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VMS Ventures Reports Drill Results of Nickel Targets on the Carr Lake Gabbro
Plug and Preliminary VTEM results on its Lynn Lake Gabbros Project in Manitoba,
Canada
June 8, 2007
Vancouver,
B.C. June 8, 2007 VMS Ventures Inc. (TSX.V: VMS) (the "Company") has received
assay results from core samples taken from the recent diamond drilling on the
Carr Lake Gabbro Plug in the Company’s Lynn Lake Nickel Project in Manitoba,
Canada. Preliminary results have also been received from the VTEM airborne
survey, which was flown concurrently over the entire property package, and
consists of 4 major claim groups covering approximately 38 km2 in the
Lynn Lake nickel belt.
The
drilling has confirmed the presence of mafic-ultramafic rocks similar to those
hosting nickel-copper mineralization at the nearby Lynn Lake Ni-Cu Mines, as
well as sulphide mineralization with significant nickel and copper enrichment.
The
preliminary results of the VTEM survey indicate a number of anomalies, including
several of particular interest on the Frazer Lake intrusion, which is located
immediately south of the EL Ni-Cu Mine. Final interpretation of the airborne
survey data is pending and expected within the next 30 days.
Three
holes were completed on the Carr Lake Gabbro Plug for a total of 624.7 meters of
drilling.
A
0.38 m sample (#15013) from the 263.3 m interval in drill hole Gab-07-01,
assayed 287 ppm Ni and 251 ppm copper. This sample contained only 0.54% sulfur
and the drill log reports trace to 1% fine disseminated sulfide in a pyroxenitic
gabbro. When these assay results are recalculated to represent nickel and copper
grades on a 100% massive sulfide basis, it indicates that the sulphide minerals
are significantly enriched in both nickel and copper. This is encouraging
because base metal enrichment of sulfides commonly indicates that a mineralizing
system may be present on the property.
Gab-07-03
also returned an interval with significant nickel and copper enrichment in
sulphides. Sample #15014, taken from drill hole Gab-07-03 at a depth of 21.7 m
over an interval of 0.3 m, assayed 102 ppm nickel and 709.3 ppm copper from an
interval reporting only 0.18% sulfur; the rock is described in the drill log as
an altered pyroxenitic to plagioclase gabbro with trace sulfide. All samples
were shipped to TSL Laboratories in Saskatoon, Saskatchewan and were assayed
using the ICP-OES. (Inductively Coupled Plasma Optical Emission Spectrometry)
George
H Gale, Ph.D, P.Eng, Vice President of Exploration, states “The first drilling
on the Carr Lake Gabbro Plug has confirmed that mafic-ultramafic rocks are
present and there is an enrichment of base metals in the sulphides. Elevated
nickel in disseminated sulphide can be a pathfinder to more massive sulphide
deposits in the same intrusion. The samples have been submitted for PGE analyses
and these should be available within the next 2 weeks. The preliminary VTEM
results are also very encouraging and indicate the presence of a number of
conductors to be investigated for nickel deposits.”
Lynn Lake
Nickel Camp:
The
Lynn Lake Nickel Mining Camp is historically the third largest nickel producing
camp in Canada. 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" gabbro
plugs. The Main and El gabbro plugs produced over 20,000,000 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’ claims cover 5 of the 7 known Lynn Lake gabbro plugs in the camp. The
two gabbro plugs not held by the Company, the “A” and the “El” are being
explored by Independent Nickel Corporation (INI.V) and Western Areas NL (WSA.T)
respectively.
Lynn
Lake is located in Northern Manitoba, 320 kilometres by road from the nickel
smelter at Thompson, and has significant infrastructure including an airport,
all weather road access, hydroelectricity and a rail line.
VMS
Ventures Land Position in Lynn Lake:
The Company’s
claims comprise 4 separate claim groupings, the Ralph Lake, Frazer Lake, Carr
Lake and Norrie Lake claims, covering a total area of 38.83 square kilometers,
giving 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 200m of
the claim which covers the “EL” plug that produced approximately 1.0 million
tons ore grading 3.3 per cent nickel, 1.1 per cent copper to a depth of 270
metres. 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.
VMS
Ventures Inc. is focused 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, which, historically, is 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. Manitoba was recently rated by the Fraser Institute as the
best location in the world for mine development.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal
B.Sc
President
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release. |
