VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

January 31, 2011 06:31 ET

VMS Reports 28.05 Metres of 4.85% Copper from In-Fill Hole RLD021 at Reed Lake Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2011) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce the latest drill and assay results from the in-fill diamond drill program at the Reed Lake deposit, near Snow Lake, Manitoba, Canada. These latest results are from holes RDL016 to RDL022 inclusive which, were designed to test the continuity and lateral extent of the zinc–copper rich lens (zone 30) which extends vertically near to surface. See figure below for drill hole traces and mineralized zone outlines.

Drill highlights include:

RDL020 reporting 32.28 metres grading 3.41% copper – 1.33% zinc – 2.1 g/t gold – 22.03 g/t silver

RDL021 reporting 28.05 metres grading 4.85% copper – 1.75% zinc – 2.35 g/t gold – 25.69 g/t silver

RDL022 reporting 8.90 metres grading 3.95% copper – 4.14% zinc – 1.92 g/t gold – 25.78 g/t silver

These results are part of the first phase of drilling at the Reed Lake project under a joint venture agreement formed between VMS and HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("HudBay"). The Reed Lake deposit is a base metal, polymetallic, massive sulphide-type deposit and is located approximately 100 kilometers from HudBay's concentrator in Flin Flon, Manitoba. The program is proceeding on schedule with 30 holes now completed.

Two drills are currently operating at the Reed Lake Joint Venture site focusing on completing in-fill drilling on the copper rich lens (zone 10) and defining the mineralization up-plunge from the step out hole RLD015 announced December 10th, 2010. Drill hole RLD015, was a significant first step-out from the deposit which intersected massive sulphide mineralization 214 metres down plunge of the deposit, the current drill program at Reed Lake is expected to provide the data necessary for defining the deposit in preparation for a National Instrument 43-101 mineral resource estimate, which is scheduled for completion by March 31, 2011.

Neil Richardson, VMS' Chief Operating Officer states: "These results for the upper zinc–copper-rich lens in zone 30 and copper–zinc rich lens in zone 20 are consistent with our working deposit model and provide us the definition required to complete an initial resource estimate. Copper and zinc metal zonation and significant precious metal credits are common characteristics of massive sulphide-type deposits in the Snow Lake camp."

Assays have been received for holes RLD016 to RLD022 and are tabled in detail below:

Reed Lake Assay Data:
Hole
Number
From
(m)
To
(m)
Length
(m)
Cu % Zn % Au
(g/t)
Ag
(g/t)
Zone
RLD016 218.73 221.00 2.27 1.13 0.25 0.11 2.93 120
 
RLD017 No Significant Assays
 
RLD018 244.14 244.44 0.30 4.20 1.79 0.93 20.23 120
371.00 371.50 0.50 1.14 0.02 0.07 3.77 99
407.88 410.73 2.85 7.05 4.44 1.39 11.89 10
435.00 440.00 5.00 0.10 1.01 0.00 0.48 110
 
RLD019 162.00 167.00 5.00 0.64 5.60 0.28 3.67 30
262.80 263.84 1.04 0.76 1.99 0.04 1.03 120
 
RLD020 75.02 107.30 32.28 3.41 1.33 2.10 22.03 30
185.40 191.92 6.52 5.45 1.24 0.39 7.52 20
 
RLD021 55.95 84.00 28.05 4.85 1.75 2.35 25.69 30
124.66 125.58 0.92 2.96 0.07 0.61 3.43 20
 
RLD022 45.90 54.80 8.90 3.95 4.14 1.92 25.78 30
True widths unknown
 
Reed Lake Collar Information:
Hole
Number
UTM
North (1)
UTM
East (1)
UTM
Elevation (1)
Azimuth
(2)
Dip Length
(metres)
RLD016 393890.9 6048983.5 295.3 383.0 -65.5 225.0
RLD017 393892.3 6048971.5 295.7 221.0 -53.7 225.0
RLD018 393904.0 6048988.0 295.6 506.0 -66.8 225.0
RLD019 394000.0 6048911.0 295.0 308.0 -73.0 225.0
RLD020 393991.2 6048893.0 295.9 281.0 -65.5 225.0
RLD021 393990.5 6048892.5 295.7 250.0 -53.9 225.0
RLD022 393974.0 6048880.0 296.0 303.0 -44.3 220.0
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North

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.

For additional details on exploration at the Reed Lake deposit, see VMS' press releases issued between September 17, 2007 and December 10, 2008, 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.

To view planview of lens 30 and 20 excluding lens 10 at the Reed Deposit, please click here: http://media3.marketwire.com/docs/vmss0131.pdf.

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.

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
    www.vmsventures.com
    or
    Launch IR
    Matt Harrington or Dean Hanisch
    (613) 882-7467