Copper-zinc exploration in the Flin Flon-Snow Lake VMS Belt
Recent Results Include 6.69% Copper Over 71.69 Metres and 3.74% Copper Over 21.77 Metres
Message: VMS Reports 3.95 m of 9.31% Cu at Reed North in the Super Zone Prop, Snow Lake
VMS Reports 3.95 m of 9.31% Cu at Reed North in the Super Zone Property, Near Snow Lake, Manitoba
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Press Release Source: VMS Ventures Inc. On Thursday September 29, 2011, 6:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire -09/29/11)- VMS Ventures Inc. (TSX-V: VMS.V - News) ("VMS") is pleased to announce follow-up results from the new copper zone discovery "Reed North" on its Super Zone property located 1.8 kilometres northeast of the Reed Copper deposit. The Super Zone is part of a parcel of four property packages adjacent to the Reed Copper deposit which are under option to HudBay Minerals Inc. (TSX: HBM.TO - News)(NYSE: HBM.TO - News) ("HudBay"). Reed North was previously referred to as the Super Zone Discovery.
HIGHLIGHTS
-- Hole RLE021 Intersects 3.95 m of 9.31% Cu, 1.87% Zn, 3.59 g/t Au, and
35.53 g/t Ag
-- Hole RLE022 Intersects 4.15 m of 2.16% Cu, 0.18% Zn, 0.71 g/t Au, and
8.01 g/t Ag
Neil Richardson, VMS' Chief Operating Officer states: "The drilling results and the follow-up borehole pulse electromagnetic surveys on the Reed North discovery support our interpretation that this is a highly prospective area. The mineralization is at, and around, bimodal volcanism. This is especially encouraging as it is the setting in which the larger deposits tend to be located, in VMS camps around the world."
The bimodal volcanism and the strong alteration over a large area suggest a large hydrothermal mineralizing system. HudBay has now drilled twelve (12) holes, for a total of 3,591 metres, on this discovery. Two mineralized horizons have been recognized and a possible third, a deeper target, has been identified by deep penetrating geophysical surveys over the area. Drilling will continue to focus on this area where the geophysical anomaly associated with the mineralization has been traced for more than 1 kilometre. The mineralization seen to date is semi-massive to stringer (remobilized) type sulphides. Variable amounts of pyrrhotite and chalcopyrite occur, with lesser amounts of sphalerite and magnetite.
PREVIOUSLY RELEASED SUPERZONE HIGHLIGHTS
-- Hole RLE004 Intersects 0.34 m of 5.41% Cu, 0.27% Zn, 1.58 g/t Au, and
7.57 g/t Ag (May 17, 2011)
-- Hole RLE006 Intersects 7.18 m of 7.44% Cu, 0.23% Zn, 0.48 g/t Au, and
7.57 g/t Ag and 44.9 m of 0.79% Cu, 0.39% Zn, 0.16 g/t Au and 1.58 g/t
Ag (May 17, 2011)
-- Hole RLE007 Intersects 2.23 m of 5.94% Cu, 0.27% Zn, 0.40 g/t Au and
5.50 g/t Ag and 24.70 m of 0.21% Cu, 1.18% Zn, 0.08 g/t Au and 0.79 g/t
Ag (August 9, 2011)
To view "Figure 1. VTEM EM Anomalies" and "Figure 2. VTEM Anomalies with Magnetic Tilt" accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/vms929i.pdf
DRILL SUMMARY FOR THE HUDBAY JV AND OPTIONED PROPERTY PACKAGES: MARCH
THROUGH SEPTEMBER, 2011
-- Reed Lake joint venture: two holes were completed for a total of 724
metres,
-- Super Zone option: nine holes were completed for a total of 2,482
metres,
-- Tower Zone option: one hole for a total of 1,082 metres,
-- Northwest option: three holes completed for a total of 820 metres and
-- Northeast option: one hole for a total of 349 metres.
HudBay has the right to earn a 70% joint venture interest in the option properties. One drill will continue to explore the option properties concentrating on the Reed North discovery zone until winter freeze up.
OPTION PROPERTIES ASSAY DATA
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Hole From To Length Cu Zn Au Ag
Number (m) (m) (m) % % (g/t) (g/t)
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RLE011 No Significant Assays
---------------------------------------------------------------------------
---------------------------------------------------------------------------
RLE012 184.80 193.55 8.75 0.07 0.21 0.00 0.74
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RLE013 No Significant Assays
---------------------------------------------------------------------------
---------------------------------------------------------------------------
751.06 753.85 2.79 0.03 2.58 0.05 1.44
RLE014 -----------------------------------------------------------------
757.92 761.38 3.46 0.38 1.20 0.21 4.26
---------------------------------------------------------------------------
---------------------------------------------------------------------------
67.00 73.00 6.00 0.03 0.99 0.00 0.11
-----------------------------------------------------------------
RLE015 156.73 158.83 2.10 0.13 0.48 0.00 1.95
-----------------------------------------------------------------
166.66 169.51 2.85 0.08 0.36 0.00 1.46
---------------------------------------------------------------------------
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RLE016 182.73 193.07 10.34 0.12 0.24 0.01 1.76
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RLE017 No Significant Assays
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RLE018 Hole Abandoned - Rods Stuck
---------------------------------------------------------------------------
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RLE019 No Significant Assays
---------------------------------------------------------------------------
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199.19 203.70 4.51 0.07 0.63 N/A 2.00
RLE020 -----------------------------------------------------------------
235.52 237.96 2.44 0.67 0.02 N/A 2.86
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RLE021 139.15 143.10 3.95 9.31 1.87 3.59 35.53
---------------------------------------------------------------------------
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RLE022 130.54 134.69 4.15 2.16 0.18 0.71 8.01
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RLE023 No Significant Assays
---------------------------------------------------------------------------
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RLE024 Assays Pending
---------------------------------------------------------------------------
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RLE025 147.00 166.13 19.13 1.42 1.10 0.68 6.71
---------------------------------------------------------------------------
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RLE026 Assays Pending
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True widths unknown
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OPTION PROPERTIES COLLAR INFORMATION
---------------------------------------------------------------------------
UTM
Hole UTM East UTM North Elevation Azimuth Length
Number (1) (1) (1) (2) Dip (metres)
---------------------------------------------------------------------------
RLE011 389600 6050535 295 180 -50 218.00
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RLE012 395030 6049955 295 8 -50 392.00
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RLE013 390850 6048790 290 180 -55 349.00
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RLE014 395075 6048460 295 180 -60 1082.00
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RLE015 394588 6049754 290 149 -60 356.00
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RLE016 394189 6050204 290 360 -60 299.00
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RLE017 392300 6051345 290 360 -60 198.00
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RLE018 394900 6050300 290 350 -55 128.00
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RLE019 394899 6050300 290 350 -55 503.00
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RLE020 390866 6050783 290 200 -67 404.00
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RLE021 394920 6050525 290 335 -60 290.00
---------------------------------------------------------------------------
RLE022 394920 6050525 290 335 -50 198.00
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RLE023 394920 6050525 290 335 -70 317.00
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RLE024 394920 6050525 290 10 -60 248.00
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RLE025 394920 6050525 290 355 -65 296.00
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RLE026 394920 6050525 290 310 -50 203.00
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(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North
REED COPPER DEPOSIT JOINT VENTURE UPDATE
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 deposit 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 Copper deposit property.
For additional details on the Reed Copper deposit, see VMS' NI 43-101 compliant technical report entitled "Technical Report Reed Deposit, Central Manitoba, Canada" dated March 31, 2011, 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 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 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.
VMS Ventures owns approximately 45% of North American Nickel Inc. (TSX-V: NAN.V - News). 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, 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:
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
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