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VMS Completes Phase 3 Drill Program
10 April, 2008
Vancouver,
B.C., April 10, 2008.
VMS Ventures Inc. (TSX.V: VMS) (the “Company”) is pleased to report on its
ongoing exploration program at the Reed Project Discovery Zone near Snow Lake,
Manitoba.
Highlights:
RD-08-36: 81.10m (266.08
ft) of Near Solid Sulphide in 9 separate intervals
§
Including: 19.16m (62.86 ft) NSS from 133.20m to 152.36m
§
Including: 45.64m (149.74 ft) NSS from 160.71m to 206.35m
Dr. George Gale, Vice President
of Exploration states: “The multiple intervals of Near Solid Sulphide in
drillhole RD-08-36 appear to represent a narrow vein-like zone of remobilized
sulphides and are quite distinct from the main part of the sulphide deposit. The
sulphides in this hole appear to have been mobilized along the margin of a late
mafic dike. Results from this phase of drilling have provided considerable
insight into the nature of the deposit. One of the more significant conclusions
is that we have not yet found the intensely altered rocks that are commonly
associated with the central portions of a VMS deposit. It appears from the
available evidence that we are still at the margin of a VMS mineralized system.
“
The intersection of
approximately 80 m of NSS in drillhole RD-08-36 occurs in nine different
sulphide sections and is probably related to the faulting because these
sulphides are different from the pyrite-rich NSS lenses intersected in the main
portion of the deposit. We interpret this extensive section as a sulphide-rich
vein derived from the main sulphide body. Although its limits are not fully
known, this intersection is not at present considered relevant to the
delineation of the deposit. Further drilling is warranted to determine the
extent of this mineralization.
The phase 3 drill program,
has now been completed though other ground exploration activities such as
geophysical surveying will continue through the planned spring shutdown. The
Company has now drilled a total of 34 holes on the Reed Project Discovery Zone.
Phase 3, Holes RD-08-16 to RD-08-37 were designed to attempt to delineate the
size and extent of the VMS deposit. The drilling has confirmed the presence of
Near Solid Sulphides (NSS) over a strike length of more than 75 m and at a depth
of more than 180 m below surface and the defined limits of the mineralization
remains open. Also, the deposit has been disrupted in at least two different
directions by post-mineralization faults and the next phase of drilling will
assist in solving the direction and movements of mineralization along these
structural features.
Two of the drills remain on
site and will commence drilling following a brief shutdown period for the
winter/spring breakup. It is anticipated that both drills will be drilling the
deposit and a third drill is to be employed to test other anomalies in the
vicinity of the ‘Tower Zone’ approximately 1.0 km to the east.
The ground based DeepEM and
Walking Magnetic surveys have restarted after being suspended due to equipment
difficulties and external demands on the systems availability. The additional 65
line kilometers of survey recently completed on the property extended the grid
to the north and east to follow anomalies at the edge of the previous survey.
The survey will be completed in April.
During the spring-shutdown
period down-hole geophysical surveys will be conducted on the cased bore holes
to look for off-hole anomalies both along strike and at depth. The bore hole
surveys will help to direct drilling in the areas east and west of the lens that
was drilled this winter. In addition, the ongoing surface DeepEM and ground
magnetic surveys on the newly expanded grid will help to refine other
geophysical targets on the property.
The next set of assay
results are expected to be received in approximately 8 days.
TABLE 1
UPDATE REED LAKE DRILL
PROGRAM
|
HOLE # |
FROM |
TO |
INTERVAL |
CU |
ZN |
AG |
AU |
|
(m) |
(m) |
(m) |
% |
% |
g/tn |
g/tn |
|
RD-08-31 |
sulphide |
veinlets |
|
|
|
|
|
|
RD-08-32 |
NSI |
|
|
|
|
|
|
|
RD-08-33 |
66.50 |
69.70 |
3.20 |
|
|
Sulphide
veinlets |
|
|
and |
74.50 |
77.20 |
2.70 |
|
|
Sulphide
veinlets |
|
|
RD-08-34 |
167.92 |
203.65 |
35.73 |
NSS |
|
|
|
|
RD-08-35 |
180.92 |
200.00 |
19.08 |
NSS |
|
|
|
|
RD-08-36 |
133.20 |
152.36 |
19.16 |
NSS |
|
|
|
|
and |
154.19 |
155.23 |
1.04 |
NSS |
|
|
|
|
and |
155.60 |
156.69 |
1.09 |
NSS |
|
|
|
|
and |
160.71 |
206.35 |
45.64 |
NSS |
|
|
|
|
and |
211.36 |
214.30 |
2.94 |
NSS |
|
|
|
|
RD-08-37 |
NSI |
|
|
|
|
|
|
NSS = Near Solid Sulphide,
NSI = No Sulphide Intercept true
thickness is unknown
All technical information in
this release has been reviewed by the Qualified Person, Dr. George Gale, P. Eng.
Samples are prepared and analyzed at TSL Laboratories in Saskatoon, Saskatchewan
using ICP-MS and Fire Assay analytical methods.
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 land package considered prospective for nickel-copper mineralization at
Lynn Lake, which is to date 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 Nickel Belt 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 B.Sc.
President &
Director
For further information contact:
|
Keith Patey,
Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118 |
Dale Paruk
Coal Harbor Communications
Telephone: (604) 662-4505
Toll Free: 1-877-345-3399 |
The TSX Venture exchange does not accept responsibility for the
adequacy or
accuracy of this release.
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