
---------------------------------------------------------------------------
(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 BTW 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 and analytical
standards.
The Company's Reed Lake deposit (NI 43-101 compliant Indicated
Mineral Resource of 2.55MT 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
------------------------------------------- --------------------------------
Mineral Resource Contained Metal
------------------------------------------- --------------------------------
Au Ag Cu Zn Au Ag
Category Tonnes (g/t) (g/t) (%) (%) oz 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
------------------------------------------- --------------------------------
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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