VMS Ventures Inc.
TSX VENTURE : VMS

VMS Ventures Inc.

January 11, 2011 06:30 ET

VMS Ventures Reports 58.89 Metres of 1.21 g/t Gold Including 9.89 Metres of 5.13 g/t Gold in Diamond Drill Hole SA-10-007, Sails Lake Property Near Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2011) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce that drilling of base metal and gold targets on its Sails Lake property is complete. Drill hole SA-10-007 intersected the Long Zone mineralization 75 metres below historical trenching that returned 14.0 metres of 1.70 g/t gold. No historical drilling was performed on this target.

Neil Richardson, VMS' Chief Operating Officer states: "We are obviously pleased with the results of hole SA-10-007. They indicate the potential for a low grade – bulk tonnage deposit on our Sails Lake project, though it should be noted that some very high-grade gold was intersected within the mineralized interval. High-grade gold mineralization has also been discovered in outcrop elsewhere on the property from historic exploration and these occurrences will be investigated in subsequent programs. The mineralization of the Long Zone consists of disseminated blebs, specks and bands of arsenopyrite within a silicified – albitized alteration halo in a diorite host rock. Additional geophysical, geological and geochemical surveys and diamond drilling are now being planned for early Q2 2011."

The original drill target was based on the presence of a mineralized outcrop exposed in a trench with coincident induced polarization chargeability anomalies and strongly elevated Mobile Metal Ions soil geochemical anomalies. A follow-up 3D IP survey, detailed surface rock and soil geochemical surveys and geological mapping are being planned for the next stages of exploration on the property. There are several additional surface gold showings on the property which will be examined in greater detail as a result of the drilling success at the Long Zone. Drill core is being sampled for thin sections to confirm the mineralogical siting of the gold mineralization. High precision trace element geochemistry will also be undertaken to determine the original rock type hosting the gold mineralization and to assist geological mapping on the property.

The Sails Lake property is located 25 km east of the mining community of Snow Lake, Manitoba and consists of 8 claim blocks covering an area of approximately 1900 hectares. The diamond drilling program tested multiple base and precious metal targets with ten (10) holes drilled for a total of 1967.31 metres. This program is independent of the drill program, and other activities at the Reed Lake deposit, operated by HudBay Minerals Inc. (HBM: TSX) under a Joint Venture agreement announced July 6, 2010.

Sails Lake base metal drilling program (holes SA-10-001 – SA-10-006A) focused on electromagnetic and magnetic anomalies within favourable volcanic host rocks. Although the program was successful in explaining these anomalies, no economic mineralization was intersected.

Sails Lake Assay Data – gold targets only (uncut)

Hole Number From (m) To (m) Length (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) Zone
SA-10-007 60.00 118.89 58.89 1.21 0.38 - - Long
61.18 71.07 9.89 5.13 0.50 - - Including
63.34 63.89 0.55 68.38 1.50 - - Including
 
SA-10-008 105.29 105.75 0.46 0.95 1.50 - - Garlic
176.95 177.95 1.00 0.75 0.57 - - Garlic
 
SA-10-009 No Significant Mineralization
*True widths unknown*

Sails Lake Collar Information

HOLE Number UTM Easting (1) UTM Northing (1) UTM Elevation (1) LENGTH Azimuth (2) Dip
SA-10-001 466040 6085730 300 188 200.6 -48.5
SA-10-002 464432 6085488 297 236 200 -50
SA-10-003 465010 6085360 297 277 200 -50
SA-10-004 467010 6084430 281 159.31 280 -50
SA-10-005 467579 6083058 284 185 307 -60
SA-10-006 464840 6086530 282 35 200 -50
SA-10-006-A 464840 6086530 282 194 200 -50
SA-10-007 466432 6083673 290 190 335 -50
SA-10-008 466074 6083996 300 249 358 -50
SA-10-009 465383 6084162 300 254 357 -50
(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14
(2) "Azimuth" is degrees from True North

For additional details on exploration on our Sail Lake property, see VMS' press releases issued between January 24, 2007 and October 6, 2010, available at www.sedar.com.

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 BQ 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 30g charge, 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 and analytical standards.

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.

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
    or
    Launch IR
    Matt Harrington or Dean Hanisch
    (613) 882-7467