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 - Sails Lake Option

 


Location and Property Description
The Sails Lake Option is situated approximately 30 km east of the town of Snow Lake where active mining and milling of base and precious metals has been ongoing for decades. The Sails Lake property comprises 8 claims with a total area of 1,888 hectares and is 100% owned by VMS Ventures. In late 2010, an additional 15 claims (3,078 hectares) were staked east of the main Sails Lake block (Sails East), which are not part of the original option.

History of Exploration
The Sails Lake Option was prospected for gold at different times over the past 60 years. The recent discovery of chemical sediments commonly associated with VMS type mineralization and the presence of historic airborne geophysical anomalies prompted the company to option the property and stake adjoining claims to cover the favourable stratigraphy. The Company optioned the ARSE 1 claim from Ken deGraff and staked the surrounding claims in 2005 to cover the interpreted favourable stratigraphy. A number of vein-type gold occurrences were documented and described in the Manitoba Government’s Mineral Deposit Series on the property although the project area was also prospected for base metals in the late 1960’s and again in 1988. Alteration typical of base metal massive sulphide-type deposits and exhalites, identified during a gold exploration program in 1996, occur in association with an extensive airborne electromagnetic and magnetic conductive unit. Historic drilling in this unit documented the presence of 7% Zn over a 60 cm core interval during the 1960’s survey. The VTEM survey flown in 2007 identified a significant number of conductors.

Philosophy of VMS Ventures Exploration
At Sails Lake the recognition of chemical and clastic sedimentary rocks or “exhalites” deposited at a stratigraphic interval corresponding with a break in volcanism represents an important time-stratigraphic feature. It is at these locations that base metal massive sulphide deposits are formed. This includes deposits in the Flin Flon-Snow Lake greenstone belt and in greenstone belts worldwide. For this reason VMS Ventures has undertaken an integrated geological-geophysical-geochemical exploration program to assess the Sails Lake area for base metal and associated precious metal mineralization.

Geology
Historic geological mapping defined mafic volcanic flows with mafic breccia and tuff. Quartz-feldspar intrusions that may be rhyolite extrusive and/or pyroclastic volcanic rocks are also present. A reconnaissance survey in 2006 established that the geological setting is similar to that found in the Snow Lake area and confirmed that chemical sedimentary rocks are present at a break in volcanism.

Geophysics
VMS Ventures Inc. conducted an airborne geophysical survey over the property in early 2007 using GEOTECH’s VTEM system. A number of well-defined conductors were identified. Follow-up geochemical surveys and drilling are planned for the more promising electromagnetic anomalies. These anomalous responses indicate the presence of bedrock-hosted conductive minerals such as copper- and zinc-bearing sulphide with associated gold and silver as well as the iron sulphide minerals pyrite and pyrrhotite and provide targets for follow-up exploration. The modelling of airborne geophysical survey data (VTEM) was completed by Condor Geophysics of Denver, Colorado. In September 2010, an Induced Polarization (IP) geophysical program (by Matrix GeoTechnologies) was undertaken over a portion of the Sails Lake property where prior explorers had located gold mineralization in outcrop and in several drill holes. A follow-up a deep penetrating, 3D Induced Polarization geophysical survey by Matrix was done in early 2011 and results are pending.

Geochemistry
Partial and selective extraction soil geochemical surveys have detected two anomalous base and precious metal anomalies on the property. As well, geochemical surveys conducted in 2008, 2009 and 2010 have identified coincident multi-element base and precious metal anomalies coincident with VTEM geophysical responses.

Deposit Types
Base metal massive sulphide mineralization hosted within a sequence of volcanic rocks and exhalites 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. Structurally-related lode gold mineralization has also been documented in the Sails Lake Project area and represents a second significant deposit type that VMS Ventures is actively exploring for in the project area.

Current Activities on the Property

The modelling of airborne geophysical survey data was completed by Condor Geophysics of Denver, Colorado. The report is complete and was submitted to the Mines Branch in 2010. Modelled plates were established from the geophysical data and integrated with geological and soil geochemical data, as well as the recent IP survey. Drill-ready targets were established on the property, and by December 2010, nine drill holes were drilled (six for base metals and three for precious metals). (See table below.) A second Sails Lake drilling program focused on defining The Long Zone mineralization in early 2011.

 

HOLE Number

UTM Easting (1)

UTM Northing (1)

UTM Elevation (1)

LENGTH

Azimuth (2)

Dip

SA-10-001

466040

6085730

300

188

200.6

-48.5

SA-10-002

464432

6085488

297

236

200

-50

SA-10-003

465010

6085360

297

277

200

-50

SA-10-004

467010

6084430

281

159.31

280

-50

SA-10-005

467579

6083058

284

185

307

-60

SA-10-006

464840

6086530

282

35

200

-50

SA-10-006-A

464840

6086530

282

194

200

-50

SA-10-007

466432

6083673

290

190

335

-50

SA-10-008

466074

6083996

300

249

358

-50

SA-10-009

465383

6084162

300

254

357

-50

SA-11-010

466357

6083781

293

224

146

-50

SA-11-011

466357

6083781

293

233

175

-50

SA-11-012

466357

6083781

293

263

180

-45

SA-11-013

466421

6083775

296

182

180

-50

SA-11-014

466421

6083775

296

209

180

-70

SA-11-015

466421

6083775

296

182

155

-45

SA-11-016

466421

6083775

296

209

133

-45

SA-11-017

466274

6983803

288

92

180

-45

(1) Universal Transverse Mercator / North American Datum 1983 / Zone 14

(2) "Azimuth" is degrees from True North

 

HOLE ID

FROM (m)

TO (m)

LENGTH (m)

Au g/t

COMMENTS

SA-11-015

98.59

112.00

13.41

1.48

 

SA-11-013

73.21

112.00

38.79

0.68

 

SA-11-013

73.21

81.00

7.79

1.68

including

SA-11-013

85.72

89.80

4.08

1.02

including

SA-11-013

96.87

100.84

3.97

0.75

including

SA-11-013

105.90

112.00

6.10

0.85

including

SA-11-014

125.15

134.65

9.50

0.93

 

SA-11-014

146.00

148.33

2.33

2.05

 

SA-11-014

173.14

174.87

1.73

0.86

 

SA-11-010

29.90

31.50

1.60

1.13

 

SA-11-010

165.00

165.81

0.81

1.10

 

SA-11-011

53.78

56.34

2.56

2.58

 

SA-11-016

35.56

36.00

0.44

2.02

 

SA-11-012

No significant assay

SA-11-017

No significant assays


On January 11th, 2011, the Company reported that the Sails Lake drilling of base metal and gold targets was complete and drill hole SA-10-007 intersected the Long Gold Zone 75 m below historical trenching that returned 56.89 m of 1.21 g/t Au (occurs within 40 m of surface). The success of this drill hole represents the potential for a low grade – bulk tonnage deposit on the Sails Lake Project. The mineralization of the Long Zone consists of disseminated blebs, specks and bands of arsenopyrite within a silicified – albitized alteration halo in a diorite host rock. A second Sails Lake drilling program was reported on (June 8th, 2011 news release) and was focused on the Long Zone mineralization over a strike length of 250 m and to a depth of 150 m below surface. Seven targets were drilled for a total of 1,564 m drilled. Hole SA-11-015 returned 13.41 m of 1.48 g/t Au; SA-11-013 returned 38.79 m of 0.68 g/t Au; and SA-11-014 returned 9.50 m of 0.93 g/t Au. This confirms that a low grade gold system is associated with the Long Zone target. The mineralization of the Long Zone consists of disseminated blebs, specks and stringers of arsenopyrite within a feldpathic altered tonalitic host rock.

Future Activities on the Property

Seventeen base metals and precious metals drill targets were drilled in late 2010 and into 2011. Gold assay results on one drill hole in the Long Zone (56.89 m of 1.21 g/t Au) had led the Company to conduct additional line-cutting and Induced Polarization (IP) geophysical surveys. The second phase of drilling is completed and encouraging results were seen in three drill holes. In July, 2011 the Company completed mechanical stripping and channel sampling over three IP areas. Outcrops were stripped of overburden and power washed clean for detail mapping at 1:100 scale. The main focus was the “Long Zone”, “E Zone” and “M Zone”. Results will be made public upon completion of digitizing and compilation. 

Channel samples were sent to TSL Labs for analysis and trench maps were sent to Zone 14 for digitizing. Digitizing and compilation of trench mapping and channel sampling is scheduled for completion early in the year. These results will be incorporated into 3D software and compared to 3D IP results. Priority areas will have future exploration and drilling.

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