VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

February 23, 2011 06:31 ET

VMS Reports 37.10 Metres of 5.60% Copper From In-Fill Hole RLD024 at Reed Lake Joint Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 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 copper-zinc-gold-silver deposit, near Snow Lake, Manitoba, Canada. These latest results including holes RLD023 to RLD026, were testing Zone 20. The in-fill program for the upper two lenses is now complete and the next in-fill drilling will focus on Zone 10 between the 300 and 530 metre levels.

Reed Lake Joint Venture Results

Two drills are currently operating at the Reed Lake Joint Venture site. Both drills are conducting in-fill drilling on the copper-rich lens (Zone 10) to define the extent of mineralization up-plunge from hole RLD015. This drill hole intersected significant copper mineralization and was announced in a press release dated December 10, 2010.

Neil Richardson, VMS' Chief Operating Officer states: "We are pleased with the latest results for the upper lenses (Zones 20 and 30) that confirm the extent of mineralization and provide us with definition required to complete a resource estimate. Geological models are being updated in preparation for a NI 43-101 technical report slated for completion in the latter part of Q1 2011."

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 kilometres from HudBay's concentrator in Flin Flon, Manitoba. The program is proceeding on schedule with the completion of 30 drill holes.

Assays have been received for holes RLD023 to RLD026 and are tabled below:

Reed Lake Assay Data:

Hole Number From (m) To (m) Length (m) Cu % Zn % Au (g/t) Ag (g/t) Zone
RLD023 290.90 293.78 2.88 5.00 0.31 0.43 7.63 20
 
RLD024 189.60 226.70 37.10 5.60 0.72 0.46 6.62 20
 
RLD025 156.75 184.12 27.37 4.66 0.61 0.25 4.75 20
240.62 244.20 3.58 4.76 0.11 0.01 2.64 10
 
RLD026 141.14 149.49 8.35 4.93 0.86 0.36 7.90 20
*True widths unknown*

Reed Lake Collar Information:

Hole Number UTM East (1) UTM North (1) UTM Elevation (1) Azimuth (2) Dip Length (metres)
RLD023 393968.5 6048943.3 295.4 225.0 -74.4 401.0
RLD024 393968.2 6048942.8 295.6 225.0 -65.0 434.0
RLD025 393952.9 6048928.8 295.6 225.0 -58.0 302.0
RLD026 393938.7 6048916.4 296.4 225.0 -48.0 224.0
(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 they had entered into a joint venture agreement in which HudBay and VMS have 70% and 30% interests, respectively, in the Reed Lake property 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 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.

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.

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
    (613) 882-7467
    or
    Launch IR
    Dean Hanisch
    (613) 882-7467