VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

November 18, 2010 15:29 ET

VMS Reports 2.93% Copper Over 63.70 Metres in Drill Hole RLD006 From In-Fill Drilling at the Reed Lake Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2010) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce the latest drill and assay results from holes RDL005 to RDL008 inclusive of the in-fill diamond drill program at the Reed Lake Deposit, near Snow Lake, Manitoba, Canada. These latest results were focusing on the copper and zinc rich lenses near surface and were all collared on section line 4.

The program is the first phase of drilling at the Reed Lake project under a joint venture 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 22 holes now completed.

RLD005 was collared at -76º and was drilled below the plunge of zone 20. Assays have been received for holes RLD005 to RLD008, drilled from section line 4 and are tabled below:

Hole Number From (m) To (m) Length (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) Zone
RLD005 288.70 289.00 0.30 0.00 0.69 0.32 0.04 120
 
RLD006 197.62 197.85 0.23 0.00 2.06 1.65 0.45 130
213.10 234.78 21.68 0.27 4.14 3.17 1.03 20
234.78 276.80 42.02 0.14 3.23 2.80 0.14 10
213.10 276.80 63.70 0.18 3.54 2.93 0.44 10-20 Combined
                 
RL007 171.11 178.63 7.52 0.52 5.55 2.62 1.23 20
                 
RL008 148.00 151.86 3.86 0.43 6.36 4.32 1.17 20
*True widths unknown*

Neil Richardson, VMS' Chief Operating Officer, states: "We are pleased with the continued success in outlining mineralization from drill section line 4 at Reed Lake. The high-grade copper lens has significant thickness and down plunge potential that requires additional step out holes. 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

Hole Number UTM North (1) UTM East (1) UTM Elevation (1) Azimuth (2) Dip Length (metres)
RLD005 6048954.8 393942.5 295.90 225 -76 551
RLD006 6048942.3 393929.5 295.96 225 -70 443
RLD007 6048942.3 393929.2 295.99 225 -60 308
RLD008 6048936.3 393923.4 295.89 225 -50 242
(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.

Sails Lake Gold - Base Metal Project:

Drilling is on-going at the Sails Lake project located 25 kilometers east of the mining community of Snow Lake, Manitoba. We have completed seven base metal targets and are currently drilling our second gold target. Results from this program will be published in early January 2011 when all the analytical results have been compiled.

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.

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
    Coal Harbor Communications
    Dale Paruk
    (604) 662-4505 or Toll Free: 1-877-345-3399