VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

January 29, 2008 06:30 ET

VMS Ventures Inc.: 6 Holes Intersect Near Solid Sulphides; Assay Results for Two at Reed Lake, Manitoba Discovery Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to report assay results and an update on the progress of its ongoing drill program at the Reed Project Discovery Zone near Snow Lake, Manitoba.

Highlights:

Hole RD 07 07: 26.27m (86.19 feet) of 1.0% Cu & 4.48% Zn

- Including 2.03m of 4.06% Cu & 3.8m of 10.75% Zn

Hole RD 07 10: 43.08m (141.34 feet) of 0.72% Cu & 4.27% Zn

- Including 10.26m of 8.26% Zn

Hole RD 07 12: 32.73m (107.38 feet) of Near Solid Sulphide, Assays Pending

Hole RD 08 14: 31.39m (102.99 feet) of Near Solid Sulphide, Assays Pending

Hole RD 08 20: 48.39m (158.73 feet) of Near Solid Sulphide, Assays Pending

Vice-President of Exploration, Dr. George Gale states, "We are very encouraged by the initial follow-up results to the discovery hole announced in October, 2007. We have intersected additional mineralization with similar lengths and values typical of those in operating mines in the area. We have intersections of Near Solid Sulphides at depths as shallow as 30m and as deep as 170m from surface. Preliminary Deep EM results also suggest that the deposit is open at depth. Drill results to date indicate a near vertical dip to the mineralization."



---------------------------------------------------------------------------
Off
Hole
From To Int Cu Zn Ag Au PULSE Cond-
Hole # (m) (m) (m) % % g/tn g/tn EM uctor
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RD07-07 123.43 150.10 26.27 1.00 4.48 12.34 0.81
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Inc 127.10 130.90 3.80 0.70 10.75 8.86 0.53
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Inc 134.76 136.24 1.48 3.84 1.88 43.92 1.86
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Inc 141.00 143.03 2.03 4.06 2.30 31.73 1.41
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Inc 143.03 149.54 6.51 0.35 4.38 4.37 0.37
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RD07-08 NSI Surveyed YES
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RD07-09 NSI Surveyed YES
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RD07-10 98.28 141.36 43.08 0.72 4.27 9.39 0.62
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Inc 100.23 110.49 10.26 0.68 8.26 14.74 0.52
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Inc 124.05 129.75 5.70 0.27 4.26 3.61 0.07
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RD07-11 NSI
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RD07-12(i) 172.21 204.94 32.73
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RD07-13 NSI
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RD08-14(i) 70.79 102.18 31.39
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RD08-15 NSI
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RD08-16(i) 63.44 66.46 3.02
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RD08-17 NSI
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RD08-18 NSI
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RD08-19 IP
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RD08-20(i) 41.61 90.00 48.39
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(i) equals Near Solid Sulphide intercept (assays pending)
NSI equals no significant interval; IP equals in progress


The analysis of the Discovery Zone continues with the following activities, all designed to assist in defining the deposit as quickly and efficiently as possible:

UPCOMING DRILL TARGETS:

The two drills operating on the discovery zone will continue to test the mineralization on 25m spaced sections to confirm the strike, dip and extent of the body and to explore for additional sulphide lenses. In addition, a third drill has been mobilized onto the Tower Zone area, located approximately 1 km east of the discovery zone, where alteration and minor mineralization typical of VMS deposits were intersected in the summer program in holes RD 07 04, RD 07 05 and RD 07 06.

DOWN-HOLE PROBE/PULSE EM

Down-hole PULSE EM surveys of holes RD07-08 and RD07-09, (which did not intersect near solid sulphides) indicate the presence of strong off-hole conductors. Late time channel responses, indicative of good conductivity, show off-hole responses near the end of the boreholes. The geophysical responses of the borehole EM surveys are complex and show that extensive conductivity is located near the boreholes. The off-hole anomalies will be tested in this drill program. The Company has left the casing in each completed drill hole and plans to probe a number of these holes when the system returns to the property, anticipated for mid-February.

DEEP EM SURVEY

In anticipation of drill testing deeper targets, the Company contracted to utilize a DEEP EM ground survey which is capable of detecting more subtle and deeper targets than the VTEM airborne survey. Four lines of a planned twenty-two line ground DEEP EM survey have been completed. The survey is estimated to detect conductive bodies to a depth of at least 300m. The initial four lines of the DEEP EM survey, though only covering 300 meters of the earlier identified 800 meter long VTEM airborne anomaly, indicates a southerly plunging and strongly conductive body. Further drilling will be required to confirm this interpretation.

HLEM SURVEY

Due to the fact that mineralization has been intersected within 30m of surface (hole RD 08 20), a Horizontal Loop EM survey is being sourced to accurately delineate the near surface portion of the deposit. These deposits often occur as multiple sheets, so the HLEM survey will help to identify the presence of additional mineralized lenses near the surface in the area surrounding the discovery.

VTEM SURVEY

Geotech is currently flying the southern portions of the Reed Property which were not surveyed in the spring 2007 program. As part of this survey, the area surrounding the discovery is being flown in a north-south orientation to provide greater definition to the original VTEM anomalies.



Location of holes drilled on the Reed Project Discovery Zone:

HOLE ID NORTH EAST LENGTH DIP AZ
RO-07-01 6048741 393926 250.00 -50 325
RO-07-02 6048735 394004 300.00 -45 340
RO-07-03 6048922 393959 200.00 -70 160
RO-07-07 6048759 393998 200.00 -45 340
RD-07-08 6048748 394046 335.00 -45 340
RD-07-09 6048703 394014 329.00 -45 300
RD-07-10 6048784 394005 225.00 -45 340
RD-07-11 6048787 393946 277.00 -45 340
RD-07-12 6048752 393988 284.00 -45 340
RD-07-13 6048784 394061 303.73 -60 340
RD-08-14 6048787 393946 309.98 -45 25
RD-08-15 6048709 394041 316.99 -45 340
RD-08-16 6048787 393946 267.31 -45 45
RD-08-17 6048814 393997 128.00 -45 45
RD-08-18 6048839 393955 111.86 -45 45
RD-08-19 6048814 393997 IP -60 45
RD-08-20 6048817 393940 151.48 -45 45


Dr. Gale summarizes, "Although we are still in the very early stages of delineating this deposit, we are encouraged to find that we have similar textures and compositions to the deposits of the Snow Lake camp. And while it is well known that these deposits are fractured and faulted and difficult to follow, I am impressed by the number of significant intercepts we have been able to discover so far. The challenge now is to maintain momentum, especially in the harsh winter conditions of northern Manitoba. I'm confident our team can meet that challenge."

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 Lynn Lake Gabbros nickel-copper project, the Nickel Belt project, the South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite Complex, Specialty Metals 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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news 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)
    Website: www.vmsventures.com
    or
    Coal Harbor Communications
    Dale Paruk
    (604) 662-4505 or Toll Free: 1-877-642-6200