VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

August 18, 2011 06:30 ET

VMS Ventures Intersects 1.61 Metres Grading 2.13 g/t Gold in Hole CP-11-013 on its Copper Project, Near Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to update progress on its Copper project near Snow Lake.

Hole CP-11-013 intersected 1.61 metres grading 2.13 g/t gold on Versatile Time-Domain Electromagnetic (VTEM) target CE-86. Gold mineralization is hosted in an altered shear zone with disseminated sulphides and quartz veins. This target is located 2.5 kilometres northeast of the Kof zone that hosts an historical (non-compliant NI 43-101) resource of 257,000 tonnes grading 2.30% copper.

Neil Richardson, VMS's Chief Operating Officer states: "The gold mineralization on the Copper project is located 2.5 km northeast of the Kof zone and is the second significant discovery through drilling, on this project this year. The geology from all of the drilling to date indicates favourable volcanic stratigraphy, so we will continue compiling and evaluating targets on the Copper project."

Since the start of the 2011 winter drilling program, twelve diamond drill holes have been completed on the Copper project for a total of 4,665 metres, outlining two areas for additional follow-up work. This recent discovery along with an anomalous zinc zone, announced on April 27, 2011, indicates that this project is in favourable arc-type volcanic stratigraphy, the typical host rocks to VMS deposits in the belt.

The Copper project is the one of the Company's largest continuous 100% owned land package, covering an area of approximately 200 square kilometres (80 sq miles), and its northern boundary is located 30 km south of the town of Snow Lake. Additional targeting and compilation work is on-going.

Assay Data:

Hole Number From
(m)
To
(m)
Length
(m)
Cu % Zn % Au
(g/t)
Ag
(g/t)
Target
CP-11-013 350.00 351.61 1.61 0.02 0.19 2.13 1.64 CE-86
CP-11-014 to 017 incl No Significant Assays
*True widths unknown*

Collar Information:

Hole
Number
UTM
East (1)
UTM
North (1)
UTM
Elevation (1)
Azimuth (2) Dip Length
(metres)
CP-11-013 434860.00 6040195.00 290.00 269.40 -50.00 392.00
CP-11-014 426170.00 6034970.00 290.00 135.00 -55.00 503.00
CP-11-015 427460.00 6031360.00 290.00 320.00 -55.00 380.00
CP-11-016 428940.00 6032960.00 290.00 142.00 -55.00 404.00
CP-11-017 429200.00 6033110.00 290.00 321.00 -55.00 425.00
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North

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 Vice President of Exploration and Technical Services, VMS Ventures Inc.

Quality Assurance and Quality Control

Exploration core drilling was BTW size. The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geotechnicians employed by VMS Ventures Inc. The marked intersections or intervals were sawn in half by a diamond saw and one half of the core was placed in plastic bags and tagged with unique sample numbers, while the second half was returned to the core box and stored. Chemical analyses reported in this press release were performed by TSL Laboratories in Saskatoon. Base metals were analyzed through atomic absorption spectrometry after a multi-acid digestion whereas gold was analyzed by fire assay Atomic Absorption using a 30 g assay ton, with gravimetric finish for assays greater than 3 g/t. Sampling and analytical procedures are subject to a comprehensive Quality Assurance and Quality Control program that includes duplicate samples, blanks a and analytical standards.

The Company's Reed Lake deposit (NI 43-101 compliant Indicated Mineral Resource of 2.6MT of 4.52% copper – in press release dated April 1, 2011, see table below) is currently being developed by VMS Ventures joint venture partner HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM), VMS is a 30% owner and is carried to production.

Reed Lake NI-43-101 Mineral Resource – April 01, 2011

Mineral Resource Contained Metal
Category Tonnes Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
Au oz Ag oz Cu lbs Zn lbs
Indicated 2,550,000 0.64 7.86 4.52 0.91 52469 644382 253572000 51051000
Inferred 170,000 0.38 4.55 4.26 0.52 2077 24868 15932400 1944800

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 Lake Project, 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 three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.

VMS Ventures owns approximately 45% 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 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

John Roozendaal, President

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.
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    www.vmsventures.com

    Launch IR
    Matt Harrington
    (613) 882-7467

    Launch IR
    Dean Hanisch
    (613) 882-7467