VMS Ventures Inc.: High Grade Nickel-Copper-Cobalt Sulphides Confirmed at Imiak Hill; MQ-13-026 Intersects 18.62m of 4.31% Ni...
October 10 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 high grade
nickel-copper-cobalt mineralization at its Imiak Hill discovery based on results
from drill holes MQ-13-019, MQ-13-024 and MQ-13-026, Maniitsoq, Southwest
Greenland Nickel Sulphide Project. VMS owns approximately 23.9% of NAN. The
release is as follows:
"North American Nickel Inc. is pleased to announce high grade
nickel-copper-cobalt mineralization at its Imiak Hill discovery based on results
from drill holes MQ-13-019, MQ-13-024 and MQ-13-026.
Assays of up to 7.06% nickel in MQ-13-026 and 6.26% nickel in MQ-13-024 have
been received.
Imiak Hill is one of three mineralized conduits at the Imiak Hill Conduit
Complex (IHCC) 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).
IMIAK HILL
Highlights of the Imiak Hill drilling:
DDH MQ-13-026: at 149 m down the hole:
-- Intersected 25.51m grading: 3.25% nickel, 0.48% copper, 0.11% cobalt,
-- Including: 18.62m of 4.31% nickel, 0.62% copper, 0.14% cobalt
DDH MQ-13-024: at 136 m down the hole:
-- Intersected 14.90m grading: 2.67% nickel, 0.39% copper, 0.09% cobalt
-- Including: 5.23m of 5.03% nickel, 0.30% copper, 0.16% cobalt
DDH MQ-13-019: at 118 m down the hole:
-- Intersected 8.68m grading: 1.53% nickel, 0.43% copper, 0.06% cobalt
-- Including: 3.56m of 3.27% nickel, 0.66% copper, 0.10% cobalt
Assays for the deepest 2013 hole at Imiak Hill, DDH MQ-13-028, which is below
DDH MQ-13-026, are pending. The mineralization at Imiak Hill remains open at
depth (see figure 3).
Assays for the other two mineralized intrusions at the Imiak Hill Conduit
Complex, Imiak North and Spotty Hill, are also pending.
NAN CEO and Chair, Rick Mark, states: "It is especially positive that at Imiak
Hill that we are seeing stronger grades and widths at depth within a geological
setting consistent with our conduit system model of an expected accumulated zone
of nickel-copper mineralization in an embayment or footwall contact. Our 2013
drill program at Imiak Hill has now extended the sulphide mineralization from
surface to 185m below surface, where it remains open, and assays are still
pending for hole 28. The results from our first regional evaluation of the
mineralized norites underscores the potential along the 75km-long Greenland
Norite Belt. We believe the Maniitsoq project is unique in the world. It is
considered a greenfields exploration project, but it is a district-scale, nickel
sulphide project that has mineralization starting at, or near, surface
containing high grades of Ni-Cu-Co and it is located adjacent to ice free, deep
tide water suitable for year round shipping. I offer congratulations to our
outstanding technical team, not only for today's results, but for the constant
and impressive advancement at Maniitsoq for the past two and one half years. The
future looks just as exciting. We look forward to the upcoming assays from the
Imiak Hill Conduit Complex."
Table 1. Summary of drill holes with sulphide intercepts and assay results from
Imiak hill
Imiak Hill Zone Holes
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Core
Length
Hole Number From (m) To (m) (m) Ni % Cu% Co % Pt g/t Pd g/t
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MQ-13-019 112.67 113.24 0.57 5.71 1.66 0.18 0.02 0.01
----------------------------------------------------------------------------
MQ-13-019 118.09 126.77 8.68 1.53 0.43 0.06 0.00 0.00
----------------------------------------------------------------------------
MQ-13-019 118.09 121.65 3.56 3.27 0.66 0.10 0.01 0.00
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MQ-13-020 125.00 128.40 1.40 NSA(i)
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MQ-13-023 75.97 86.30 10.33 1.10 0.38 0.04 0.01 0.00
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MQ-13-023 130.00 140.00 10.00 NSA(i)
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MQ-13-024 136.00 150.90 14.90 2.67 0.39 0.09 0.01 0.00
----------------------------------------------------------------------------
MQ-13-024 136.75 141.98 5.23 5.03 0.30 0.16 0.02 0.01
----------------------------------------------------------------------------
MQ-13-025 93.25 98.71 5.46 0.34 0.06 0.01 0.01 0.00
----------------------------------------------------------------------------
MQ-13-025 97.10 97.64 0.54 1.39 0.16 0.06 0.01 0.00
----------------------------------------------------------------------------
MQ-13-026 149.81 175.32 25.51 3.25 0.48 0.11 0.01 0.00
----------------------------------------------------------------------------
MQ-13-026 156.70 175.32 18.62 4.31 0.62 0.14 0.01 0.00
----------------------------------------------------------------------------
MQ-13-026 157.16 161.17 4.01 6.04 0.64 0.19 0.01 0.00
----------------------------------------------------------------------------
MQ-13-026 168.20 175.32 7.12 5.18 0.81 0.17 0.02 0.00
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Imiak Hill Zone Holes
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True
Core Width
Length TPM g/t (m)
Hole Number From (m) To (m) (m) Au g/t (1) S % (2) Zone
----------------------------------------------------------------------------
MQ-13-019 112.67 113.24 0.57 0.00 0.03 27.50 0.37 Imiak Z-20
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MQ-13-019 118.09 126.77 8.68 0.00 0.00 9.42 5.58 Imiak Z-30
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MQ-13-019 118.09 121.65 3.56 0.00 0.01 17.67 2.29 Including
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MQ-13-020 125.00 128.40 1.40 NSA(i) Imiak Z-30
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MQ-13-023 75.97 86.30 10.33 0.00 0.01 6.02 5.94 Imiak Z-10
----------------------------------------------------------------------------
MQ-13-023 130.00 140.00 10.00 NSA(i) Imiak Z-30
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MQ-13-024 136.00 150.90 14.90 0.00 0.01 14.88 8.33 Imiak Z-30
----------------------------------------------------------------------------
MQ-13-024 136.75 141.98 5.23 0.00 0.03 26.77 2.92 including
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MQ-13-025 93.25 98.71 5.46 0.00 0.01 2.02 4.19 Imiak Z-30
----------------------------------------------------------------------------
MQ-13-025 97.10 97.64 0.54 0.00 0.01 9.56 0.41 Including
----------------------------------------------------------------------------
MQ-13-026 149.81 175.32 25.51 0.00 0.01 17.77 11.94 Imiak Z-30
----------------------------------------------------------------------------
MQ-13-026 156.70 175.32 18.62 0.00 0.01 23.15 8.70 Including
----------------------------------------------------------------------------
MQ-13-026 157.16 161.17 4.01 0.01 0.02 31.72 1.88 Including
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MQ-13-026 168.20 175.32 7.12 0.00 0.02 28.09 3.32 Including
----------------------------------------------------------------------------
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Note: (m) = metres,% = percent, g/t = grams per tonne, NC = not calculated
NSA(i) - no significant assays
(1) TPM is total precious metals (gold+platinum+palladium)
(2) calculated true width based on current 3D model
Table 2. Collar coordinates of holes drilled at Imiak including MQ13-019 to
MQ13-026. The datum used to acquire the UTM coordinates is Universal Transverse
Mercator/World Geodetic System 84/Zone 22N. Azimuth is degrees from true north.
Elevation indicates metres above sea level.
----------------------------------------------------------------------------
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Hole UTM Length
Number UTM East UTM North Elevation (metres) Azimuth Dip Target
----------------------------------------------------------------------------
MQ-13-019 477484 7257189 546 176 276 -55 Imiak Hill
----------------------------------------------------------------------------
MQ-13-020 477490 7257141 532 209 279 -62 Imiak Hill
----------------------------------------------------------------------------
MQ-13-023 477484 7257215 547 188 275 -59 Imiak Hill
----------------------------------------------------------------------------
MQ-13-024 477497 7257174 547 197 280 -60 Imiak Hill
----------------------------------------------------------------------------
MQ-13-025 477482 7257238 538 122 269 -45 Imiak Hill
----------------------------------------------------------------------------
MQ-13-026 477490 7257141 532 215 295 -65 Imiak Hill
----------------------------------------------------------------------------
----------------------------------------------------------------------------
REGIONAL DRILLING RESULTS
Holes MQ-13-010 through 17 tested seven VTEM targets related to norite
intrusions in the central and southern parts of the 75km-long Greenland Norite
Belt. Table 3 summarizes the assay results and table 4 lists the collar
coordinates of each hole along with the target tested. The map in Figure 4 shows
drill hole locations.
Disseminated sulphide mineralization was intersected in noritic rocks at five of
the seven targets.
The strongest mineralization occurred in hole MQ-13-016, which tested VTEM
target P-22B. The hole intersected 43.82 m of mineralized norite averaging 0.22%
Ni including several higher grade intervals, the best was a 1.26m interval
assaying 1.44% Ni, 0.34% Cu, 0.05% Co and 0.32 g/t TPM.
Hole MQ-13-017, drilled on the same section and designed to test 40 to 50 metres
down-dip of MQ-13-016, intersected much weaker mineralization over narrow
intervals. The best assay was 1.92 m at 0.23% Ni. Based on the surface gossan
outcrop, it is possible that MQ-13-017 was drilled below the plunge of the
mineralization intersected by MQ-13-016. Initial review of downhole geophysics
indicates more conductive material lies to the right and above the drill hole,
which also fits the interpretation of the drill hole passing under the plunge.
All eight holes were surveyed with a three-component electromagnetic probe. The
results will be reviewed in conjunction with geological observations to
determine which of the regional targets drilled in 2013 warrant follow-up
drilling and/or surface geophysical surveys in 2014.
Table 3. Summary of drill holes with sulphide intercepts and assay results from
regional exploration on the property.
Regional Exploration Holes
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core
Length
Hole Number From (m) To (m) (m) Ni% Cu % Co % Pt g/t Pd g/t
----------------------------------------------------------------------------
MQ-13-010 NSA(i)
----------------------------------------------------------------------------
MQ-13-011 31.76 35.98 4.22 0.18 0.06 0.01 0.04 0.01
----------------------------------------------------------------------------
MQ-13-012 62.44 64.00 1.56 0.10 0.02 0.01 0.03 0.03
----------------------------------------------------------------------------
MQ-13-013 162.00 164.00 2.00 0.13 0.03 0.01 0.01 0.01
----------------------------------------------------------------------------
MQ-13-014 47.50 48.00 0.50 0.20 0.07 0.01 0.01 0.00
----------------------------------------------------------------------------
MQ-13-014 54.48 55.46 0.98 0.20 0.05 0.01 0.00 0.00
----------------------------------------------------------------------------
MQ-13-014 64.00 65.00 1.00 0.20 0.04 0.01 0.00 0.00
----------------------------------------------------------------------------
MQ-13-015 NSA(i)
----------------------------------------------------------------------------
MQ-13-016 18.65 62.47 43.82 0.22 0.07 0.01 0.02 0.01
----------------------------------------------------------------------------
MQ-13-016 18.65 21.50 2.85 0.68 0.14 0.02 0.07 0.02
----------------------------------------------------------------------------
MQ-13-016 34.55 35.23 0.68 1.24 0.23 0.04 0.14 0.04
----------------------------------------------------------------------------
MQ-13-016 48.30 49.56 1.26 1.44 0.34 0.05 0.20 0.05
----------------------------------------------------------------------------
MQ-13-017 69.08 71.00 1.92 0.23 0.07 0.01 0.02 0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Regional Exploration Holes
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core True
Length TPM g/t Width
Hole Number From (m) To (m) (m) Au g/t (1) S % (m) Zone
----------------------------------------------------------------------------
MQ-13-010 NSA(i) P-63
----------------------------------------------------------------------------
MQ-13-011 31.76 35.98 4.22 0.01 0.06 1.26 NC P-97
----------------------------------------------------------------------------
MQ-13-012 62.44 64.00 1.56 0.00 0.06 0.44 NC P-30
----------------------------------------------------------------------------
MQ-13-013 162.00 164.00 2.00 0.00 0.02 0.56 NC P-61
----------------------------------------------------------------------------
MQ-13-014 47.50 48.00 0.50 0.00 0.01 1.26 NC P-32
----------------------------------------------------------------------------
MQ-13-014 54.48 55.46 0.98 0.00 0.00 1.15 NC P-32
----------------------------------------------------------------------------
MQ-13-014 64.00 65.00 1.00 0.00 0.00 0.64 NC P-32
----------------------------------------------------------------------------
MQ-13-015 NSA(i) P-22A
----------------------------------------------------------------------------
MQ-13-016 18.65 62.47 43.82 0.01 0.04 1.27 NC P-22B
----------------------------------------------------------------------------
MQ-13-016 18.65 21.50 2.85 0.02 0.11 3.30 NC including
----------------------------------------------------------------------------
MQ-13-016 34.55 35.23 0.68 0.01 0.19 6.36 NC including
----------------------------------------------------------------------------
MQ-13-016 48.30 49.56 1.26 0.07 0.32 7.92 NC including
----------------------------------------------------------------------------
MQ-13-017 69.08 71.00 1.92 0.01 0.04 1.78 NC P-22B
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: (m) = metres,% = percent, g/t = grams per tonne, NC = not calculated
NSA(i) - no significant assays
(1) TPM is total precious metals (gold+platinum+palladium)
Table 4. Collar coordinates of regional drill holes MQ-13-010 to MQ-13-017. The
datum used to acquire the UTM coordinates is Universal Transverse Mercator/World
Geodetic System 84/Zone 22N. Azimuth is degrees from true north. Elevation
indicates metres above sea level.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole UTM Length
Number UTM East UTM North Elevation (metres) Azimuth Dip Target
----------------------------------------------------------------------------
MQ-13-010 456032 7218322 713 200 159 -50 P-63
----------------------------------------------------------------------------
MQ-13-011 461980 7216150 285 101 189 -50 P-97
----------------------------------------------------------------------------
MQ-13-012 471440 7217072 254 101 319 -50 P-30
----------------------------------------------------------------------------
MQ-13-013 472278 7217331 295 173 149 -60 P-61
----------------------------------------------------------------------------
MQ-13-014 472655 7217521 185 181 327 -60 P-32
----------------------------------------------------------------------------
MQ-13-015 470255 7231757 504 114.82 335 -60 P-22A
----------------------------------------------------------------------------
MQ-13-016 470270 7231729 494 116 148 -60 P-22B
----------------------------------------------------------------------------
MQ-13-017 470255 7231757 504 176 152 -62 P-22B
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill core assay results are evaluated as part of a Quality Assurance and
Quality Control procedure that includes the use of multi-element, certified
standards with known precious and base metal values, blank standards and control
charts to determine accuracy and precision of analytical results. Core sample
analysis was completed by ALS Scandinavia AS of Ojebyn, Sweden. Three methods of
analysis were used to determine element concentrations in the rock samples
submitted to ALS. These were 1. A multi-element scan, subsequent to a four-acid
digestion and ICP/ICP-AES finish; 2. Au, Pt and Pd lead fire assay on a 30 gram
sample with ICP-AES finish; and 3. Samples with greater than 1.00% Ni or Cu were
re-analyzed by ICP-AES calibrated for ore grade detection limits. Samples with
greater than 0.50% S were re-analyzed by Leco furnace and infrared spectroscopy.
2013 VTEM FLYING SUMMARY
In 2013 NAN flew an additional 917.3 line-km of VTEM helicopter borne time
domain electromagnetic and magnetic surveys over portions of the Maniitsoq
property. A total of nine flight blocks were surveyed. They covered norite and
other mafic-ultramafic intrusions outside the Greenland Norite Belt (GNB) as
well as areas within the belt that required more detailed surveying. Significant
new conductors were identified in the Pingo norite intrusion, situated about 14
km north of the GNB; in areas to the south and southeast of the GNB; and, within
the GNB itself. These new conductors are currently being evaluated in
preparation for next year's drilling program.
The Maniitsoq nickel-copper-cobalt & PGM project in southwest Greenland contains
the 75km-long Greenland Norite Belt (GNB) and is 100% owned by North American
Nickel.
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 23.9% 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.
To view the figures associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/vms-figures-101013.pdf.
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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