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VMS RECEIVES FIRST IN-FILL DRILL RESULTS FROM REED LAKE JOINT VENTURE PROJECT - REPORTS 9.90 METRES OF 5.56% COPPER AND 38.55 METRES OF 3.81% COPPER; $3 MILLION EXPLORATION PROGRAM APPROVED
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Vancouver, B.C., September 27, 2010, VMS Ventures Inc. (TSX-V:VMS) (“VMS”) is pleased to announce drill and assay results from the first phase of drilling at the Reed Lake project, a base metal massive sulphide-type deposit near HudBay Minerals Inc.’s (HBM:TSX) (“HudBay”) concentrator in Flin Flon, Manitoba, Canada.
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.
VMS has been advised by HudBay that nine holes have now been completed. Assays have been received for in-fill holes RLD001 and RLD002 and are tabled below.
Reed Lake Drilling highlights:
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Hole Number
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From (m)
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To (m)
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Length (m)
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Au (g/t)
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Ag (g/t)
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Cu (%)
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Zn (%)
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Zone
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RLD001
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129.00
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138.90
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9.90
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0.77
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8.21
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5.56
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0.67
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20
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|
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RLD002
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99.30
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113.28
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13.98
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0.46
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5.19
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0.94
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3.74
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30
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140.05
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178.60
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38.55
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0.38
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4.10
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3.81
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0.08
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20
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*True widths unknown*
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Neil Richardson, VMS’ Chief Operating Officer states “We are excited to see the grades and thickness of the mineralization from this in-fill drilling program at Reed Lake. The stacked lenses indicated by this early drilling emphasize the potential for this deposit. We look forward to HudBay continuing their definition of the deposit in preparation for a National Instrument 43-101 mineral resource estimate, which HudBay has stated is targeted for early 2011."
Reed Lake Collar Information
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Hole Number
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UTM North (1)
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UTM East (1)
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UTM Elevation (1)
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Azimuth (2)
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Dip
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Length (metres)
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RLD001
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6048903
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393961.5
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296
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220
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-45
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209
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RLD002
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6048910
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393968.4
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296
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224
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-60
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302
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
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(2) "Azimuth" is degrees from True North
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$3 Million Exploration Program Approved
A $3 million budget for work on the property for the remainder of 2010 was approved at a joint management committee meeting held in Flin Flon on September 9, 2010. Over the coming months a total of 20 holes are expected to be drilled into the deposit on six sections spaced roughly 40 – 50 metres apart which are intended to enable the National Instrument 43-101 mineral resource estimate.
It is anticipated that drill results will be available for release on monthly intervals until drilling is completed and the last assay results are received, which are expected in December.
For additional details on exploration at the Reed Lake deposit, see VMS’ press releases dated September 17, 2007 – December 10, 2008.
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
301 – 260 W. Esplanade
North Vancouver, B.C.
V7M 3G7
www.vmsventures.com
For further information contact:
Keith Patey
Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118
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Dale Paruk
Coal Harbor Communications
Telephone: (604) 662-4505
Toll Free: 1-877-345-3399
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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.
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