VMS VENTURES INC. EXPLORATION UPDATE AT REED LAKE
September 17, 2007
Vancouver, BC. VMS Ventures Inc. (TSX.V: VMS)
(the "Company") is pleased to report what appears to be a significant discovery
of volcanogenic massive sulphide (VMS) mineralization approximately 15 km west
of the former Spruce Point Mine and 1,200 metres south of HudBay Minerals
‘Highway Zone’. The property is located 52 kilometers southwest of the mining
community of Snow Lake, Manitoba.
Hole 1, drilled from southeast to northwest, intersected veinlets and
disseminations of pyrrhotite, chalcopyrite and pyrite over a core interval of
37.5 metres between 132.0 and 169.50 metres in strongly chlorite altered rock.
Assay results from this alteration zone material contained a number of analyses
with more than 0.2% Cu locally throughout the zone of alteration in 0.5 – 0.75
metre intervals. Also 2 samples were over the limit of 1% Cu, returning 2.67% Cu
over 1.0 metre and 2.11 % Cu over 0.5 metres respectively.
Hole 2, also drilled from southeast to northwest, intersected altered rocks
similar to those found in hole 1 in the upper part of the hole and then 34
metres of near solid sulphide between 206.25 and 240.25 metres as well as a
second zone of near solid sulphide of 1.25 metres from 248.0 to 249.25 metres.
The 34 metre sulphide interval includes a 10.5 metre section of near solid
pyrrhotite and chalcopyrite and an 11.75 metre section of near solid pyrite with
visible sphalerite. Magnetite occurs both within the pyrite-rich section, and as
a discrete layer below the pyrite section. A 2.5 metre chert section occurs
below the magnetite layer and above the unmineralized basalt at the end of the
hole. This mineral assemblage and its relative position in the core are typical
of that found in volcanogenic massive sulphide (VMS) deposits.
Hole 3, drilled from northwest to southeast, intersected near solid to solid
pyrite between 176.8 and 179.53 metres. Pyrite, visible sphalerite and
chalcopyrite are present in this sulphide lens. Both magnetite and chert layers
similar to those intersected in hole 2 occur up-hole from the pyrite-rich zone.
This hole entered a younger unmineralized mafic intrusion immediately below the
pyrite section and remained in this unit to the end of the hole which was
abandoned at 234.53 metres.
The true thickness of these mineralized sections is unknown. Assay results for
drill hole 2 are expected by the end of the month.
Holes 4 and 6 were drilled 1 km and hole 5 was drilled 1.5 km east of the new
discovery. These holes also intersected alteration and pyrite mineralization
that are typical of those associated with VMS deposits; however, the cores
contained only trace amounts of sphalerite and chalcopyrite. A total of 1,510
metres of drilling was completed in the first round of drilling.
Digital photographs of drill core can be viewed on the Company’s website at
The target tested by holes 1-3 is in part on the property package under option
from Hudson Bay Exploration and Development Company Limited, subsidiary company
of HudBay Minerals Inc. The targets tested by holes 4-6 are located on a claim
optioned from W. Bruce Dunlop Limited (N.P.L.). The tested targets are
approximately 15 km west of the former Spruce Point mine and approximately 52 km
southwest of Snow Lake, Manitoba.
The program targeted 3 separate VTEM anomalies in the southern portion of the
claims where high ground permits access during the summer months. The Company
will be initiating a larger drill program as soon as drills are available to
further define these highly encouraging results and to test other prospective
targets in the area.
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.
All technical information in this release has been reviewed by Dr. George Gale,
P.Eng, the Qualified Person, Vice President of Exploration and director of VMS
Ventures Inc. All samples have been prepared and analyzed at TSL Laboratories in
Saskatoon, Saskatchewan using ICP-MS and aqua regia analytical methods.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal B.Sc.
President & Director
For further information
Keith Patey, Director of
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118
Coal Harbor Communications
Telephone: (604) 662-3237
The TSX Venture exchange does not accept responsibility for the
accuracy of this release.