VMS Ventures Inc.: Discovery of New Nickel Sulphide Mineralized Intrusions at Maniitsoq
November 21 2013 - 2:01AM
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 discovery of
new nickel sulphide mineralized intrusions at maniitsoq. VMS Ventures owns
approximately 23.9% of NAN. The release is as follows:
"North American Nickel Inc. is pleased to announce that recent drill core assay
results confirm the discovery of significant Nickel (Ni) Copper (Cu) Cobalt (Co)
and Precious Metals (Platinum+Palladium+Gold) mineralized intrusions outside of
the high grade Imiak Hill Conduit Complex in the Company's regional exploration
drilling in the 75km long Greenland Norite Belt (GNB). Assay results include
6.51m @ 0.44% Ni and 0.20% Cu including 0.73m @ 2.35% Ni and 1.21% Cu. The new
discovery area is located approximately 18 km south of the Imiak Hill Conduit
Complex.
The newly discovered intrusions, though poorly exposed, were identified during a
2013 site inspection of a cluster of three VTEM conductors collectively known as
the P-13 target (see figures 1 and 2:
http://media3.marketwire.com/docs/NR_111213VMS_Fig1and2.pdf). Small exposures of
rusty, gossanous norite were noted at several locations within the P-13 target
area and 3 EM conductors were subsequently tested for a total of three holes
(MQ-13-032 to 034).
NAN CEO, Rick Mark, states: "The discovery of new near surface Nickel, Copper,
Cobalt and PGM mineralisation at the P-13 target provides more evidence of the
district scale potential of Maniitsoq. These initial near surface results,
coupled with the associated off hole conductors, are indicative of what we
originally saw at the high grade Imiak Hill Conduit Complex. It is important to
realize that the 2013 prospecting program that confirmed this airborne target
was the first of its kind in more than a decade, so there is much more to learn
at Maniitsoq outside our primary focus, the Imiak Hill Complex. This is the
fourth new discovery of nickel sulphide mineralization at Maniitsoq this year
and continues the exploration successes of NAN's technical team."
MQ-13-032 tested a 200m long, northeast-striking conductor and intersected a
thick section of norite and leucogabbro with four intervals of Ni-Cu-Co-PGM
mineralization as listed in Table 1 below. The hole was surveyed with a Crone
three-component borehole EM (BHEM) probe and off-hole responses were detected at
each of the four mineralized intervals suggesting the presence of stronger
mineralization nearby.
Table 1: MQ-13-032 significant assays
---------------------------------------------------------------------------
From m To m Core Ni % Cu % Co %
Length
m (1)
---------------------------------------------------------------------------
Interval 1 69.70 93.44 23.74 0.13 0.03 0.01
---------------------------------------------------------------------------
Including 91.61 91.90 0.29 1.29 0.24 0.03
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interval 2 99.35 105.86 6.51 0.44 0.20 0.01
---------------------------------------------------------------------------
Including 101.79 102.52 0.73 2.35 1.21 0.05
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interval 3 137.80 138.24 0.44 1.38 0.45 0.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interval 4 150.56 159.22 8.66 0.33 0.09 0.01
---------------------------------------------------------------------------
Including 157.21 159.22 2.01 0.88 0.22 0.03
---------------------------------------------------------------------------
Including 157.21 157.67 0.46 2.20 0.70 0.07
---------------------------------------------------------------------------
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)
Table 1: MQ-13-032 significant assays
----------------------------------------------------------------------------
Pt g/t Pd g/t Au g/t TPM S % Bore Hole
g/t (2) EM
Response
Type
----------------------------------------------------------------------------
Interval 1 0.01 0.00 0.00 0.01 0.53 Off-hole
---------------------------------------------------------------
Including 0.11 0.04 0.02 0.17 5.87
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interval 2 0.09 0.01 0.01 0.11 1.92 Off-hole
---------------------------------------------------------------
Including 0.68 0.06 0.03 0.77 9.71
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interval 3 0.16 0.05 0.01 0.22 6.78 Off-hole
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interval 4 0.03 0.00 0.00 0.03 1.63 Off-hole
---------------------------------------------------------------
Including 0.07 0.02 0.00 0.09 4.45
---------------------------------------------------------------
Including 0.18 0.06 0.02 0.26 12.30
----------------------------------------------------------------------------
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)
At the completion of drilling, the hole was surveyed with a Crone
three-component EM probe. Final results of the survey are pending but
preliminary interpretation indicates off-hole anomalies associated with all four
of the mineralized intervals suggesting the presence of stronger mineralization
nearby.
The polymetallic nature of the mineralization in MQ-13-032 is consistent with
that documented from the Imiak Hill Conduit Complex and underscores the
significance of the association of off-hole BHEM responses with the
mineralization. These off-hole responses will be followed-up in 2014.
MQ-13-033 tested a much weaker, short strike length VTEM anomaly located 200m
west of MQ-13-032. The hole intersected non-mineralized granite and granodiorite
gneiss. No conductive material was encountered and an EM survey of the hole did
not detect any in or off-hole conductors. However, a number of large decomposed
rusty to gossanous norite boulders and blocks are strewn about this area.
MQ-13-034 tested a weak, short strike length VTEM anomaly located 275m southeast
of MQ-13-032 and intersected 41m of norite with local weak disseminated sulphide
mineralization. Significant assay results are listed in Table 2. The best assay
was 1.10m at 0.65% Ni, 0.15% Cu and 0.13 g/t TPM. A downhole BHEM geophysical
survey could not be performed in the hole due to persistent caving.
Table 2: MQ-13-034 significant assays
------------------------------------------------------------------------
From m To m Core Ni % Cu % Co %
Length
m (1)
------------------------------------------------------------------------
Interval 1 73.50 76.22 2.72 0.16 0.07 0.00
------------------------------------------------------------------------
------------------------------------------------------------------------
Interval 2 82.00 84.50 2.50 0.38 0.14 0.01
------------------------------------------------------------------------
Including 83.40 84.50 1.10 0.65 0.15 0.02
------------------------------------------------------------------------
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)
(i) Hole MQ-13-034 was not surveyed due to bad ground conditions in the
hole
Table 2: MQ-13-034 significant assays
----------------------------------------------------------------------------
Pt g/t Pd g/t Au g/t TPM S % Bore Hole
g/t (2) EM
Response(i)
----------------------------------------------------------------------------
Interval 1 0.02 0.02 0.03 0.07 0.59 Not surveyed
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interval 2 0.04 0.03 0.03 0.10 1.67 Not surveyed
---------------------------------------------------------------
Including 0.06 0.04 0.03 0.13 2.83
----------------------------------------------------------------------------
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)
(i) Hole MQ-13-034 was not surveyed due to bad ground conditions in the hole
Assay results have also been received for holes MQ-13-030 and MQ-13-031, located
approximately 21.8 km northeast of target area P-13 (figure 1). The two holes,
tested VTEM target P-49 situated 9 km east of the Imiak Hill Conduit Complex.
Neither hole intersected any significant nickel mineralization.
The 2013 drill program at Maniitsoq is now complete and planning for next year
has commenced. The focus in 2014 will be to expand the numerous high-grade
mineralized zones within the Imiak Hill Conduit Complex (see press releases
dated October 10th and 23rd and November 7th for details on these zones), to
follow-up new discoveries elsewhere in the GLB (such as P-13) and to continue
testing high priority VTEM targets throughout the Maniitsoq project area.
Collar coordinates and other details on the five holes discussed in this news
release are listed in Table 3.
Table 3. Collar coordinates for holes MQ-13-030 to 34. The datum used to acquire
the UTM coordinates is World Geodetic System 84 Universal Transverse Mercator
Zone 22 North. Azimuth is degrees from true north. Elevation indicates meters
above sea level.
----------------------------------------------------------------------------
Hole UTM UTM Elevation Length Azimuth Dip Target
Number East(i) North(i) (m) (m) (true)
(m) (m)
----------------------------------------------------------------------------
MQ-13-030 488025 7257448 649 98.00 343 -45 P-49
degrees degrees
----------------------------------------------------------------------------
MQ-13-031 488082 7257461 649 116.00 340 -55 P-49
degrees degrees
----------------------------------------------------------------------------
MQ-13-032 475094 7239992 303 221.00 145 -60 P-13-1
degrees degrees
----------------------------------------------------------------------------
MQ-13-033 474922 7239898 325 150.00 320 -60 P-13-2
degrees degrees
----------------------------------------------------------------------------
MQ-13-034 475384 7239742 304 173.00 325 -50 P-13-3
degrees degrees
----------------------------------------------------------------------------
Drill logs and additional maps are 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."
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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