VMS Ventures Inc.: Significant Near Solid to Solid Sulphide Mineralization Intersected
August 23 2013 - 3:01AM
Marketwired Canada
VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased
to announce that North American Nickel Inc. (TSX VENTURE:NAN) ("North American
Nickel" or "NAN"), issued a press release this morning announcing diamond drill
hole MQ-13-026 intersected an 18.62 metre core length of sulphide mineralization
averaging approximately 40 - 45% total sulphides, including numerous sections
containing 65% to 80% sulphides,. VMS owns approximately 27.5% of NAN. The
release is as follows:
"North American Nickel is pleased is pleased to announce that diamond drill hole
MQ-13-026 intersected an 18.62 metre core length of sulphide mineralization
averaging approximately 40 - 45% total sulphides, including numerous sections
containing 65% to 80% sulphides, within noritic host rocks at the Imiak Hill
nickel-copper-cobalt zone on the Maniitsoq project.(see MQ-13-026 table) This is
the latest of three sulphide intersections, all described in this release, that
have been drilled at Imiak Hill in 2013. Drill core has been logged, samples
sawed in half and shipped to ALS Chemex in Sweden for analysis. Assay results
for all three holes are pending and further drilling is planned.
Figure 1 is a high-resolution photograph that documents the entire 18.62 m long
intersection, which includes inclusion-bearing near solid and solid sulphides
NAN COO, Neil Richardson, states: "We are very pleased to report that drill hole
MQ 13-026 is the best intersection we have seen to date with intense sulphides
clearly present and our BHEM surveys indicate that Imiak Hill is still open down
plunge. It is also important to note is that the intensity of the sulphide
mineralization, as shown in the three holes referenced in this release is
increasing with depth. It is common knowledge that most nickel deposits occur
at, or near the base of, mafic intrusions, so we will continue to follow the
high grade mineralization down towards the base of the Imiak Hill mafic norite
intrusion with additional drilling and borehole geophysics."
MQ-13-026 intersected near solid to solid sulphides with numerous sections
containing 65-80% total sulphides, a description of the intersection is given in
the table below:
MQ-13-026 Sulphide intersection
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From (m) To (m) Length (m) Description
----------------------------------------------------------------------------
156.70 157.16 0.46 Norite, well mineralized, 25% sulphide
----------------------------------------------------------------------------
157.16 161.17 4.01 Norite, near solid sulphide, 75%
sulphide
----------------------------------------------------------------------------
161.17 162.10 0.93 Norite, well mineralized, 20% sulphide
----------------------------------------------------------------------------
162.10 162.53 0.43 Norite, near solid sulphide, 75%
sulphide
----------------------------------------------------------------------------
162.53 164.00 1.47 Norite
----------------------------------------------------------------------------
164.00 164.42 0.42 Norite, near solid sulphide, 85%
sulphide
----------------------------------------------------------------------------
164.42 165.20 0.78 Norite, well mineralized, 30% sulphide
----------------------------------------------------------------------------
165.20 165.94 0.74 Norite, near solid sulphide, 85%
sulphide
----------------------------------------------------------------------------
165.94 166.97 1.03 Norite, 2-3% sulphide
----------------------------------------------------------------------------
166.97 167.62 0.65 Norite, near solid sulphide, 70%
sulphide
----------------------------------------------------------------------------
167.62 168.00 0.38 Norite
----------------------------------------------------------------------------
168.00 168.20 0.20 Norite, near solid sulphide, 70%
sulphide
----------------------------------------------------------------------------
168.20 168.77 0.57 Norite, well mineralized, 40% sulphide
----------------------------------------------------------------------------
168.77 172.07 3.30 Norite, near solid sulphide, 75%
sulphide
----------------------------------------------------------------------------
172.07 172.61 0.54 Norite
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172.61 175.32 2.71 Norite, near solid sulphide, 70%
sulphide
----------------------------------------------------------------------------
Note: the visual percent sulphide estimates and descriptions in this news
release are not intended to suggest grades of contained metals, which will
require assaying to determine. Mineral percentages are volume not weight.
The MQ-13-026 intersection occurs 142 to 159 m vertically below surface and is
currently the deepest at Imiak, which suggests that the intensity of sulphide
mineralization in the noritic host rock is increasing with depth. The hole was
surveyed with a 3 component bore hole EM (BHEM) system and the mineralization
produced an extremely strong "step response" type of anomaly. Interpretation by
Crone Geophysics and Exploration Ltd. indicates that the mineralization
continues down plunge.
North American Nickel has now delineated three, closely spaced, north-trending,
near vertically dipping, steeply south-plunging mineralized zones at Imiak Hill.
From east to west the zones have been provisionally named 10, 20 and 30 as shown
on the attached plan map (Figure 2). The mineralization in MQ-13-026 correlates
with Zone 30. A composite longitudinal section through Imiak Hill with all the
intersections to date is included (Figure 3).
Sulphide textures, such as inclusion bearing massive and semi-massive sulphide,
in MQ-13-026 are similar to those observed in the mineralized 2012 Imiak drill
holes (MQ-12-001 and MQ-12-002); however, the volume percentage of sulphide in
MQ-13-026 is significantly higher.
MQ-13-024 intersected a 14.15 metre long interval of well mineralized to semi
massive sulphides with an estimated average of 30-35% total sulphides
approximately 36 metres up-plunge of MQ-13-026. This intersection also
correlates with Zone 30. The hole was surveyed with a Crone 3D BHEM system and
the resulting interpreted conductor plate fits well with Zone 30 as outlined
from drilling.
MQ-13-024 Sulphide intersection
----------------------------------------------------------------------------
From (m) To (m) Length (m) Description
----------------------------------------------------------------------------
136.75 141.98 5.23 Norite, strongly mineralized 50%
sulphide
----------------------------------------------------------------------------
141.98 145.61 3.63 Norite
----------------------------------------------------------------------------
145.61 146.53 0.92 Norite strongly mineralized 30-40%
sulphide
----------------------------------------------------------------------------
146.53 148.15 1.62 Norite
----------------------------------------------------------------------------
148.15 150.90 2.75 Norite, strongly mineralized 50-60%
sulphide
----------------------------------------------------------------------------
150.90 153.31 2.41 Norite 2-3% sulphide
----------------------------------------------------------------------------
Note: the visual percent sulphide estimates and descriptions in this news
release are not intended to suggest grades of contained metals, which will
require assaying to determine. Mineral percentages are volume not weight.
MQ-13-019, located 30 metres up-plunge of MQ-13-024 and 66 metres up-plunge of
MQ-13-026 intersected 10.75 metres of sulphide mineralization that also
correlates with Zone 30. This mineralization is more disseminated in nature. The
hole was surveyed with the Crone BHEM instrument and a late channel (strong)
off-hole anomaly was detected below and south of the hole.
MQ-13-019 Sulphide intersection
----------------------------------------------------------------------------
From (m) To (m) Length (m) Description
----------------------------------------------------------------------------
118.09 118.93 0.84 Norite,10-15% sulphide
----------------------------------------------------------------------------
118.93 120.52 1.59 Norite, 20-25% sulphide
----------------------------------------------------------------------------
120.52 121.65 1.13 90% sulphide, 10% norite gangue
----------------------------------------------------------------------------
121.65 128.84 7.19 Norite, 5% sulphide in small massive
bands
----------------------------------------------------------------------------
Note: the visual percent sulphide estimates and descriptions in this news
release are not intended to suggest grades of contained metals, which will
require assaying to determine. Mineral percentages are volume not weight.
To conclude, the mineralization at Imiak is open at depth and the geological
team continues to develop a geological model that currently includes at least
three zones of mineralization. The latest drilling indicates that the
mineralization is strengthening with depth, producing late channel off-hole BHEM
anomalies.
Since commencing the 2013 field program in late June, NAN has drilled 27 holes
totaling 3037 meters at Maniitsoq. Drilling continues.
Collar coordinates for all of the Company's drill holes at Imiak are listed in
the table below.
----------------------------------------------------------------------------
Hole East North Elevation Azimuth DIP Length
Number (m)(i) (m)(i) (masl) ( degrees ) ( degrees ) (m)
----------------------------------------------------------------------------
MQ-12-001 477455 7257225 546 275 -45 106.07
----------------------------------------------------------------------------
MQ-12-002 477455 7257225 546 275 -70 173.12
----------------------------------------------------------------------------
MQ-12-003 477485 7257186 543 275 -73 292
----------------------------------------------------------------------------
MQ-12-004 477459 7257260 540 275 -45 95.4
----------------------------------------------------------------------------
MQ-13-019 477484 7257189 546 275 -55 176
----------------------------------------------------------------------------
MQ-13-020 477490 7257141 532 275 -62 209
----------------------------------------------------------------------------
MQ-13-023 477484 7257215 547 275 -59 188
----------------------------------------------------------------------------
MQ-13-024 477497 7257174 547 275 -59 197
----------------------------------------------------------------------------
MQ-13-025 477475 7257235 545 269 -45 122
----------------------------------------------------------------------------
MQ-13-026 477490 7257141 532 295 -65 215
----------------------------------------------------------------------------
(i)WGS84 UTM Zone 22N
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 President, North American
Nickel Inc."
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, which is subject to a 70-30 JV with HudBay Minerals and,
subject to receipt of required permits, is scheduled for production in Q4-2013,
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 the Black Creek property in
the Sudbury mining camp.
VMS Ventures owns approximately 27.5% 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 the costs, plans and schedule to develop the Reed Copper
Project, 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
Rick Mark, CEO and Chairman
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.
Figures 1 to 3 are available at the following address:
http://media3.marketwire.com/docs/NAN_Figures_0822.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Evan Sleeman, Director
(604) 986-2020
Toll Free: 1-866-816-0118
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