VMS Ventures Inc. is a well financed, publicly traded mineral exploration company listed on the Toronto Venture Exchange (TSX.V) under the symbol VMS. The Company has an extensive land position in the world class, highly prospective Flin Flon – Snow Lake VMS belt in mining friendly Manitoba, Canada.
In October, 2007 VMS announced its Reed Lake Discovery Hole intercept of 43.05 metres of 4.38% copper, 1.56% zinc, 0.85 grams per tonne gold and 13.09 grams per tonne silver, including 10 metres of 11.19% copper. 73 holes were drilled through September, 2008 including hole #RD-08-41 which included 33.46 meters of 10.36% Copper, including 18.08 meters of 13.80% copper.
The Reed Lake Discovery garnered worldwide attention for VMS in 2007. In November of 2007, the Company completed a $19.5 million dollar private placement, led by GMP Securities of Toronto, Canada. VMS traded over 331 million shares in 2007 and 202 million shares in 2008.
On July 6, 2010, VMS announced a joint venture agreement with Hudbay Minerals (TSX: HBM) to develop the Reed Lake property and the two claims immediately to the south. VMS has a 30% carried interest and HudBay has a 70% interest and will act as the operator of the joint venture. HudBay began drilling at Reed Lake in late August, 2010 and plans a 43-101 resource estimate before the end of Q1 2011.
Drilling is about to commence on VMS Ventures Inc.'s 100-per-cent-owned projects near Snow Lake. The projects selected for drilling this year are Cowan River, Morton Lake, Puella Bay and McClarty. Westcore Drilling of Salmo, B.C., has been awarded the contract.
The first drill program, which starts later this week, will be on the Cowan River project. It will test surface time-domain electromagnetic (TDEM) anomalies from the company's recently completed survey and a new target at the already defined Cowan River zone. The TDEM survey outlined two conductive bodies associated with VTEM anomalies on the southern portion of the grid. Two diamond drill holes are planned to test these targets.
One drill hole is planned for the Cowan River zone, testing a bore hole (BHPEM) anomaly below the high grade copper discovery made in 2011 featuring 9.81% copper over 1.37 m within 6.59 m of 2.25% copper in hole RE-11-001 (see news release dated April 13, 2011). The intersection is in similar formations to those that host the Reed Copper deposit and the Reed North zone, located approx. 8 km to the west. All three Cowan River targets occur in a favourable volcanic sequence between the Reed Copper deposit and the past producing Spruce Point Cu-Zn deposit.
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Neil Richardson, VMS's Chief Operating Officer, states: "We continue to evaluate our targets using an integrated approach. Each exploration program provides us more encouraging information. The recent results from our TDEM survey at Cowan have delineated some interesting deeper conductive bodies and the bole hole anomaly beneath the high grade discovery at Cowan is clearly a priority target for us."
The Puella Bay, Morton and McClarty projects will focus on drill testing Versatile Time-domain Electromagnetic (VTEM) airborne anomalies and each will be conducted later in the spring. These anomalies were selected based on their geophysical conductivity, coincident magnetic features and geological prospectivity. VMS has integrated historical data, geochemistry, geology and geophysical databases into the target selection process.
Due to unseasonal warm weather this winter, drill locations will be determined as ground conditions permit.
For additional details on VMS Ventures' Snow Lake properties, visit the company website at www.vmsventures.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.
