VMS Ventures Intersects 1.61 Metres Grading 2.13 g/t Gold in Hole CP-11-013 on its Copper Project, Near Snow Lake, Manitoba
August 18 2011 - 6:30AM
Marketwired
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to update
progress on its Copper project near Snow Lake.
Hole CP-11-013 intersected 1.61 metres grading 2.13 g/t gold on
Versatile Time-Domain Electromagnetic (VTEM) target CE-86. Gold
mineralization is hosted in an altered shear zone with disseminated
sulphides and quartz veins. This target is located 2.5 kilometres
northeast of the Kof zone that hosts an historical (non-compliant
NI 43-101) resource of 257,000 tonnes grading 2.30% copper.
Neil Richardson, VMS's Chief Operating Officer states: "The gold
mineralization on the Copper project is located 2.5 km northeast of
the Kof zone and is the second significant discovery through
drilling, on this project this year. The geology from all of the
drilling to date indicates favourable volcanic stratigraphy, so we
will continue compiling and evaluating targets on the Copper
project."
Since the start of the 2011 winter drilling program, twelve
diamond drill holes have been completed on the Copper project for a
total of 4,665 metres, outlining two areas for additional follow-up
work. This recent discovery along with an anomalous zinc zone,
announced on April 27, 2011, indicates that this project is in
favourable arc-type volcanic stratigraphy, the typical host rocks
to VMS deposits in the belt.
The Copper project is the one of the Company's largest
continuous 100% owned land package, covering an area of
approximately 200 square kilometres (80 sq miles), and its northern
boundary is located 30 km south of the town of Snow Lake.
Additional targeting and compilation work is on-going.
Assay Data:
-------------------------------------------------------------------
Hole From To Length Au Ag
Number (m) (m) (m) Cu% Zn% (g/t) (g/t) Target
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CP-11-013 350.00 351.61 1.61 0.02 0.19 2.13 1.64 CE-86
-------------------------------------------------------------------
-------------------------------------------------------------------
CP-11-014 to 017
incl No Significant Assays
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True widths unknown
Collar Information:
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UTM
Hole UTM UTM Elevation Azimuth Length
Number East (1) North (1) (1) (2) Dip (metres)
-----------------------------------------------------------------------
CP-11-013 434860.00 6040195.00 290.00 269.40 -50.00 392.00
-----------------------------------------------------------------------
CP-11-014 426170.00 6034970.00 290.00 135.00 -55.00 503.00
-----------------------------------------------------------------------
CP-11-015 427460.00 6031360.00 290.00 320.00 -55.00 380.00
-----------------------------------------------------------------------
CP-11-016 428940.00 6032960.00 290.00 142.00 -55.00 404.00
-----------------------------------------------------------------------
CP-11-017 429200.00 6033110.00 290.00 321.00 -55.00 425.00
-----------------------------------------------------------------------
(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 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
----------------------------------------------------------------------------
Mineral Resource Contained Metal
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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.
VMS Ventures owns approximately 45% of North American Nickel
Inc. (TSX VENTURE: NAN). For more information on North American
Nickel Inc., please visit www.northamericannickel.com.
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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