VMS Reports Update on Reserves and Resources at Reed Mine
March 27 2014 - 10:35AM
Marketwired
VMS Reports Update on Reserves and Resources at Reed Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 27, 2014) - VMS
Ventures Inc. (TSX-VENTURE:VMS) ("VMS Ventures" or the "Company")
is pleased to announce an update on the Reed mine reserves and
resources. VMS Ventures owns 30% of the project and is carried to
production. Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("Hudbay")
owns 70% and is the Operator.
Of Hudbay's estimated $72 million capital construction budget
for the Reed mine project, approximately $64.9 million has been
spent to February 28, 2014. As of that date, project development
had advanced 2,927 metres with the mine producing 82,062 tonnes of
ore from a combination of drift development in ore and longhole
stope mining. The project is on budget and on schedule and is
expected to reach commercial production by the second quarter of
2014.
The Reserve and Resource tables below are stated at 100% and VMS
holds a 30% joint venture interest in the Reed mine.
Reed Mine Probable Mineral Reserves - January 1,
2014(1) |
|
|
|
|
|
Tonnes |
Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
2,121,000 |
3.80 |
0.50 |
0.42 |
5.28 |
|
|
|
|
|
Notes: |
|
|
|
|
(1)The zinc price used for the mineral reserve
estimation was US$1.06 per pound (includes premium), the copper
price was US$3.00 per pound, the gold price was US$1,250.00 per
ounce and the silver price was US$25.00 per ounce using an exchange
of 1.05 C$/US$ |
|
|
Reed Mine Inferred Mineral Resources - September 30,
2013(1) |
|
|
|
|
|
Tonnes |
Cu (%) |
Zn (%) |
Au (g/t) |
Ag (g/t) |
233,000 |
4.31 |
0.52 |
0.38 |
4.57 |
|
|
|
|
|
Notes: |
|
|
|
|
(1)Mineral resources that are not mineral reserves do
not have demonstrated economic viability. The above mineral
resources are exclusive of mineral reserves and were estimated
using the same metals prices as were used for the estimate of
mineral reserves at the Reed mine. |
|
|
- To estimate the mineral reserves, Hudbay applies their 12-step
process to the measured and indicated mineral resources, which
includes determination of the integrity and validation of the data
collected, including confirmation of specific gravity, assay
results and methods of data recording. The process also includes
determining the appropriate geological model, selection of data and
the application of statistical models including probability plots
and restrictive kriging to establish continuity and model
validation. The resultant estimates of measured and indicated
mineral resources are then converted to proven and probable mineral
reserves by the application of mining dilution and recovery, as
well as the determination of economic viability using full cost
analysis. Other factors such as depletion from production are
applied as appropriate.
- Hudbay used a similar 12-step process to estimate the measured
and indicated resources.
- The zinc price used for mineral reserve and resource
estimations was US$1.06 per pound (includes premium), the copper
price was US$3.00 per pound, the gold price was US$1,250.00 per
ounce and the silver price was US$25.00 per ounce using an exchange
of 1.05 C$/US$. Mineral resources are exclusive of and additional
to stated mineral reserves. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
- For additional details relating to the estimates of mineral
reserves and resources at the Reed mine, including data
verification and quality assurance/quality control processes refer
to the "Pre-Feasibility Study Technical Report on the Reed Copper
Deposit, Central Manitoba, Canada" as filed on SEDAR by VMS
Ventures Inc. on May 14, 2012.
Please visit the VMS website at
http://www.vmsventures.com/investors/photo-gallery to view a slide
show of the latest progress on the Reed mine.
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 mine, which is
subject to a 70-30 JV with Hudbay Minerals and reached initial
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 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
John Roozendaal, B.Sc., President
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.
VMS Ventures Inc.Evan SleemanDirector(604) 986-2020 or Toll
Free: 1-866-816-0118www.vmsventures.com
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jul 2023 to Jul 2024