VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

September 12, 2013 03:01 ET

VMS Ventures Inc.: Third Mineralized Zone Discovered Near Imiak Hill; Near Solid to Solid Sulphide Zone at Imiak North, Maniitsoq, Southwest Greenland

9.99m of Approximately 30% to 40% Total Sulphides Intersected Within 55.75m of Sulphide Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 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 that a new discovery has been made with diamond drill hole MQ-13-029. The discovery, named Imiak North is 950 metres northeast of the previously announced Imiak Hill intersections. VMS owns approximately 27.5% of NAN. The release is as follows:

"North American Nickel is pleased to announce that a new discovery has been made with diamond drill hole MQ-13-029. The discovery, named Imiak North, is 950 metres northeast of the previously announced Imiak Hill intersections (see News Releases dated August 23 and September 5, 2013), and 1200 metres northwest of the previously announced Spotty Hill discovery (see News Release dated December 23, 2012).

These three mineralized zones are part of the newly named Imiak Hill Conduit Complex (IHCC) which is located in the northern part of the Company's 100% owned Maniitsoq Nickel - Copper - Cobalt and PGM project in southwest Greenland. (See figure 1 and figure 2)

MQ-13-029, beginning 57.75 metres down the hole, intersected 55.75m metres of sulphide mineralization, including;

  • 9.99 metre core length of near solid to solid sulphides averaging approximately 30-40% total sulphides, and
  • 45.76 metre core length of disseminated, blebby and net textured sulphide mineralization averaging approximately 3 - 5% sulphides.

As at Imiak Hill and Spotty Hill, mineralization remains open at depth at Imiak North.

NAN CEO and Chair, Rick Mark, states: "We are very pleased to inform shareholders that the Company's exploration program continues to deliver discoveries of near solid to solid sulphide mineralization at Maniitsoq. This discovery at Imiak North is in close vicinity to Imiak Hill's nickel, copper, cobalt mineralization and Spotty Hill's nickel, copper, cobalt and PGM mineralization. And, according to our borehole surveys, these mineralized zones are all open at depth. This follows the conduit model our geological team is using anticipating the nickel mineralization to accumulate in an embayment or footwall contact below these discoveries."

A photograph of the near solid to solid sulphide mineralization in MQ-13-029 is in Figure 3.

MQ-13-029 was surveyed with a 3 component borehole electromagnetic (BHEM) system and the sulphide mineralization produced a very strong anomalous response. The interpretation of the anomaly, by Crone Geophysics and Exploration Ltd and NAN staff, indicates that the geophysical conductive plate continues further down plunge at Imiak North.

The new discovery at Imiak North occurs within a gossanous noritic outcrop, locally known as the Mikissoq showing, which was unsuccessfully tested by one shallow drill hole in the 1960s.The sulphide mineralization intersected at Imiak North occurred near the northern contact of the norite intrusion felsic gneiss.

The entire intersection for MQ-13-029 is summarized in the table below.

From
(m)
To
(m)
Length
(m)
Description
57.75 68.38 10.63 Norite heavily mineralized 5-7% total sulphide
68.38 71.22 2.84 Norite heavily mineralized 8-10% total sulphide
71.22 77.77 6.55 Norite
77.77 85.05 7.28 Norite 1-3% total sulphide
85.05 87.94 2.89 Norite heavily mineralized 8-10% total sulphide
87.94 94.27 6.33 Norite 1-3% total sulphide
94.27 103.51 9.24 Norite heavily mineralized 6-8% total sulphide
103.51 113.50 9.99 Norite near solid to solid 30-40% total sulphide
Note: the visual percent sulphide estimates and descriptions in this news release are not intended to suggest grades of contained metals, which will require assaying to determine. Mineral percentages are volume not weight.

The Imiak North zone discovery hole (MQ-13-029) was drilled by following-up BHEM results from earlier 2013 NAN holes. The BHEM results from MQ-13-021 and MQ-13-027 outlined a strong, highly-conductive anomaly between the two holes. Hole MQ-13-021, was drilled west of MQ-13-029 and failed to return any significant mineralization, while hole MQ-13-027, drilled east of the discovery hole intersected:

  • 64.11 metres of averaging 4-5% disseminated and net textured sulphides starting at a hole depth of 33.84 metres.

Figure 4 is a plan map showing the location of the three 2013 Imiak North drill holes and Figure 5 is a 3D Model of Imiak North showing modelled conductor plate and drill holes.

The table below lists the collar coordinates of the Company's holes at Imiak North. Drill core from all three holes has been logged, samples sawed in half and shipped to ALS Chemex in Sweden for analysis.

Hole Number East
(m) *
North
(m)*
Elevation
(masl)**
Azimuth
(°)
DIP
(°)
Length
(m)
MQ-13-021 477953 7258010 484 320 -60 155
MQ-12-027 477967 7258023 486 330 -48 170
MQ-12-029 477969 7258025 487 314 -57 143
* WGS84 UTM Zone 22N
** Metres Above Sea Level

The Maniitsoq nickel-copper-cobalt & PGM project in southwest Greenland contains the 70 kilometer long Greenland Norite Belt (GNB) and is 100% owned by North American Nickel.

To view accompanying Figures 1 to 5, visit the following link: http://media3.marketwire.com/docs/NR_Sept_12_13_VMS_Figures_1to5.pdf

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 27.5% 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