VMS Ventures Inc.: 100 New Exploration Targets Identified at Maniitsoq; Preliminary 2013 Airborne Geophysical Data Enhances N...
December 02 2013 - 3:01AM
Marketwired
VMS Ventures Inc.: 100 New Exploration Targets Identified at
Maniitsoq; Preliminary 2013 Airborne Geophysical Data Enhances
Nickel Camp Potential
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 2, 2013) - 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 it has received preliminary
results from this year's VTEM Plus helicopter borne geophysical
survey. VMS Ventures owns approximately 23.9% of NAN. The release
is as follows:
"North American Nickel Inc. is pleased to announce that it has
received preliminary results from this year's VTEM Plus helicopter
borne geophysical survey completed at its 100% owned Maniitsoq
nickel-copper-cobalt-PGM project in Southwest Greenland.
A total of 917.3 line-kilometres were flown in nine survey
blocks (A1 to A9 in Figure 1) resulting in a total of 389
electromagnetic (EM) responses being detected. A preliminary review
of the survey results by the Company has identified one hundred new
conductor zones. These target zones will be field checked in 2014
and targets with higher nickel sulphide potential will be added to
the growing drill target list at Maniitsoq.
The purpose of the 2013 VTEM Plus survey was threefold:
1) To obtain EM and magnetic coverage over areas which contain
norite and other mafic-ultramafic intrusions that might be
associated with economic nickel sulphide mineralization. All these
new EM targets are outside the Greenland Norite Belt, which has
been the focus of the Company's exploration work for the past 3
years;
2) To obtain deeper EM penetration over prospective areas that
were surveyed in 2011 with SkyTEM (the new VTEM Plus system has
four times the dipole moment of the 2011 SkyTEM system); and
3) To detail other conductors of interest detected by previous
VTEM and SkyTEM surveys.
NAN CEO, Rick Mark, states: "The market has been focused on the
Imiak Hill Conduit Complex the past three months and rightly so, as
the high grade drill results around Imiak have been outstanding.
Today, we want to remind investors that our 100% owned Maniitsoq
property, which is larger than the Sudbury basin, has the potential
to host the world's next sulphide nickel-copper-cobalt camp. These
preliminary airborne results bolster that belief and provide us
with a new array of targets to analyze and prepare for in
2014."
From the preliminary data, the most interesting conductors are
those associated with the Pingo norite in flight block A1 (Figure
2). The Pingo norite is situated 24 km northeast of the Imiak Hill
Conduit Complex, where the Company has recently made significant
nickel sulphide intersections (e.g. 24.75m @ 3.19% Ni and 1.14% Cu
in hole MQ-13-028 at Imiak Hill).
The Pingo norite is a northeast-striking, dyke-like intrusion
approximately 30 to 80 metres wide exposed intermittently over a
distance of more than four kilometres. Numerous rusty zones,
containing trace to 5% disseminated sulphides, occur throughout the
intrusion. The strongest EM response occurs over strike lengths of
up to 200 metres immediately along strike of the Pingo norite
(conductors P-146 and 233 in Figure 2) and are the highest priority
targets in the block. Additionally a moderate 300 metre-long VTEM
conductor (P-149 in Figure 2) occurs near the centre of the norite.
From historical drill data the Pingo Norite is known to be
nickeliferous.
The final databases for the 2013 VTEM surveys are expected in
before year-end and detailed analysis and target rankings based on
this data will be carried out early in the New Year. The survey was
flown by Geotech Ltd. of Aurora, Ontario and nominal flight line
spacing ranged from 100 to 200 metres. Condor Consulting of
Lakewood, Colorado monitored the survey for quality control and
identified EM anomalies in the preliminary datasets.
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 Figure 1 and Figure 2 accompanying this press release,
please visit the following link:
http://media3.marketwire.com/docs/914931.pdf
VMS Ventures Inc.Evan SleemanDirector(604) 986-2020 or Toll
Free: 1-866-816-0118www.vmsventures.com
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