VMS Ventures Inc.: Third Mineralized Zone Discovered Near Imiak Hill; Near Solid to Solid Sulphide Zone at Imiak North, Manii...
September 12 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 that a new
discovery has been made with diamond drill hole MQ-13-029. The discovery, named
Imiak North is 950 metres northeast of the previously announced Imiak Hill
intersections. VMS owns approximately 27.5% of NAN. The release is as follows:
"North American Nickel is pleased to announce that a new discovery has been made
with diamond drill hole MQ-13-029. The discovery, named Imiak North, is 950
metres northeast of the previously announced Imiak Hill intersections (see News
Releases dated August 23 and September 5, 2013), and 1200 metres northwest of
the previously announced Spotty Hill discovery (see News Release dated December
23, 2012).
These three mineralized zones are part of the newly named Imiak Hill Conduit
Complex (IHCC) which is located in the northern part of the Company's 100% owned
Maniitsoq Nickel - Copper - Cobalt and PGM project in southwest Greenland. (See
figure 1 and figure 2)
MQ-13-029, beginning 57.75 metres down the hole, intersected 55.75m metres of
sulphide mineralization, including;
-- 9.99 metre core length of near solid to solid sulphides averaging
approximately 30-40% total sulphides, and
-- 45.76 metre core length of disseminated, blebby and net textured
sulphide mineralization averaging approximately 3 - 5% sulphides.
As at Imiak Hill and Spotty Hill, mineralization remains open at depth at Imiak
North.
NAN CEO and Chair, Rick Mark, states: "We are very pleased to inform
shareholders that the Company's exploration program continues to deliver
discoveries of near solid to solid sulphide mineralization at Maniitsoq. This
discovery at Imiak North is in close vicinity to Imiak Hill's nickel, copper,
cobalt mineralization and Spotty Hill's nickel, copper, cobalt and PGM
mineralization. And, according to our borehole surveys, these mineralized zones
are all open at depth. This follows the conduit model our geological team is
using anticipating the nickel mineralization to accumulate in an embayment or
footwall contact below these discoveries."
A photograph of the near solid to solid sulphide mineralization in MQ-13-029 is
in Figure 3.
MQ-13-029 was surveyed with a 3 component borehole electromagnetic (BHEM) system
and the sulphide mineralization produced a very strong anomalous response. The
interpretation of the anomaly, by Crone Geophysics and Exploration Ltd and NAN
staff, indicates that the geophysical conductive plate continues further down
plunge at Imiak North.
The new discovery at Imiak North occurs within a gossanous noritic outcrop,
locally known as the Mikissoq showing, which was unsuccessfully tested by one
shallow drill hole in the 1960s.The sulphide mineralization intersected at Imiak
North occurred near the northern contact of the norite intrusion felsic gneiss.
The entire intersection for MQ-13-029 is summarized in the table below.
----------------------------------------------------------------------------
From To Length
(m) (m) (m) Description
----------------------------------------------------------------------------
57.75 68.38 10.63 Norite heavily mineralized 5-7% total sulphide
----------------------------------------------------------------------------
68.38 71.22 2.84 Norite heavily mineralized 8-10% total sulphide
----------------------------------------------------------------------------
71.22 77.77 6.55 Norite
----------------------------------------------------------------------------
77.77 85.05 7.28 Norite 1-3% total sulphide
----------------------------------------------------------------------------
85.05 87.94 2.89 Norite heavily mineralized 8-10% total sulphide
----------------------------------------------------------------------------
87.94 94.27 6.33 Norite 1-3% total sulphide
----------------------------------------------------------------------------
94.27 103.51 9.24 Norite heavily mineralized 6-8% total sulphide
----------------------------------------------------------------------------
103.51 113.50 9.99 Norite near solid to solid 30-40% total 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 Imiak North zone discovery hole (MQ-13-029) was drilled by following-up BHEM
results from earlier 2013 NAN holes. The BHEM results from MQ-13-021 and
MQ-13-027 outlined a strong, highly-conductive anomaly between the two holes.
Hole MQ-13-021, was drilled west of MQ-13-029 and failed to return any
significant mineralization, while hole MQ-13-027, drilled east of the discovery
hole intersected:
-- 64.11 metres of averaging 4-5% disseminated and net textured sulphides
starting at a hole depth of 33.84 metres.
Figure 4 is a plan map showing the location of the three 2013 Imiak North drill
holes and Figure 5 is a 3D Model of Imiak North showing modelled conductor plate
and drill holes.
The table below lists the collar coordinates of the Company's holes at Imiak
North. Drill core from all three holes has been logged, samples sawed in half
and shipped to ALS Chemex in Sweden for analysis.
----------------------------------------------------------------------------
East North Elevation Azimuth DIP Length
Hole Number (m) (i) (m)(i) (masl)(ii) ( degrees ) ( degrees ) (m)
----------------------------------------------------------------------------
MQ-13-021 477953 7258010 484 320 -60 155
----------------------------------------------------------------------------
MQ-12-027 477967 7258023 486 330 -48 170
----------------------------------------------------------------------------
MQ-12-029 477969 7258025 487 314 -57 143
----------------------------------------------------------------------------
(i) WGS84 UTM Zone 22N
(ii) Metres Above Sea Level
The Maniitsoq nickel-copper-cobalt & PGM project in southwest Greenland contains
the 70 kilometer long Greenland Norite Belt (GNB) and is 100% owned by North
American Nickel.
To view accompanying Figures 1 to 5, visit the following link:
http://media3.marketwire.com/docs/NR_Sept_12_13_VMS_Figures_1to5.pdf
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
Neil Richardson, COO
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
VMS Ventures Inc.
Evan Sleeman
Director
(604) 986-2020 or Toll Free: 1-866-816-0118
www.vmsventures.com
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