VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

May 13, 2015 16:35 ET

VMS Ventures Provides Exploration Update and Plans for 2015 Field Season

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2015) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") provides an exploration update on activities related to four of its properties located in Manitoba and Ontario.

Reed Property

VMS Ventures management has met with members of Hudbay Minerals exploration team to review work completed by Hudbay during the winter of 2014 and spring of 2015 on our Reed Property. The VMS technical team is currently reviewing the most recent exploration program results consisting of surface geophysical surveys integrated with Mobile Metal Ions soil geochemical surveys conducted earlier. The results received from our JV partner Hudbay Minerals, identify a number of possible target areas for exploration follow up. Upon completion of the review process and confirmation of a follow-up plan additional information will be released.

Black Creek

The Company recently completed twenty-one reverse circulation drill holes on the Black Creek property situated 30 km north of Sudbury, Ontario. The property comprises 63 mining claims totaling 1,952 hectares and has excellent all-weather road access.

Cabo Drilling Corp. of Kirkland Lake, Ontario was awarded the reverse circulation drilling contract and Overburden Drilling Management (ODM) has been contracted to oversee the drilling, preparation and analysis of 82 overburden samples and 25 bedrock samples collected from these holes. Following the drill phase of the program, ODM will prepare heavy mineral concentrates from the gravel and till for the purpose of recovering and classifying gold grains up to 2.0mm using tabling, liquid separation and panning. The heavy mineral concentrate will be shipped to a laboratory for geochemical analysis. The bedrock samples will be submitted to an analytical laboratory for geochemical and whole rock analysis.

Project History

VMS Ventures has explored the Black Creek property in previous years using historic VTEM survey results and a combination of prospecting, mapping, geochemical sampling and diamond drilling. In 2011 a two-hole drill program and mechanical trenching were completed. A total of 242 metres were drilled to test two separate Versatile Time-Domain Electromagnetic (VTEM) airborne geophysical anomalies with coincident magnetic highs. Drill hole BC-11-002 intersected 8.90 metres of 1.00 g/t Au, in a heterolithologic fragmental unit at the contact with an oxide to sulphide facies iron formation. Locally, the oxide facies iron formation is sulphidized and is mineralized with pyrite, pyrrhotite and minor chalcopyrite. A sulphide rich interval within the iron formation assayed 2.43% copper over 0.40 metres.

Following the 2011 drill program, a new base metal showing was discovered in the central portion of the property. An excavator was utilized to remove overburden, followed by power washing of the outcrop, geological mapping and channel sampling. Highlights from the channel sample assays include 4.77% zinc, 1.17% copper, 23 g/t silver and 0.85% lead. This fracture-controlled mineralization is hosted by a gossanous andesitic unit within an intrusive marginal breccia zone of the Cartier Batholith.

Preliminary experimental work was completed on extraction of alluvial gold from sand and gravel from alluvial paleo-channels on the property. Panned concentrates of particulate gold-bearing sand and gravel returned significant gold contents. A large proportion of the gold grains recovered appeared angular or exhibiting other characteristics suggesting they may originate from a nearby bedrock source (or lode gold) deposit. A major shear zone, the Millnet Fault, crosses the property in the vicinity of where historical gold grains in alluvium have been discovered and this geological structure is the target of investigation in this program.

To read more about Black Creek link to the project page on our website: http://www.vmsventures.com/projects/exploration/ontario-projects/black-creek/default.aspx

Snow Lake

The Company has a total of thirteen separate (100%-owned) properties in the highly prospective Flin Flon-Snow Lake greenstone belt in central Manitoba. These properties have been combined to form the Snow Lake Project with a total area of 51,409 hectares. A four-hole drill program for 1400 metres is planned on the Company's McClarty project and drill permits have been applied for.

This program will commence in June and is designed to follow-up VTEM anomalies and favorable stratigraphy below the Paleozoic cover targeting prospective anomalies possibly related to base metal sulphide mineralization. Additional work is being planned for the property pending results from the upcoming drilling program.

Assean Gold Project

The Company recently acquired the Assean Gold Project property located 125 km by all-weather road northeast of Thompson, Manitoba. The property consists of 56 claims covering 9,391 hectares (Figure 1). The property is 100% owned by the Company.

Exploration by previous operators demonstrated the potential for the property to host gold mineralization in two geologically unique environments 1) shear zone and 2) oxide facies banded iron formation. To date over 280 drill holes from the property have been compiled into a digital database. Currently all historical exploration data is being compiled into Geographical Information System (GIS) format utilizing ArcView 10.2 software. The main gold occurrence on the property is the shear zone-hosted "Hunt" Zone that consists of two stacked parallel lenses of gold-bearing mineralization accompanied by variable amounts of pyrite, arsenopyrite, sphalerite, galena and chalcopyrite. The Hunt Zone is one of six known gold occurrences on the property. The geologic characteristics of the six occurrences are given in Table 1. Sixty-eight holes have been completed along the Hunt zone trend with highlighted historical results outlined in the Table 2 below. Additional exploration is warranted on all mineralized occurrences, and new targets generated from the compilation. The Company is planning a follow-up exploration program this fall, including re-logging of historical drill core, in-fill/exploration diamond drilling with particular focus on the Hunt Zone, and soil geochemical surveys in the vicinity of the other known gold targets.

To view Figure 1. VMS Mining Claims and Gold Occurrences, please visit the following link: http://media3.marketwire.com/docs/Figure1VMS.pdf.

Table 1. Geologic characteristics of Assean gold occurrences.
Zone Comments
Hunt Shear hosted, parallel to the penetrative 060° foliation developed in isoclinally folded host rocks and dips steeply south. The surrounding host rocks are commonly silicified and altered to tremolite-actinolite, calcite and minor iron carbonates, biotite and chlorite and quartz veins with visible gold and disseminated galena, pyrrhotite, pyrite, chalcopyrite, sphalerite and local arsenopyrite.
BIF Banded iron formation comprises silicate, oxide and sulphide facies. Sulphide mineralization of (1-70%) by volume in magnetite-chert banded iron formation. Sulphides form disseminations, stringers, net textures and massive bands. Alteration minerals comprise of calcite, iron-magnesium carbonates, tremolite-actinolite and chlorite.
Blowfish Lake Altered gabbro with quartz veins containing visible gold and scheelite.
Dunbrack Silicate facies iron formation with quartz veins and disseminated pyrite and pyrrhotite mineralization. The zone strikes 045° and dips steeply south with visible gold associated with galena, sphalerite, chalcopyrite, pyrite and minor pyrrhotite.
Galena Island This showing is about 800 metres SW of Dunbrack and locally contains visible gold in quartz veins associated with galena and other sulphides in a gneissic host rock.
Parker Point The occurrence consists of disseminated chalcopyrite, galena, bornite and pyrite in a grey cherty quartz in biotite gneiss / schist host rock.
Table 2. Highlighted Historical Drill Intercepts - Hunt Zone.
Drill Hole Coordinates (1) Azimuth (2) Angle From/to (m) Width (m) (3) Gold (g/t)
HT-01-14 1800E 100N 3300 -480 35.8-40.4 4.60 8.98
including 38.5-40.4 1.90 18.24
HT-01-18 1600E 75N 330° -48° 58.7-76.9 18.20 2.14
including 71.8-76.9 5.10 4.19
HT-01-22 1800E 75N 3300 -500 64.3-73.0 8.70 5.48
including 70.7-73.0 2.30 12.52
HT-01-26 1750E 75N 3300 -500 65.7-72.8 7.10 8.19
including 70.0-72.8 2.80 14.78
HT-01-27 1750E 35N 3300 -550 120.25-128.4 8.15 9.37
including 124.0-128.4 4.40 12.51
HT-04-151 1600E 10S 333° -62° 189.65-192.60 2.95 16.96
including 190.15-192.15 2.00 24.53
and 239.25-240.00 0.75* 3.78
HT-04-155 1650E 25S 333° -61° 202.83-207.10 4.27 27.22
including 203.18-206.12 2.94 38.78
and 239.50-244.20 4.70* 1.73
* Hunt Zone Footwall Mineralization
Note: 1) Local metric grid coordinates
2) Azimuth related to True North
3) Core length in metres, true widths are unknown.

This data is historic and should be considered preliminary in nature.

For a complete list of drill hole intersections on the Hunt Zone please follow the link below.

http://www.vmsventures.com/projects/exploration/manitoba-projects/Assean-Project/default.aspx

Qualified Person

All technical information in this release has been reviewed by Neil W. Richardson, P.Geo, who is the Chief Operating Officer for the Company and Qualified Person. Mr. Richardson is not independent of the Company.

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, B.Sc., President, Interim CEO

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.
    Jaclyn Ruptash
    Investor Relations
    (604) 986-2020
    Toll Free: 1-866-816-0118