TSX-V: VMS $ 0.09 -0.01 -10% Volume: 1,734,300 15-20 min delay April 5, 2016
Projects

Assean

Overview

The Assean Gold Property is located about 125 km by road northeast of Thompson, Manitoba. The Assean claims cover a 20 km length of the Assean Lake Shear Zone (ALSZ), a major break in the crust, which can be traced for over 200 km. The property consists of 56 claims covering 9,391 hectares. The property is 100% owned by VMS Ventures, after an acquisition from NGEx Resources Inc. and Harvest Gold Corporation (see April 10 2015 news release for details).

The region around Assean Lake has been explored periodically since the 1930’s, when prospectors first discovered the Lindal, Dunbrack, and Galena Island gold showings along the lakeshore. Early work and drilling was conducted by Sherritt Gordon Mines Ltd., Westfield Minerals and Hudson Bay Exploration & Development over the area. Subsequent work was conducted by Arbor Resources, Nor-Acme Gold Mines and Homestake Minerals who drilled core holes on the Dunbrack and Lindal showings. Homestake flew a large helicopter magnetic and EM survey in 1985 and followed up with ten (10) shallow core holes on the Lindal Zone. Drill results indicated that the Lindal, Dunbrack and Gelena Island showings are all small, narrow quartz vein-gold.

Strider Resources Ltd. conducted Mobile Metal Ion (MMI) soil geochemical orientation surveys over the property in 1994. Subsequently Strider optioned the claims to CopperQuest Inc., who drilled six (6) short core holes in 1998. Rare Earth Metals Corp. optioned the claims from Strider in 2000 and completed an MMI soil geochemical survey.

Canadian Hold Hunter (now NGEx Resources Inc.) with Rare Earth Metals (now Harvest Gold Corporation), carried out nine major programs between 2001 and 2005. These programs included line cutting, MMI geochemical surveys, ground magnetic, induced polarization (IP) and EM surveys. A total of of 183 core holes were drilled for a total of 28,566 m. This led to the discovery of seven gold occurrences at the property, including the Hunt Zone and the BIF (banded iron formation) Zone among others.

Geology and Mineralization

The Assean Gold Property lies within the northeastern extension of the Thompson Nickel Belt, a zone marking the collisional margin of two ancient continents, the Early Proterozoic Churchill Province to the northwest against the older Archean Superior Province to the southeast during the Trans-Hudson orogeny. The contact between the two provinces is known as the Superior Boundary Zone, a zone of extreme, multi-stage deformation with a major bounding fault(s) and characterized by high-grade metamorphism, all key characteristics associated with major gold camps around the world.

The local geology of the Assean Gold Property is poorly understood due to extensive cover of lacustrine clay, silt, sand and basal till up to 20 m in thickness. Based on limited outcrop and core from diamond drilling, the area is underlain by gneiss and schist of varied derivation with an Archean (+ 2.7 billion years) to early Proterozoic in age. A sequence of metamorphosed and folded rocks of sedimentary origin intruded by strongly folded gabbroic dykes characterizes the geology of the claim group. The succession is comparable to, and possibly correlative with, the Ospwagan Group (2.1 to 1.9 billion years), which hosts several major nickel deposits near Thompson, Manitoba, 125 km to the southwest.

The gold prospects on this property have similar characteristics to shear-hosted deposits found in the prolific gold belts of the Precambrian Shield in eastern and northern Canada. Precambrian shear-hosted gold deposits range in size from a few thousand metric tons to over 50 million metric tons and constitute a significant source of global gold production.

The main gold occurrence on the property is the shear zone-hosted "Hunt" Zone that consists of two stacked parallel lenses of gold-bearing mineralization accompanied by variable amounts of pyrite, arsenopyrite, sphalerite, galena and chalcopyrite. The Hunt Zone is one of six known gold occurrences on the property. The geologic characteristics of the six occurrences are given in Figure 1. Sixty-eight holes have been completed along the Hunt zone trend with highlighted historical results outlined in Table 1 below. Additional exploration is warranted on all mineralized occurrences, and new targets generated from the compilation.

Figure 1: VMS Mining Claims and Gold Occurrences.

Table 1: Geologic characteristics of Assean gold occurrences.

 

Zone


Comments

Hunt


Shear hosted, parallel to the penetrative 060° foliation developed in isoclinally folded host rocks and dips steeply south. The surrounding host rocks are commonly silicified and altered to tremolite-actinolite, calcite and minor iron carbonates, biotite and chlorite and quartz veins with visible gold and disseminated galena, pyrrhotite, pyrite, chalcopyrite, sphalerite and local arsenopyrite.

BIF


Banded iron formation comprises silicate, oxide and sulphide facies. Sulphide mineralization of (1-70%) by volume in magnetite-chert banded iron formation. Sulphides form disseminations, stringers, net textures and massive bands. Alteration minerals comprise of calcite, iron-magnesium carbonates, tremolite-actinolite and chlorite.

Blowfish Lake


Altered gabbro with quartz veins containing visible gold and scheelite.

Dunbrack


Silicate facies iron formation with quartz veins and disseminated pyrite and pyrrhotite mineralization. The zone strikes 045° and dips steeply south with visible gold associated with galena, sphalerite, chalcopyrite, pyrite and minor pyrrhotite.

Galena Island


This showing is about 800 metres SW of Dunbrack and locally contains visible gold in quartz veins associated with galena and other sulphides in a gneissic host rock.

Parker Point


The occurrence consists of disseminated chalcopyrite, galena, bornite and pyrite in a grey cherty quartz in biotite gneiss / schist host rock.

Results

Fine, visible gold occurs within the Hunt Zone in a high-grade shoot where grades reach as high as 27.22 g/t Au over 4.27 m (about 3.60 m true width) have been reported by NGEx Resources Inc. The Assean Gold Property does not have a calculated gold resource with no estimated mineral resource classification compliant with NI 43-101 and CIM Standards.

To date over 280 drill holes from the property have been compiled into a digital database. A list of drill hole intersections from historical drilling is listed below.

Download List

Activity/Work plans

Re-logging of historical drill core has been conducted this past fall. The Company is compiling data for a planned program in 2016 which will include in-fill/exploration diamond drilling with particular focus on the Hunt Zone, and soil geochemical surveys in the vicinity of the other known gold targets.

VMS Ventures 
500 - 200 W. Esplanade
North Vancouver, BC V7M 1A4
Tel: 604-986-2020
Fax: 604-986-2021
Toll Free: 1-866-816-0118
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