VMS Ventures Inc.: North American Nickel Discovers High Grade Nickel Sulphide Mineralization at Imiak North
October 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 a new
discovery of high grade nickel and copper-cobalt-PGM mineralization at Imiak
North. VMS Ventures owns approximately 23.9% of NAN. The release is as follows:
"North American Nickel Inc. is pleased to announce a new discovery of high grade
nickel and copper-cobalt-PGM mineralization at Imiak North, 950m north of Imiak
Hill, and additional copper-nickel-cobalt and elevated-PGM mineralization at
Spotty Hill, 1350m east of Imiak Hill.
Imiak North and Spotty Hill are two 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 sulphide project in southwest
Greenland (See fig. 1 for the IHCC, fig. 2 for Imiak North, and fig. 3 for
Spotty Hill).
IMIAK NORTH
DDH MQ-13-029: at 58m down the hole:
-- Intersected 55.75m grading: 1.28% nickel, 0.36% copper, 0.04% cobalt,
and 0.03 g/t PGM
-- Including: 9.99m of 4.65% nickel, 0.33% copper, 0.13% cobalt and
0.08 g/t PGM
DDH MQ-13-027: at 34m down the hole:
-- Intersected 64.11m grading: 0.45% nickel, 0.20% copper, 0.01% cobalt and
0.02 g/t PGM
-- Including: 24.98m of 0.71% nickel, 0.31% copper, 0.01% cobalt and
0.04 g/t PGM
SPOTTY HILL
DDH MQ-13-022: at 197m down the hole:
-- Intersected 20.07m grading: 0.68% nickel, 0.28% copper, 0.02% cobalt and
0.32 g/t PGM
-- Including: 2.07m of 2.03% nickel, 0.11% copper, 0.07% cobalt and
0.78 g/t PGM
Hole MQ-13-022 was drilled to the southeast of hole MQ-12-005 and intersected
the eastern edge of the previously discovered mineralized conduit at Spotty
Hill. This conduit is a body plunging steeply to the east with the heart of the
system lying to the north and below hole MQ-13-022. The conduit is open at depth
and additional drilling will test the down plunge potential of this
nickel-copper-PGM system.
NAN COO, Neil Richardson, states: "We are very pleased to see that our near
solid sulphide discovery at Imiak North contains high grades of nickel, copper,
and cobalt. It is also good news that the disseminated sulphide intersections at
Imiak North have significant nickel, copper and PGMs. In MQ-13-022, the third
drill hole at Spotty Hill since drilling began at Maniitsoq in 2012, we again
see higher grade platinum and palladium mineralization within disseminated
sulphides. This geological setting continues to resemble distal style sulphides
with elevated PGMs as seen in Sudbury footwall deposits. These results from
Imiak North and Spotty Hill reinforce our geological model for the IHCC and both
remain open at depth."
Table 1. Summary of drill holes with assay results from Spotty Hill - Imiak North
----------------------------------------------------------------------------
Core
From To Length Pt
Hole Number Zone (m) (m) (m) Ni% Cu % Co % g/t
----------------------------------------------------------------------------
MQ-13-021 Imiak North NSA(i)
----------------------------------------------------------------------------
MQ-13-022 Spotty Hill 123.25 123.55 0.30 2.37 0.54 0.07 0.45
----------------------------------------------------------------------------
MQ-13-022 Spotty Hill 147.17 180.59 33.42 0.35 0.11 0.01 0.06
----------------------------------------------------------------------------
MQ-13-022 Spotty Hill 196.93 217.00 20.07 0.68 0.28 0.02 0.16
----------------------------------------------------------------------------
including Spotty Hill 196.93 199.00 2.07 2.03 0.11 0.07 0.33
----------------------------------------------------------------------------
MQ-13-027 Imiak North 33.84 97.95 64.11 0.45 0.20 0.01 0.01
----------------------------------------------------------------------------
including Imiak North 33.84 58.82 24.98 0.71 0.31 0.01 0.03
----------------------------------------------------------------------------
including Imiak North 88.25 96.00 7.75 0.76 0.28 0.02 0.03
----------------------------------------------------------------------------
MQ-13-029 Imiak North 57.75 113.50 55.75 1.28 0.36 0.04 0.02
----------------------------------------------------------------------------
Including Imiak North 82.01 113.50 31.49 1.94 0.43 0.05 0.03
----------------------------------------------------------------------------
Including Imiak North 103.51 113.50 9.99 4.65 0.33 0.13 0.06
----------------------------------------------------------------------------
--------------------------------------------------------------------------
True
Pd Au TPM Width
Hole Number Zone g/t g/t g/t(1) S % (m)
--------------------------------------------------------------------------
MQ-13-021 Imiak North NSA(i) NC
--------------------------------------------------------------------------
MQ-13-022 Spotty Hill 0.69 0.12 1.26 9.69 NC
--------------------------------------------------------------------------
MQ-13-022 Spotty Hill 0.07 0.01 0.14 1.34 NC
--------------------------------------------------------------------------
MQ-13-022 Spotty Hill 0.16 0.01 0.33 3.06 NC
--------------------------------------------------------------------------
including Spotty Hill 0.45 0.00 0.78 10.11 NC
--------------------------------------------------------------------------
MQ-13-027 Imiak North 0.01 0.02 0.04 1.84 NC
--------------------------------------------------------------------------
including Imiak North 0.01 0.03 0.07 2.91 NC
--------------------------------------------------------------------------
including Imiak North 0.02 0.03 0.08 3.21 NC
--------------------------------------------------------------------------
MQ-13-029 Imiak North 0.01 0.03 0.06 5.68 NC
--------------------------------------------------------------------------
Including Imiak North 0.01 0.04 0.08 8.59 NC
--------------------------------------------------------------------------
Including Imiak North 0.02 0.06 0.14 20.22 NC
--------------------------------------------------------------------------
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 2. Collar coordinates of holes drilled at Imiak North and Spotty Hill. 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 UTM UTM Length
Number East North Elevation (metres) Azimuth Dip Target
----------------------------------------------------------------------------
MQ-13-021 477953 7258010 484 155 320 -60 Imiak North
----------------------------------------------------------------------------
MQ-13-022 478986 7257278 629 290 220 -65 Spotty Hill
----------------------------------------------------------------------------
MQ-13-027 477967 7258023 486 170 330 -48 Imiak North
----------------------------------------------------------------------------
MQ-13-029 477969 7258025 487 143 314 -57 Imiak North
----------------------------------------------------------------------------
Mineralized intervals continue to be hosted within dark colored green-grey
massive and weakly magnetic norite with occasional clasts of medium to coarse
grained norite in mineralized intervals.
Drill logs and additional maps is available on the company's website at
http://www.northamericannickel.com/
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.
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.
To view the figures accompanying this press release, click on the following
link: http://media3.marketwire.com/docs/906219f.pdf
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.
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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