VMS Ventures Inc.

VMS Ventures Inc.

October 06, 2010 06:30 ET

VMS Ventures to Begin Drilling at Its Sails Lake Base Metal/Gold Property Near Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2010) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce that drilling of base metal and gold targets on its 100% optioned Sails Lake property is planned to commence on, or about, October 12th, 2010.

The Sails Lake property is located 25 km east of the mining community of Snow Lake, Manitoba and consists of 8 claim blocks covering an area of approximately 1,900 hectares. The upcoming drill program will include between 1,500 and 2,000 meters of diamond drilling and will test multiple base and precious metal targets. This program is independent of the ongoing drill program at the Reed Lake deposit, operated by HudBay Minerals Inc. (HBM: TSX) under a Joint Venture agreement announced July 6, 2010.

Historic base metal drilling at Sails Lake intersected narrow zones of base metal mineralization and hydrothermal alteration, characteristic of volcanogenic massive sulphide-type base metal deposits in the Flin Flon-Snow Lake belt. Exploration at Sails Lake has been minimal, with no diamond drilling since 1960.

Past exploration on the Sails Lake property also focused on high-grade gold targets exposed at surface by trenching. The interest in the area was attributed to the geological similarities, including structural style and mineralogical associations, to the gold mineralization mined at the Snow Lake Gold Mine, which is now operated by Alexis Minerals (AMC: TSX), Alexis Minerals reported total Snow Lake Mine Property Measured and Indicated 3,531,000 tons, 0.152 oz/t, 535,000 contained ounces and total Snow Lake Mine Property Inferred Resources 2,367,418 tons, 0.152 oz/t, 356,229 contained ounces in its NI 43-101 Preliminary Assessment Report in April 2010.


VMS Ventures' exploration has been ongoing at Sails Lake since 2007 and has resulted in the development of an integrated, multi-level database. The database includes VTEM airborne geophysical surveys, geological mapping and prospecting results, high-precision trace element rock geochemistry, Mobile Metal Ions soil geochemical surveys and a compilation of all previous work on the property including historical drill hole logs and assays. Two distinct styles of mineralization are present, volcanogenic massive sulphide-type zinc-copper-gold-silver and structurally-controlled high-grade gold.

  1. Base Metal Massive Sulphide-Type Targets

Geological mapping and geochemical studies by Company geologists show that the property is underlain by primitive arc volcanic rocks, the principal host rocks for base metal deposits in the Flin Flon-Snow Lake belt. Mapping has also identified a previously unrecognized 3km by 1.5 km domain of felsic volcanic rocks and significant areas of hydrothermally altered mafic volcanic rocks stratigraphically below the felsic complex. Because historic mapping showed the area to be underlain by ocean floor mafic volcanic rocks, it is under-explored for base metal mineralization. Additional staking has followed volcanic rocks to the south and east, along strike, which are believed to be a continuation of the VMS prospective arc volcanic rocks.

  1. Structurally-Controlled Gold Mineralization

An Induced Polarization (I.P.) survey by Matrix Geotechnologies Ltd. is underway covering areas where assays of outcrop rock chip samples collected from historic surface gold showings have returned results as high as 64 g/t gold. The I.P. survey is designed to identify concentrations of disseminated mineralization, such as that associated with the historic high-grade gold showings on the property. This area of gold mineralization has also been the focus of MMI soil geochemical surveys and when integrated with the IP database will generate final drill targets.

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.


John Roozendaal

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