VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

February 04, 2010 06:30 ET

VMS Announces Preparations for Phase 2 Drilling at the Reed Lake Tower Zone and Drill Plans for Its Sails Lake and Copper Projects Near Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to report that preparations for phase 2 drilling of newly identified targets on its 100% owned Reed Lake property package, the Tower Zone, are now underway. Drilling is anticipated to commence in the next 10 days. Permits are in place and access roads to the new drill collar locations are being built ahead of the drilling equipment arriving.

The Tower Zone

Four of the five conductive drill targets have been identified on the basis of surface DEEPEM geophysical surveys. The fifth target is a new, strong conductor that was identified separately by the down-hole EM surveys included in the phase 1 Tower Zone drilling. It is in the vicinity of encouraging geology encountered in drill core intersections from that program.

Phase 2 drilling will be focused on targets located in low lying areas where summer drilling may be impeded by wet ground conditions.

More specific details about each target, and accompanying images, will be available when drilling commences.

Sails Lake

A drill program on the Company's 100% held Sails Lake property is being planned for this winter/spring drill season. Final drill target locations are currently being evaluated.

The program will focus on two major conductive features with geological settings that characterize Snow Lake copper-zinc-gold-silver deposits. Historical drilling on the property has identified base metal mineralization and the upcoming drill program will focus on targets related to this mineralization. The drill targets have been developed from a multidisciplinary exploration approach undertaken over the past 3 years. This work has included a VTEM airborne geophysical survey, geological mapping of rock outcroppings and MMI soil geochemical surveys. The integration of these data sets with historical work obtained from government archived assessment reports will focus the diamond drill testing.

The Sails Lake property is located approximately 10 km east of the past-producing Osborne Lake copper-zinc-gold-silver deposit and approximately 30 km east of the mining community of Snow Lake.

Copper Project

The Company is now planning ground geophysical surveys of selected target areas on its 100% owned Copper project, in preparation for drill testing this spring.

The Copper project is a 30 km trend with several known base metal deposits, but no previous production. Base metal massive sulphide-type deposits are known to occur in clusters, with a wide range in tonnage and grade, so the occurrence of several deposits is very encouraging. Given the prolific nature of the Flin Flon – Snow Lake greenstone belt to host high value Volcanogenic Massive Sulphide deposits, Company geologists believe this relatively under-explored area is one of the most prospective areas in the belt to discover a new mining camp.

The Copper project area is covered by post-mineralization Ordovician dolomite and sandstone that has impeded traditional exploration in the area. Conventional mapping of the host volcanic rocks is not possible, so historically, exploration was limited to older airborne geophysical survey technology. Still, a number of deposits have been discovered beneath this cover rock, including the Copperman copper-zinc-gold-silver deposit, which occurs adjacent to the Copper Project, also held under option by VMS Ventures Inc.

VMS exploration programs began three years ago, and have resulted in the identification of many geophysical anomalies and therefore a large number of prospective targets across the 30 km length of the property. The Company's work has included airborne VTEM geophysical surveys, ground reconnaissance, detailed Mobile Metal Ions geochemical surveying of airborne anomalies and the compilation of exploration work from assessment files stored in the office of the Manitoba Mining Recorder. Successive programs have been designed to reduce the number of targets to several higher priority targets. More recent exploration has included deep-penetrating ground geophysical surveys and more detailed MMI soil surveys over selected target areas.

The Copper Project is located approximately 45 km by paved highway, to the east of the Company's Reed Lake discovery. It is 20 km southeast of the mining community of Snow Lake, where HudBay Minerals operates a mill and concentrator and where the development and exploration of the Lalor Lake zinc-copper-gold-silver deposit is ongoing. Access to the northern end of the property package is via a paved highway.

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.

VMS Ventures Inc. currently has a profile on Corebox.net which is updated as soon as assay results are released. The link to visit our Corebox profile is: http://www.corebox.net/properties/reed_lake/.

Investors are invited to visit the VMS Ventures IR Hub at http://www.agoracom.com/IR/VMSVentures where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to VMS@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest land package considered prospective for nickel-copper mineralization at Lynn Lake, which is to date Canada's third largest nickel producing camp. The Company's project portfolio consists of the Snow Lake VMS project, the Nickel Belt project and the South Bay nickel-copper-cobalt PGE property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

John Roozendaal B.Sc.
President & Director

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 Information

  • VMS Ventures Inc.
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    (604) 986-2021 (FAX)
    www.vmsventures.com
    or
    Coal Harbor Communications
    Dale Paruk
    (604) 662-4505 or Toll Free: 1-877-345-3399