VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

October 23, 2013 03:01 ET

VMS Ventures Inc.: North American Nickel Discovers High Grade Nickel Sulphide Mineralization at Imiak North

9.99m of 4.65% Ni Intersected in MQ-13-029

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 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 new discovery of high grade nickel and copper-cobalt-PGM mineralization at Imiak North. VMS Ventures owns approximately 23.9% of NAN. The release is as follows:

"North American Nickel Inc. is pleased to announce a new discovery of high grade nickel and copper-cobalt-PGM mineralization at Imiak North, 950m north of Imiak Hill, and additional copper-nickel-cobalt and elevated-PGM mineralization at Spotty Hill, 1350m east of Imiak Hill.

Imiak North and Spotty Hill are two of three mineralized conduits at the Imiak Hill Conduit Complex (IHCC) located in the northern part of the Company's 100% owned Maniitsoq Nickel - Copper - Cobalt and PGM sulphide project in southwest Greenland (See fig. 1 for the IHCC, fig. 2 for Imiak North, and fig. 3 for Spotty Hill).

IMIAK NORTH

DDH MQ-13-029: at 58m down the hole:

  • Intersected 55.75m grading: 1.28% nickel, 0.36% copper, 0.04% cobalt, and 0.03 g/t PGM
    • Including: 9.99m of 4.65% nickel, 0.33% copper, 0.13% cobalt and 0.08 g/t PGM

DDH MQ-13-027: at 34m down the hole:

  • Intersected 64.11m grading: 0.45% nickel, 0.20% copper, 0.01% cobalt and 0.02 g/t PGM
    • Including: 24.98m of 0.71% nickel, 0.31% copper, 0.01% cobalt and 0.04 g/t PGM

SPOTTY HILL

DDH MQ-13-022: at 197m down the hole:

  • Intersected 20.07m grading: 0.68% nickel, 0.28% copper, 0.02% cobalt and 0.32 g/t PGM
    • Including: 2.07m of 2.03% nickel, 0.11% copper, 0.07% cobalt and 0.78 g/t PGM

Hole MQ-13-022 was drilled to the southeast of hole MQ-12-005 and intersected the eastern edge of the previously discovered mineralized conduit at Spotty Hill. This conduit is a body plunging steeply to the east with the heart of the system lying to the north and below hole MQ-13-022. The conduit is open at depth and additional drilling will test the down plunge potential of this nickel-copper-PGM system.

NAN COO, Neil Richardson, states: "We are very pleased to see that our near solid sulphide discovery at Imiak North contains high grades of nickel, copper, and cobalt. It is also good news that the disseminated sulphide intersections at Imiak North have significant nickel, copper and PGMs. In MQ-13-022, the third drill hole at Spotty Hill since drilling began at Maniitsoq in 2012, we again see higher grade platinum and palladium mineralization within disseminated sulphides. This geological setting continues to resemble distal style sulphides with elevated PGMs as seen in Sudbury footwall deposits. These results from Imiak North and Spotty Hill reinforce our geological model for the IHCC and both remain open at depth."

Table 1. Summary of drill holes with assay results from Spotty Hill - Imiak North

Hole NumberZoneFrom
(m)
To
(m)
Core
Length
(m)
Ni%Cu %Co %Pt
g/t
Pd
g/t
Au
g/t
TPM
g/t(1)
S %True
Width
(m)
MQ-13-021Imiak NorthNSA* NC
MQ-13-022Spotty Hill123.25123.550.302.370.540.070.450.690.121.269.69 NC
MQ-13-022Spotty Hill147.17180.5933.420.350.110.010.060.070.010.141.34 NC
MQ-13-022Spotty Hill196.93217.0020.070.680.280.020.160.160.010.333.06 NC
includingSpotty Hill196.93199.002.072.030.110.070.330.450.000.7810.11 NC
MQ-13-027Imiak North33.8497.9564.110.450.200.010.010.010.020.041.84 NC
includingImiak North33.8458.8224.980.710.310.010.030.010.030.072.91NC
includingImiak North88.2596.007.750.760.280.020.030.020.030.083.21NC
MQ-13-029Imiak North57.75113.5055.751.280.360.040.020.010.030.065.68 NC
IncludingImiak North82.01113.5031.491.940.430.050.030.010.040.088.59 NC
IncludingImiak North103.51113.509.994.650.330.130.060.020.060.1420.22 NC

Note: (m) = metres, % = percent, g/t = grams per tonne, NC = not calculated

NSA* - no significant assays

(1) TPM is total precious metals (gold+platinum+palladium)

Table 2. Collar coordinates of holes drilled at Imiak North and Spotty Hill. The datum used to acquire the UTM coordinates is Universal Transverse Mercator/World Geodetic System 84/Zone 22N. Azimuth is degrees from true north. Elevation indicates metres above sea level.

Hole
Number
UTM
East
UTM
North
UTM
Elevation
Length
(metres)
Azimuth Dip Target
MQ-13-021 477953 7258010 484 155 320 -60 Imiak North
MQ-13-022 478986 7257278 629 290 220 -65 Spotty Hill
MQ-13-027 477967 7258023 486 170 330 -48 Imiak North
MQ-13-029 477969 7258025 487 143 314 -57 Imiak North

Mineralized intervals continue to be hosted within dark colored green-grey massive and weakly magnetic norite with occasional clasts of medium to coarse grained norite in mineralized intervals.

Drill logs and additional maps is 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 Ojebyn, 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.

To view the figures accompanying this press release, click on the following link: http://media3.marketwire.com/docs/906219f.pdf

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