Home / Mining Company News Releases (Unreviewed) / VMS Ventures Announces Drill Program Update on Exploration Targets Near Reed Mine

VMS Ventures Announces Drill Program Update on Exploration Targets Near Reed Mine

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 4, 2015) – VMS Ventures Inc. (TSX VENTURE:VMS) (“VMS” or the “Company”) is pleased to announce that five of the seven holes in the current drill program are now complete, for a total of 3,879 metres drilled. The target areas are located approximately 300 metres to 2.3 kilometers from the operating Reed Mine, where VMS Ventures owns 30% and Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM) (“Hudbay”) owns 70% and is the Operator.

DDH RLE036

  • Intersected 0.98% zinc, 0.07% copper and 0.86 g/t silver over 9.0 metres core length in a mineralized mafic fragmental with local assays as high as 1.52% zinc over 1.0 metre. The bimodal volcanic sequence consists of chloritized and schistose mafic volcanic rocks and locally chloritic and silicified rhyolite both of which are indicative of a base metal massive sulphide depositional environment. Borehole Pulse Electromagnetic surveys defined 10 off-hole anomalies of which five were modelled using Maxwell software. BHEM anomaly RLE036_Lp1-15-DA_3 associated with the mineralization list above, is a Category-A offhole response with a depth extent of 180 metres, Tau 10ms and is located 30 metres above and left of the drill hole at a drill depth of 420 metres. RLE036_Lp1-15-DA_10 is located at 1050 metres downhole and is a Category-A offhole response with a depth extent of 400 metres, Tau 60ms. It is difficult to accurately give a direction since we are only seeing a partial profile.

VMS Interim CEO and President, John Roozendaal, commented: “This is the first exploration drill program to take place on the property since construction of the Reed mine in 2012. We are encouraged that the results to date provide VMS and our joint venture partner Hudbay, with more information on the stratigraphy, style of mineralization and related alteration around the Reed mine. The target areas are providing evidence for features characteristic of volcanic hosted massive sulphide deposits. A follow-up program will be considered once all the results from this drill program are received and interpreted.”

Holes RLE037 to RLE040 have been logged and assay results are pending. Drill collar information and summary of assays are provided in Tables 1 and 2, respectively. A regional location map (Figure 1) is attached. Holes RLE036 to RLE038 have borehole electromagnetic surveys completed and holes RLE039 and RLE040 surveys are on-going. The BHEM results for these holes will be released when assays have been received.

Table 1: Assay Results.

Hole Number From
(m)
To
(m)
Core
Length
(m)
Cu% Zn % Ag g/t
RLE036 447.40 456.40 9.00 0.07 0.98 0.86
including 452.40 453.40 1.00 0.09 1.52 1.30
RLE037 Assays Pending
RLE038 Assays Pending
RLE039 Assays Pending
RLE040 Assays Pending
Notes:
Intervals represent core lengths, true widths are unknown.

Table 2: Drill Collar Information

Hole
Number
UTM East UTM North Elevation (m) Length Azimuth Dip
RLE036 393401.8 6050036.4 284 1056 359.9 -65
RLE037 394440.2 6049360.8 299 1094 209.3 -65
RLE038 395277.8 6049488.4 295 279 150.1 -55
RLE039 396073.7 6049703.6 288 737 110.0 -55
RLE040 395971.7 6049182.4 295 713 109.7 -60
Notes:
Collar coordinates – NAD83 Zone 14U
Holes spotted with Reflex APS instrument

VMS is the Operator for this exploration program and we are working closely with our joint venture partner, Hudbay.

Quality Assurance and Quality Control

The drilling was completed by Rodren Drilling Ltd. utilizing an EF-50 heli-portable fly diamond drill with core size of (47.6mm NQ). The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geotechnicians employed by VMS or Hudbay. 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. Each bagged core sample was shipped to TSL Laboratories an ISO/IEC Standard 17025 accredited laboratory based in Saskatoon, Saskatchewan. From each 250 gram sample 0.50 grams were removed and leached in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the 250 gram sample, 30 grams were removed for gold determination by fire assaying with a Gravimetric finish.

Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats and externally through national and international programs. In addition, within each group of 20 core samples, one core sample has a second 250 gram split collected that was check assayed at a different laboratory, either the HBMS laboratory in Flin Flon or at the Acme laboratory in Vancouver, B.C. This news release provides core lengths only. True widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.

Qualified Person

All technical information in this release has been reviewed by Neil W. Richardson, P.Geo. who is the Qualified Person for the Company and Chief Operating Officer, VMS Ventures Inc.

About VMS Ventures Inc.

VMS Ventures is a mining and mineral exploration company currently in a joint venture with Hudbay on the producing Reed mine near Flin Flon Manitoba. VMS Ventures holds a 30% interest in the Reed mine which is operated by Hudbay. The Reed mine achieved full production during Q2 of 2014. In addition, VMS Ventures is exploring a large prospective property package in Manitoba. The Company also holds approximately 14.5% of the shares of North American Nickel (TSX VENTURE:NAN) which is exploring a new district scale nickel-copper-cobalt PGE deposit belt in S.W. Greenland.

ON BEHALF OF THE BOARD OF DIRECTORS

John Roozendaal, B.Sc., Interim CEO and President

VMS Ventures Inc.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

To view Figure 1 – Plan view of diamond drill hole collars, please visit the following link: http://media3.marketwire.com/docs/1031220Figure1.pdf

VMS Ventures Inc.
Evan Sleeman
Corporate Secretary
(604) 986-2020
Toll Free: 1-866-816-0118
www.vmsventures.com

 

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