- Published: 10 December 2010
- Written by Editor
VMS Reports That the First Step Out Drill Hole at Reed Lake Has Intersected 10 Metres of 2.39% Copper 214 Meters Down Plunge of the Reed Lake Deposit
VMS Ventures Inc. (TSX VENTURE: VMS) ("VMS") is pleased to announce that joint venture partner HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) has informed the Company that the first step out drill hole undertaken by the joint venture has been successful in intersecting massive sulphide mineralization approximately 214 meters down plunge from the deepest intersection previously drilled into the deposit. (see image below)
Neil Richardson, VMS' Chief Operating Officer states: "The success of the step out drill hole represents a major step forward in the advancement of our knowledge of the deposit and indicates that it may be significantly larger than previously thought. Drilling on the deposit prior to this step out hole intersected mineralization from within 50 meters of surface to a depth of approximately 450 meters from surface.
The step out hole announced today takes the known extent of mineralization down to approximately 530 meters from surface and approximately 190 meters horizontally to the west of drill hole RD-08-71, where mineralization was previously known to exist."
Reed Lake Joint Venture Update and Exploration Results
Two drills are currently operating on site at Reed Lake. One drill is conducting in-fill drilling on the deposit in preparation for a National Instrument 43-101 mineral resource estimate, which is expected to be completed in the first quarter of 2011. A second drill is drilling deeper exploration holes down plunge to the west of the deposit.
Drill hole RLD-015 intersected 10.09 meters of massive sulphide in the Zone 10 horizon, which assayed 0.67 g/t Au, 5.20 g/t Ag, 2.39% Cu and 0.23% Zn. This massive sulphide mineralization indicates the zone remains open down plunge and up plunge toward the main deposit. The exploration drill will continue delineating this zone up-plunge towards known mineralization.
Reed Lake Collar Information
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UTM
UTM North Elevation Length
Hole Number (1)UTM East (1) (1) Azimuth (2) Dip (metres)
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RLD015 6048886.7 393573.2 299.4 60 -84 788
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
Reed Lake Assay Information
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Hole
Number From (m) To (m) Length (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) Zone
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RLD015 527.00 537.09 10.09 0.67 5.20 2.39 0.23 10
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True widths unknown
To view the map associated with this release, please visit: http://media3.marketwire.com/docs/vmsmap10.pdf.
On July 6, 2010 VMS and HudBay announced that they had entered into a joint venture agreement pursuant to which HudBay has a 70% interest and VMS has a 30% interest in the Reed Lake property and the two claims immediately to the south. The parties have also entered into four option agreements which grant HudBay the right to earn a 70% joint venture interest in properties held by VMS adjacent to the Reed Lake property.
For additional details on exploration at the Reed Lake deposit, see VMS' press releases issued between September 17, 2007 and December 10, 2008, available at www.sedar.com.
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 Vice President of Exploration and Technical Services, VMS Ventures Inc.
Quality Assurance and Quality Control
Exploration core drilling was NQ size. The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geotechnicians employed by HudBay's Hudson Bay Exploration and Development Company Limited (HBED) subsidiary. The marked intersections or intervals were sawn in half by a diamond saw and one half of the core was placed in plastic bags and tagged with unique sample numbers, while the second half was returned to the core box and stored. Each bagged core sample was transported to HudBay's Hudson Bay Mining and Smelting Co., Limited (HBMS) subsidiary's assay laboratory in Flin Flon, Manitoba where it was dried, crushed and pulverized and a 250-gram sample was prepared for assaying at Acme Analytical Laboratories Ltd., an independent company in Vancouver, B.C., or the HBMS assay laboratory. From each 250 gram sample 0.25 grams was removed and leached in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the 250 gram sample, 30 grams was removed for gold determination by fire assaying with an ICP-AES or gravimetric finish at the Acme laboratory or an Atomic Absorption or gravimetric finish at the HBMS laboratory.
Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats and externally through national and international programs. In addition, within each group of 20 core samples, one core sample has a second 250 gram split collected that was check assayed at a different laboratory, either the HBMS laboratory in Flin Flon or at the Acme laboratory in Vancouver, B.C. This news release provides core lengths and estimates of vertical thickness only. True widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.
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 Lake Project, 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
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, 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.
Contacts: VMS Ventures Inc. Keith Patey Director of Communications (604) 986-2020 or Toll Free: 1-866-816-0118 VMS Ventures Inc. Dale Paruk Coal Harbor Communications (604) 662-4505 or Toll Free: 1-877-345-3399 www.vmsventures.com
SOURCE: VMS Ventures Inc.
http://www.vmsventures.com
