VMS Completes Phase 3 Drill Program
Thu Apr 10, 4:00 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 10, 2008) - VMS Ventures Inc. (TSX VENTURE: VMS.V) (the "Company") is pleased to report on its ongoing exploration program at the Reed Project Discovery Zone near Snow Lake, Manitoba.
Highlights:
RD-08-36: 81.10m (266.08 ft) of Near Solid Sulphide in 9 separate intervals
- Including: 19.16m (62.86 ft) NSS from 133.20m to 152.36m - Including: 45.64m (149.74 ft) NSS from 160.71m to 206.35m
Dr. George Gale, Vice President of Exploration, states: "The multiple intervals of Near Solid Sulphide in drillhole RD-08-36 appear to represent a narrow vein-like zone of remobilized sulphides and are quite distinct from the main part of the sulphide deposit. The sulphides in this hole appear to have been mobilized along the margin of a late mafic dike. Results from this phase of drilling have provided considerable insight into the nature of the deposit. One of the more significant conclusions is that we have not yet found the intensely altered rocks that are commonly associated with the central portions of a VMS deposit. It appears from the available evidence that we are still at the margin of a VMS mineralized system."
The intersection of approximately 80m of NSS in drillhole RD-08-36 occurs in nine different sulphide sections and is probably related to the faulting because these sulphides are different from the pyrite-rich NSS lenses intersected in the main portion of the deposit. We interpret this extensive section as a sulphide-rich vein derived from the main sulphide body. Although its limits are not fully known, this intersection is not at present considered relevant to the delineation of the deposit. Further drilling is warranted to determine the extent of this mineralization.
The phase 3 drill program, has now been completed though other ground exploration activities such as geophysical surveying will continue through the planned spring shutdown. The Company has now drilled a total of 34 holes on the Reed Project Discovery Zone. Phase 3, Holes RD-08-16 to RD-08-37 were designed to attempt to delineate the size and extent of the VMS deposit. The drilling has confirmed the presence of Near Solid Sulphides (NSS) over a strike length of more than 75m and at a depth of more than 180m below surface and the defined limits of the mineralization remains open. Also, the deposit has been disrupted in at least two different directions by post-mineralization faults and the next phase of drilling will assist in solving the direction and movements of mineralization along these structural features.
Two of the drills remain on site and will commence drilling following a brief shutdown period for the winter/spring breakup. It is anticipated that both drills will be drilling the deposit and a third drill is to be employed to test other anomalies in the vicinity of the 'Tower Zone' approximately 1.0km to the east.
The ground based DeepEM and Walking Magnetic surveys have restarted after being suspended due to equipment difficulties and external demands on the systems availability. The additional 65 line kilometers of survey recently completed on the property extended the grid to the north and east to follow anomalies at the edge of the previous survey. The survey will be completed in April.
During the spring-shutdown period down-hole geophysical surveys will be conducted on the cased bore holes to look for off-hole anomalies both along strike and at depth. The bore hole surveys will help to direct drilling in the areas east and west of the lens that was drilled this winter. In addition, the ongoing surface DeepEM and ground magnetic surveys on the newly expanded grid will help to refine other geophysical targets on the property.
The next set of assay results are expected to be received in approximately 8 days.
TABLE 1
UPDATE REED LAKE DRILL PROGRAM
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FROM TO INTERVAL CU ZN AG AU
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HOLE # (m) (m) (m) % % g/tn g/tn
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RD-08-31 sulphide veinlets
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RD-08-32 NSI
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RD-08-33 66.50 69.70 3.20 Sulphide
veinlets
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and 74.50 77.20 2.70 Sulphide
veinlets
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RD-08-34 167.92 203.65 35.73 NSS
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RD-08-35 180.92 200.00 19.08 NSS
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RD-08-36 133.20 152.36 19.16 NSS
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and 154.19 155.23 1.04 NSS
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and 155.60 156.69 1.09 NSS
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and 160.71 206.35 45.64 NSS
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and 211.36 214.30 2.94 NSS
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RD-08-37 NSI
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NSS equals Near Solid Sulphide, NSI equals No Sulphide Intercept
true thickness is unknown
All technical information in this release has been reviewed by the Qualified Person, Dr. George Gale, P. Eng. Samples are prepared and analyzed at TSL Laboratories in Saskatoon, Saskatchewan using ICP-MS and Fire Assay analytical methods.
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest land package considered prospective for nickel-copper mineralization at Lynn Lake, which is to date Canada's third largest nickel producing camp. The Company's project portfolio consists of the Snow Lake VMS project, the Lynn Lake Gabbros nickel-copper project, the Nickel Belt project, the South Bay nickel-copper-cobalt PGE property, and the Eden Lake Carbonatite Complex, Specialty Metals property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal B.Sc., President & Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts
Keith Patey
VMS Ventures Inc.
Director of Communications
(604) 986-2020 or Toll Free: 1-866-816-0118
(604) 986-2021 (FAX)
Website: www.vmsventures.com
Dale Paruk
Coal Harbor Communications
(604) 662-4505 or Toll Free: 1-877-642-6200 |
