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 - Farwell Project

 

Location and Property Description
The Farwell Project is situated approximately 45 km west-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 100% owned by VMS Ventures and comprises 7 claims and Mineral Exploration License 390A, with a total area of 19,306 hectares. The property is located on the south side of Provincial Road 39, north of the McClarty Project and beneath a veneer of dolomite. The Farwell property covers the northern extension of the McClarty Project geology.

The Farwell Project surrounds the McClarty Lake project of Troymet Exploration Corp. who announced a discovery on May 15th. 2008 returning 1.47% zinc and 0,31% copper over 43.05 m, including 3.46% zinc over 15.3 m.

History of Exploration
Airborne and ground magnetic and electromagnetic surveys have been undertaken in the general area of the project by Granges, Hudson Bay Exploration and Development and Manitoba Mineral Resources since 1972. These surveys were necessary owing to the extensive cover of dolomite that blankets the prospective Flin Flon-Snow Lake greenstone belt in this area. Diamond drill testing of some of the conductors intersected abundant iron sulphide (pyrite and pyrrhotite) with graphite. Sulphide intersections in drill core are described as “massive” denoting near solid sulphide was present. Rock types intersected include graphitic andesitic tuff with pyritic interbeds and intersections of 40-60% graphite and lesser pyrite.

Philosophy of VMS Ventures Exploration
The Farwell Property was acquired because the underlying geology is directly related to that at the McClarty Project where base metal mineralization has been intersected. There are a number of regional geophysical electromagnetic conductors that define a linear zone in a favuorable geological setting that includes variably altered and mineralized felsic and mafic volcanic rocks. Previous drilling has intersected massive sulphide mineralization that may be part of a VMS system. Systematic follow-up of assessment work and drill cores on this property has been initiated. Several historic drill holes from previous exploration programs tested regional conductors and intersected abundant sulphide mineralization, however, many of them were associated with graphite. In addition to the VMS potential, there is a large body of magnetic rocks on the nearby McClarty Project indicating potential for nickel mineralization. The recognition of chemical sedimentary rocks or “exhalites” deposited at a stratigraphic interval corresponding with a break in volcanism represents an important time-stratigraphic feature. It is at this location that base metal massive sulphide deposits are formed. This includes deposits in the Flin Flon-Snow Lake greenstone belt and in greenstone belts worldwide. The Farwell claim group being explored by the Company is sub-Paleozoic meaning that the rocks that will host copper, zinc, nickel and platinum group metals are not exposed at surface which has frustrated traditional methods of exploration. For this reason deep-looking soil geochemical surveys will be applied to the property to prioritize drill targets. VMS Ventures has undertaken an integrated geological-geophysical-geochemical exploration program to assess the Farwell Project area for base metal and associated precious metal mineralization.

Geology
The property is characterized by a layer of dolomite that overlies the highly prospective Flin Flon-Snow Lake greenstone belt and its contained base metal massive sulphide type mineralization. The underlying greenstone belt comprises variably altered and mineralized mafic and felsic volcanic and volcaniclastic rocks that are intruded by a variety of lithologies including ultramafic rocks, gabbro, diorite and quartz diorite and felsic to intermediate monzonite and tonalite.

Geophysics
VMS Ventures Inc. conducted an airborne geophysical survey over the property in early 2008 using GEOTECH’s VTEM system. The modelling of airborne geophysical survey data was completed by Condor Geophysics of Denver, Colorado. A number of well-defined conductors were identified. These anomalous responses indicate the presence of bedrock-hosted conductive minerals such as copper- and zinc-bearing sulphide with associated gold and silver and the iron sulphide minerals pyrite and pyrrhotite. Together these minerals provide targets for follow-up exploration. In early 2011, Geotech Ltd. completed 3,581 line km of (VTEM-plus) over the project area. Report results have been received and submitted to Mines Branch.

Geochemistry
Partial and selective extraction soil geochemical surveys are conducted on the property in 2008 & 2009. The detection of multi-element base and precious metal anomalies coincident with VTEM geophysical responses will be the focus of diamond drilling on the property.

Deposit Types
Base metal massive sulphide mineralization hosted within a sequence of volcanic rocks and exhalite are strongly indicative of volcanogenic massive sulphide type base metal mineralization (“VMS”). This deposit type is representative of Flin Flon belt VMS deposits including the Discovery Zone at Reed Lake.

Current Activities on the Property
Historical geophysical and drill hole data along with data from a recent soil geochemistry survey and the recent VTEM survey conducted by the Company have been extracted and have been entered into the GIS database. Drilling of a VTEM anomaly identified in the McClarty survey was completed with hole MC-11-002. Assay results indicate anomalous base metal values.

Future Activities on the Property
A reconnaissance Mobile Metal Ions soil geochemical survey has been completed on the Farwell Mineral Exploration License. Results have been presented in an assessment report to the Mines Branch. A 3,581 line km of (VTEM-plus) has been conducted and submitted.  A diamond drill program is contemplated in 2012 to test selected anomalies for the presence of base metal mineralization. A detailed, grid-based MMI survey is also planned based on the results of the reconnaissance survey.  All project data will be incorporated into the Company’s ArcGIS.

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