VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

November 21, 2013 03:01 ET

VMS Ventures Inc.: Discovery of New Nickel Sulphide Mineralized Intrusions at Maniitsoq

Near Surface Nickel Copper Cobalt and Precious Metals mineralization with off-hole EM conductors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to announce that North American Nickel Inc. (TSX VENTURE:NAN) ("North American Nickel" or "NAN"), issued a press release this morning announcing a discovery of new nickel sulphide mineralized intrusions at maniitsoq. VMS Ventures owns approximately 23.9% of NAN. The release is as follows:

"North American Nickel Inc. is pleased to announce that recent drill core assay results confirm the discovery of significant Nickel (Ni) Copper (Cu) Cobalt (Co) and Precious Metals (Platinum+Palladium+Gold) mineralized intrusions outside of the high grade Imiak Hill Conduit Complex in the Company's regional exploration drilling in the 75km long Greenland Norite Belt (GNB). Assay results include 6.51m @ 0.44% Ni and 0.20% Cu including 0.73m @ 2.35% Ni and 1.21% Cu. The new discovery area is located approximately 18 km south of the Imiak Hill Conduit Complex.

The newly discovered intrusions, though poorly exposed, were identified during a 2013 site inspection of a cluster of three VTEM conductors collectively known as the P-13 target (see figures 1 and 2: http://media3.marketwire.com/docs/NR_111213VMS_Fig1and2.pdf). Small exposures of rusty, gossanous norite were noted at several locations within the P-13 target area and 3 EM conductors were subsequently tested for a total of three holes (MQ-13-032 to 034).

NAN CEO, Rick Mark, states: "The discovery of new near surface Nickel, Copper, Cobalt and PGM mineralisation at the P-13 target provides more evidence of the district scale potential of Maniitsoq. These initial near surface results, coupled with the associated off hole conductors, are indicative of what we originally saw at the high grade Imiak Hill Conduit Complex. It is important to realize that the 2013 prospecting program that confirmed this airborne target was the first of its kind in more than a decade, so there is much more to learn at Maniitsoq outside our primary focus, the Imiak Hill Complex. This is the fourth new discovery of nickel sulphide mineralization at Maniitsoq this year and continues the exploration successes of NAN's technical team."

MQ-13-032 tested a 200m long, northeast-striking conductor and intersected a thick section of norite and leucogabbro with four intervals of Ni-Cu-Co-PGM mineralization as listed in Table 1 below. The hole was surveyed with a Crone three-component borehole EM (BHEM) probe and off-hole responses were detected at each of the four mineralized intervals suggesting the presence of stronger mineralization nearby.

Table 1: MQ-13-032 significant assays
From mTo mCore
Length
m (1)
Ni %Cu %Co %Pt g/tPd g/tAu g/tTPM
g/t (2)
S % Bore Hole
EM
Response
Type
Interval 169.7093.4423.740.130.030.010.010.000.000.010.53 Off-hole
Including91.6191.900.291.290.240.030.110.040.020.175.87
Interval 299.35105.866.510.440.200.010.090.010.010.111.92 Off-hole
Including101.79102.520.732.351.210.050.680.060.030.779.71
Interval 3137.80138.240.441.380.450.040.160.050.010.226.78 Off-hole
Interval 4150.56159.228.660.330.090.010.030.000.000.031.63 Off-hole
Including157.21159.222.010.880.220.030.070.020.000.094.45
Including157.21157.670.462.200.700.070.180.060.020.2612.30
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)

At the completion of drilling, the hole was surveyed with a Crone three-component EM probe. Final results of the survey are pending but preliminary interpretation indicates off-hole anomalies associated with all four of the mineralized intervals suggesting the presence of stronger mineralization nearby.

The polymetallic nature of the mineralization in MQ-13-032 is consistent with that documented from the Imiak Hill Conduit Complex and underscores the significance of the association of off-hole BHEM responses with the mineralization. These off-hole responses will be followed-up in 2014.

MQ-13-033 tested a much weaker, short strike length VTEM anomaly located 200m west of MQ-13-032. The hole intersected non-mineralized granite and granodiorite gneiss. No conductive material was encountered and an EM survey of the hole did not detect any in or off-hole conductors. However, a number of large decomposed rusty to gossanous norite boulders and blocks are strewn about this area.

MQ-13-034 tested a weak, short strike length VTEM anomaly located 275m southeast of MQ-13-032 and intersected 41m of norite with local weak disseminated sulphide mineralization. Significant assay results are listed in Table 2. The best assay was 1.10m at 0.65% Ni, 0.15% Cu and 0.13 g/t TPM. A downhole BHEM geophysical survey could not be performed in the hole due to persistent caving.

Table 2: MQ-13-034 significant assays
From m To m Core Length
m (1)
Ni % Cu % Co % Pt g/t Pd g/t Au g/t TPM
g/t (2)
S % Bore Hole
EM
Response*
Interval 1 73.50 76.22 2.72 0.16 0.07 0.00 0.02 0.02 0.03 0.07 0.59 Not surveyed
Interval 2 82.00 84.50 2.50 0.38 0.14 0.01 0.04 0.03 0.03 0.10 1.67 Not surveyed
Including 83.40 84.50 1.10 0.65 0.15 0.02 0.06 0.04 0.03 0.13 2.83
Note: (m) = metres, % = percent, g/t = grams per tonne
(1) Core length is length along the hole not true thickness
(2) TPM is total precious metals (gold+platinium+palladium)
* Hole MQ-13-034 was not surveyed due to bad ground conditions in the hole

Assay results have also been received for holes MQ-13-030 and MQ-13-031, located approximately 21.8 km northeast of target area P-13 (figure 1). The two holes, tested VTEM target P-49 situated 9 km east of the Imiak Hill Conduit Complex. Neither hole intersected any significant nickel mineralization.

The 2013 drill program at Maniitsoq is now complete and planning for next year has commenced. The focus in 2014 will be to expand the numerous high-grade mineralized zones within the Imiak Hill Conduit Complex (see press releases dated October 10th and 23rd and November 7th for details on these zones), to follow-up new discoveries elsewhere in the GLB (such as P-13) and to continue testing high priority VTEM targets throughout the Maniitsoq project area.

Collar coordinates and other details on the five holes discussed in this news release are listed in Table 3.

Table 3. Collar coordinates for holes MQ-13-030 to 34. The datum used to acquire the UTM coordinates is World Geodetic System 84 Universal Transverse Mercator Zone 22 North. Azimuth is degrees from true north. Elevation indicates meters above sea level.

Hole Number UTM East*
(m)
UTM North*
(m)
Elevation
(m)
Length
(m)
Azimuth
(true)
Dip Target
MQ-13-030 488025 7257448 649 98.00 343° -45° P-49
MQ-13-031 488082 7257461 649 116.00 340° -55° P-49
MQ-13-032 475094 7239992 303 221.00 145° -60° P-13-1
MQ-13-033 474922 7239898 325 150.00 320° -60° P-13-2
MQ-13-034 475384 7239742 304 173.00 325° -50° P-13-3

Drill logs and additional maps are available on the company's website at http://www.northamericannickel.com/

Drill core assay results are evaluated as part of a Quality Assurance and Quality Control procedure that includes the use of multi-element, certified standards with known precious and base metal values, blank standards and control charts to determine accuracy and precision of analytical results. Core sample analysis was completed by ALS Scandinavia AS of Öjebyn, Sweden. Three methods of analysis were used to determine element concentrations in the rock samples submitted to ALS. These were 1. A multi-element scan, subsequent to a four-acid digestion and ICP/ICP-AES finish; 2. Au, Pt and Pd lead fire assay on a 30 gram sample with ICP-AES finish; and 3. Samples with >1.00% Ni or Cu were re-analyzed by ICP-AES calibrated for ore grade detection limits. Samples with >0.50% S were re-analyzed by Leco furnace and infrared spectroscopy.

The Maniitsoq nickel-copper-cobalt & PGM project in southwest Greenland contains the 75km-long Greenland Norite Belt (GNB) and is 100% owned by North American Nickel.

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 President, North American Nickel Inc."

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 Copper Project, which is subject to a 70-30 JV with HudBay Minerals and, subject to receipt of required permits, is scheduled for production in Q4-2013, 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 the Black Creek property in the Sudbury mining camp.

VMS Ventures owns approximately 23.9% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.

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 the costs, plans and schedule to develop the Reed Copper Project, 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

Neil Richardson, COO

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.
    Evan Sleeman
    Director
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com