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 - Leak Lake

 

Location and Property Description
The Leak Lake Project is situated approximately 60 km southwest of the Town of Snow Lake where active mining and milling of base and precious metals has been ongoing for decades. The property is comprised of 13 mineral claimswith a total area of 2,553 hectares and is 100% owned by VMS Ventures. The properties are immediately west of the Company‚Äôs Reed Project andstraddle and extend south of paved Provincial Road 39.

History of Exploration
In 1985, the Manitoba Geological Survey in association with Federal and Provincial agencies undertook a regional evaluation of mafic/ultramafic intrusions in the Reed Lake-Snow Lake area. In 1993 Hudson Bay Mining and Smelting flew airborne geophysical surveys in the general area using their in-house SPECTRUM system.

The mineral exploration licenses being explored by the Company are sub-Paleozoic, meaning that the rocks that will host nickel, copper and platinum group metals are not exposed at surface, which has frustrated traditional methods of exploration.

Philosophy of VMS Ventures Exploration
The geological setting of the Leak Lake area consists of massive and layered mafic-ultramafic intrusions with the potential to host Ni-Cu-PGE mineralization. Accordingly, the Company plans to undertake both geophysical and geochemical exploration on the property to assess the properties for these deposit types. Access to the mining and milling facilities at Thompson facilitates processing of any ore bodies discovered at Leak Lake.

Geology
The mineral exploration licenses overlie interlayered gabbro, leucogabbro, pegmatitic gabbro and peridotite, pyroxenite and serpentinite that are similar to those being explored for nickel, copper and PGE along the west side of Reed Lake to the northeast. These rocks and any contained mineralization are overlain by dolomite.

Geophysics
A high resolution VTEM airborne geophysical survey was completed on the Leak Project in 2008.

Deposit Types
The Company will explore the Leak Lake property for magmatic and hydrothermal deposits of nickel, copper and platinum group metals using geophysical and geochemical technologies. Examples of magmatic-type deposits include the Bushveld Complex (South Africa) and the Stillwater Complex (USA). Hydrothermal deposits include the Lac des Iles palladium deposit in Ontario. These deposit types are significant sources of nickel, copper and platinum group metals.

Current Activities on the Property
Reconnaissance MMI soil geochemical surveys were initiated in 2008 and continued in 2009 with the aim of screening VTEM airborne geophysical picks identified by the Company's geophysical consultants. Results of the summer 2009 MMI survey program were interpreted and anomalous areas for follow-up exploration were identified. Reconnaissance MMI soil geochemical surveys have been completed and detailed surveys were initiated in 2010. Distinctive base metal anomalous assemblage with elevated Zn in the north grid area and elevated Cu and Pb in the southern portion of the grid were discovered.

A Crone TEM survey (7.2 km) was carried out to test VTEM anomalies. One diamond drill hole was completed for a total of 245 m. Results from this drilling will be incorporated with MMI results and VTEM targets.   No economic zone of sulphide mineralization was intersected the VTEM geophysical anomaly could not be explained by the results from drilling. A program of BHPEM is being planned to re-assess this hole to ascertain the cause of the VTEM anomaly. It is noted that very little if any alteration is noted from this hole. A complete review of all targets will be incorporated in GIS.

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