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 optioned properties which surround the Reed JV claims
agreements are part of the land package negotiated with HudBay
Minerals (TSX: HBM)(NYSE: HBM) ("HudBay") to explore the
prospective ground near the Reed Copper Project. HudBay may earn up
to a 70% interest in the option properties.
Twenty-five (25) diamond drill holes have been completed to date
targeting Versatile Time Domain Electromagnetic anomalies (VTEM),
surface pulse electromagnetic anomalies and magnetic features on
the option and joint venture properties. Most of the drilling has
been focusing on a VTEM anomaly located approximately 2.0
kilometres northeast of the Reed Copper deposit which hosts an
indicated resource of 2.6 million tonnes grading 4.52% copper,
0.91% zinc, 0.64 g/t gold, 7.86 g/t silver (NI 43-101, April 2011).
Results from earlier drilling on the target 2 km north of the Reed
Copper deposit, have returned 7.18 metres of 7.44% copper (May,
2011) and 2.23 metres of 5.94% copper (August, 2011) on this
target. Drilling was suspended for two weeks in July for holidays
and has now returned to full operation. Assays are pending, and are
expected shortly (see Figure 1 - Superzone Discovery Area).
HudBay is continuing to drill VTEM anomalies on the option
properties and conduct additional Time-Domain Electromagnetic
ground surveys (TDEM) and borehole pulse electromagnetic surveys
(BHPEM) 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 Copper deposit is a base metal, polymetallic,
massive sulphide-type deposit located approximately 100 kilometres
by paved highway 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
Metallurgical Services in Kamloops, BC with results expected in Q4
2011. Geotechnical drilling is complete and reports are forthcoming
by Golder Associates, with results expected very shortly.
To view the image "Figure 1 - Superzone Discovery Area"
associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/vms99.jpg
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 Copper
deposit. 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 1,285 metres in five holes have been completed on
this new discovery and additional 944 metres in three holes have
been completed on additional VTEM targets in the area. Additional
borehole pulse electromagnetic and surface time domain surveys are
planned for later in the year.
Sails Lake
On January 11th, 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 surface. The Sails Lake project is
located 25 km east of the Town of Snow Lake.
A second phase of drilling was completed during the spring of
2011 and was announced on June 8, 2011. Highlights from this
program included 38.79m of 0.68 g/t gold in hole SA11-013, 9.50m of
0.93 g/t gold in hole SA11-014 and 13.41m of 1.48 g/t gold in hole
SA11-015.
A program of line-cutting and Induced Polarization (IP)
geophysical surveys (Matrix GeoTechnologies Ltd.) is now complete.
This data will be incorporated into our 3D modeling program for
planning our next phase of exploration activity. A helicopter
support stripping and geological mapping program was carried out
during the month of July. Three areas were selected for stripping
and channel sampling from the Induced Polarization results and
historical grab samples with highly anomalous gold values. Channel
samples are being sent to TSL Laboratories in Saskatoon for
analysis.
Copper
A total of 4,665 metres were drilled in 12 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 2.04m 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 winter,
2012.
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 were disappointing, but
favourable geology was intersected in the holes. New targets from
the recently completed VTEM survey are being advanced to drill
ready targets for a fall drilling program.
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 was completed in August and results will be
forthcoming shortly. Exploration targeting and evaluation of the
project is scheduled for Q4 of 2011.
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 (613) 882-7467 Launch
IR Dean Hanisch (613) 882-7467
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