VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

September 17, 2007 06:30 ET

VMS Ventures Inc. Exploration Update at Reed Lake Property, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2007) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to report what appears to be a significant discovery of volcanogenic massive sulphide (VMS) mineralization approximately 15 km west of the former Spruce Point Mine and 1,200 metres south of HudBay Minerals 'Highway Zone'. The property is located 52 kilometres southwest of the mining community of Snow Lake, Manitoba.

Hole 1, drilled from southeast to northwest, intersected veinlets and disseminations of pyrrhotite, chalcopyrite and pyrite over a core interval of 37.5 metres between 132.0 and 169.50 metres in strongly chlorite altered rock. Assay results from this alteration zone material contained a number of analyses with more than 0.2% Cu locally throughout the zone of alteration in 0.5 - 0.75 metre intervals. Also 2 samples were over the limit of 1% Cu, returning 2.67% Cu over 1.0 metre and 2.11% Cu over 0.5 metres respectively.

Hole 2, also drilled from southeast to northwest, intersected altered rocks similar to those found in hole 1 in the upper part of the hole and then 34 metres of near solid sulphide between 206.25 and 240.25 metres as well as a second zone of near solid sulphide of 1.25 metres from 248.0 to 249.25 metres. The 34 metre sulphide interval includes a 10.5 metre section of near solid pyrrhotite and chalcopyrite and an 11.75 metre section of near solid pyrite with visible sphalerite. Magnetite occurs both within the pyrite-rich section, and as a discrete layer below the pyrite section. A 2.5 metre chert section occurs below the magnetite layer and above the unmineralized basalt at the end of the hole. This mineral assemblage and its relative position in the core are typical of that found in volcanogenic massive sulphide (VMS) deposits.

Hole 3, drilled from northwest to southeast, intersected near solid to solid pyrite between 176.8 and 179.53 metres. Pyrite, visible sphalerite and chalcopyrite are present in this sulphide lens. Both magnetite and chert layers similar to those intersected in hole 2 occur up-hole from the pyrite-rich zone. This hole entered a younger unmineralized mafic intrusion immediately below the pyrite section and remained in this unit to the end of the hole which was abandoned at 234.53 metres.

The true thickness of these mineralized sections is unknown. Assay results for drill hole 2 are expected by the end of the month.

Holes 4 and 6 were drilled 1 km and hole 5 was drilled 1.5 km east of the new discovery. These holes also intersected alteration and pyrite mineralization that are typical of those associated with VMS deposits; however, the cores contained only trace amounts of sphalerite and chalcopyrite. A total of 1,510 metres of drilling was completed in the first round of drilling.

Digital photographs of drill core can be viewed on the Company's website at http://www.vmsventures.com/RLP_Sept2007.asp.

The target tested by holes 1-3 is in part on the property package under option from Hudson Bay Exploration and Development Company Limited, subsidiary company of HudBay Minerals Inc. The targets tested by holes 4-6 are located on a claim optioned from W. Bruce Dunlop Limited (N.P.L.). The tested targets are approximately 15 km west of the former Spruce Point mine and approximately 52 km southwest of Snow Lake, Manitoba.

The program targeted 3 separate VTEM anomalies in the southern portion of the claims where high ground permits access during the summer months. The Company will be initiating a larger drill program as soon as drills are available to further define these highly encouraging results and to test other prospective targets in the area.

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.

All technical information in this release has been reviewed by Dr. George Gale, P.Eng, the Qualified Person, Vice President of Exploration and director of VMS Ventures Inc. All samples have been prepared and analyzed at TSL Laboratories in Saskatoon, Saskatchewan using ICP-MS and aqua regia analytical methods.

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
    Steve Kubota
    (604) 662-3237 or Toll Free: 1-866-405-3955