Re: News out one hr ago
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posted on
Jul 07, 2011 03:33PM
Recent Results Include 6.69% Copper Over 71.69 Metres and 3.74% Copper Over 21.77 Metres
I thought so...but here is the info - agoracom is not on the ball to post it yet.
Dear VMS Followers,
Today we reported that HudBay Minerals has completed its expenditure requirement for the first year of the Option agreement for the four properties which surround the Reed Copper Project Joint Venture Property. In excess of $900,000 was spent in the year and we expect HudBay to continue their exploration into years 2 and 3. The results have thus far been very encouraging, highlighted by the discovery of high grade copper mineralization just 2 km north of the Reed Copper Deposit. As these deposits tend to form in clusters resulting in multiple deposits, we believe this drill intercept is strong evidence for the potential that multiple deposits may have formed here as well.
As Neil Richardson our COO states in the release, HudBay is continuing its exploration with two diamond drills dedicated to the property testing geophysical and geological targets on the Option properties. We expect assay results from the on-going drilling to be available in the next few weeks so watch for more results to come this summer.
Please feel free to contact us at our North Vancouver office with any questions you may have on our toll free line at 1-866-816-0118.
Sincerely,
John Roozendaal
President
VMS Ventures Inc.
VMS REPORTS HUDBAY MINERALS COMPLETES EXPLORATION EXPENDITURES FOR YEAR ONE ON FOUR OPTION PROPERTIES SURROUNDING THE REED COPPER PROJECT JOINT VENTURE
Vancouver, B.C., July 7, 2011 - VMS Ventures Inc. (TSX-V:VMS) ("VMS") is pleased to announce that HudBay Minerals Inc. (TSX, NYSE:HBM) ("HudBay") has completed year one option commitments on four properties surrounding the Reed Copper project. The four option properties are: Super Zone, Northeast, Northwest and Tower, in which HudBay has the right to earn a 70% joint venture interest and, upon earning such interest, VMS would retain a 30% interest.
HudBay has completed 17 exploration diamond drill holes to date on the option and Joint Venture properties, including four holes on the Reed Copper project (not including definition and geotechnical holes), eight holes and one deepened hole on the Super Zone option, three holes on the Tower Zone option, three holes in the Northwest option and one hole in the Northeast option. On May 17, 2011 VMS and HudBay announced the discovery of 7.18 meters of 7.44% copper (from 133.89 to 141.07 metres) in hole RLE006. Follow-up work has been on-going including additional drilling, and surface and borehole pulse electromagnetic surveys. Assays from additional holes on the new discovery and other exploration targets are expected in a few weeks.
Neil Richardson, VMS' Chief Operating Officer states: "We are pleased with Hudbay's commitment to the option properties and the continuing advancement of the Reed Copper project. HudBay is continuing exploration with two diamond drills testing geophysical and geological targets on the option properties."
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 mine construction decision by year-end. CLICK HERE TO READ MORE