- Published: 17 May 2011
- Written by Editor
VMS Reports Discovery of New High Grade Copper Zone Grading 7.44% Copper Over 7.18 Metres in Hole RLE006 Located 1.8 Kilometres Northeast of the Reed Copper Deposit
VMS Ventures Inc. (TSX-V:VMS) ("VMS") is pleased to announce the discovery of high grade copper on its Super Zone property. Hole RLE006 intersected two zones of mineralization within a bimodal (rhyolite / basalt) volcanic sequence located 1.8 kilometres northeast of the Reed Copper Deposit.
The first zone intersected 7.18 metres of 7.44% copper (from 133.89 to 141.07 metres) and a second zone intersected 44.49 metres of 0.79% copper and 0.39% zinc (from 214.00 to 258.49 metres). The initial hole in this zone was RLE004 targeting a 1 kilometre long VTEM airborne anomaly with coincident magnetics. This hole intersected 0.34 metres grading 5.41% Cu. The follow-up borehole pulse electromagnetic survey indicated two conductive targets and was followed up with discovery hole RLE006.
The Super Zone property is part of a parcel of properties adjacent to the Reed deposit which are under option to VMS' joint venture partner HudBay Minerals Inc. (TSX:HBM - News)(NYSE:HBM - News) ("HudBay"). HudBay has the right to earn a 70% joint venture interest in the option properties and, upon earning such interest, VMS would retain a 30% interest.
Neil Richardson, VMS' Chief Operating Officer states: "We are very excited with the potential of this high grade copper discovery on our Super Zone property. All of the largest deposits in the belt are associated with bimodal volcanism and this has all the earmarks of such a discovery. This discovery signifies the potential of a new camp emerging with our partner HudBay. HudBay is continuing exploration with two diamond drills testing geophysical and geological targets on the option properties. VMS management would like to congratulate the HudBay technical team for this discovery, which took place in their first drill program on the property."
Option Properties Assay Data:
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Hole Number From (m) To (m) Length (m) Cu % Zn % Au (g/t) Ag (g/t)
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RLE004 275.87 276.21 0.34 5.41 0.27 1.58 26.74
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RLE006 133.89 141.07 7.18 7.44 0.23 0.48 7.57
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214.00 258.49 44.49 0.79 0.39 0.16 1.58
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RLE001-003
and RLE005 No Significant Assays
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True widths unknown
Option Properties Collar Information:
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UTM
UTM East UTM North Elevation Length
Hole Number (1) (1) (1) Azimuth (2) Dip (metres)
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RLE001 393334.00 6048883.00 296.00 45.00 -55.00 599.00
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RLE002 396086.00 6049836.00 295.00 120.00 -75.00 254.00
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RLE003 392804.00 6048779.00 295.00 130.00 -60.00 260.00
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RLE004 395050.00 6050455.00 295.00 317.00 -60.00 397.00
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RLE005 396049.00 6049452.00 295.00 130.00 -60.00 149.00
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RLE006 395050.00 6050455.00 295.00 335.00 -55.00 341.00
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
Reed Copper Project Joint Venture
A preliminary economic assessment and technical activities required for permitting, including metallurgical and geotechnical testing and mine design, are underway with the expectation of a construction decision by year-end.
On July 6, 2010 VMS and HudBay announced they had entered into a joint venture agreement in which HudBay and VMS have 70% and 30% interests, respectively, in the Reed Copper Project property and two claims immediately south of the deposit. The parties have also entered into four option agreements which grant HudBay the right to earn a 70% interest in properties held by VMS and adjacent to the Reed property.
For additional details on the Reed deposit, see VMS' NI 43-101 compliant technical report entitled "Technical Report Reed Deposit, Central Manitoba, Canada" dated March 31, 2011.
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 were 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 Copper 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.
Contact:
Contacts: VMS Ventures Inc. Keith Patey Director of Communications (604) 986-2020 or Toll Free: 1-866-816-0118 www.vmsventures.com Launch IR Matt Harrington (613) 882-7467 Launch IR Dean Hanisch (613) 882-7467
