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VMS VENTURES REPORTS DRILL TESTING OF NICKEL TARGETS HAS COMMENCED ON LYNN
LAKE GABBROS PROJECT, MANITOBA
April 17, 2007
Vancouver, B.C. April 17, 2007
VMS Ventures Inc. (TSX.V: VMS) (the "Company") is pleased to announce that
diamond drilling has commenced at the Company’s Lynn Lake Gabbros Nickel
Properties. VMS Ventures holds a dominant land position in the Lynn Lake Nickel
Mining Camp, historically, the third largest nickel producing camp in Canada.
This drill program is testing IP
anomalies interpreted to represent sulphide mineralization, detected on the Carr
Lake and Frazer Lake claim blocks. Drill roads and pads for the first three
holes have now been constructed and the first hole has been collared. The first
hole is planned to test for nickel-copper-cobalt PGE mineralization to a depth
of 330m (1,080 feet). The targets are based on the results of a deep penetrating
IP geophysical survey preformed in March 2006 which identified stacked vertical
anomalies and geological similarities, such as rock type and structures, to the
nearby nickel mines. Road access to the Frazer Lake targets is being evaluated
by field personnel.
The targets being tested in this
program are of particular interest as they appear to be vertically oriented
bodies, the same orientation as the nickel-copper ore bodies in the Lynn Lake
nickel mine. Mineralization at the historic Lynn Lake deposits was mined to a
depth of 4500 feet (approximately
1,370
metres), and occurred as a series of vertically plunging bodies of massive,
semi-massive, and disseminated or vein hosted sulphide minerals.
The Lynn Lake Mine Area
Sherritt Gordon Mines Ltd.,
mined the Lynn Lake nickel-copper deposits from 1953-1976. The mined deposits
were discovered in two mafic-ultramafic intrusive bodies, known as the "Main"
and the "El" gabbroic plugs. The Main and El gabbroic plugs produced 20,151,146
tonnes of ore at an average grade of 1.023% Ni and 0.535% Cu from three mines
over a 24 year period.
VMS Ventures Inc’s claims cover
5 of the 7 known Lynn Lake gabbroic plugs in the camp. The two gabbroic plugs
not held by the Company, the A and the El, are now being explored by Independent
Nickel Corporation (INI.V) and Western Areas NL (WSA.T) respectively.
VMS Ventures’ Land Position:
VMS’ property package is
comprised of 4 separate claim groupings, the Ralph Lake, Frazer Lake, Carr Lake
and Norrie Lake. It covers a total area of 38.83 square kilometres making it the
largest land position over the Lynn Lake gabbro bodies in the camp. The northern
boundary of the Frazer Lake claim group comes within 200 metres of the claim
which covers the very rich EL plug that has produced approximately 1.0 million
tonnes of ore grading 3.3 per cent nickel and 1.1 per cent copper to a depth of
270 metres.
Recent
Exploration History:
Between July 2005 and April 2006, approximately $215,000 in exploration
expenditures were made on the properties through a high resolution Magnetic and
EM geophysical airborne survey, and a deep penetrating IP geophysical survey.
Several new prospective anomalies were identified and appear to be related to
sulphide mineralization at depth. All of the anomalies being targeted in the
program now underway are untested and have not undergone previous drilling.
The Company holds the option to
earn a 100% interest in the claims subject to an NSR. All technical information
in this release has been reviewed by Dr. George Gale, P.Eng, Vice President of
Exploration, VMS Ventures Inc.
Lynn Lake is located in Northern Manitoba, 320 kilometres by road, northwest of
INCO’s (CVRD) (RIO:NSY) nickel smelter at Thompson and has significant
infrastructure including an airport, all weather road access, hydroelectricity
and a rail line. Manitoba was recently rated by the Fraser Institute of
Vancouver, Canada as the best jurisdiction in the world for developing a mine.
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 package of land considered prospective for nickel-copper
mineralization at Lynn Lake, historically, 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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal
President
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release.
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