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The Proterozoic volcanic rocks that host VMS
deposits in the Snow Lake area continue southwards from the Reed and
Wekusko Lake areas where they are covered by a thin veneer of flat-lying
limestone that increases in thickness gradually southwards.
Although several small or low grade VMS deposits have been found in this
vast area, the only producing mine (Spruce Point) is located at the edge
of the limestone cover. Recently HudBay Minerals (HBM-TSX) announced
that they would be undertaking a feasibility study on another deposit
that is also situated beneath the limestone cover.
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Black Smokers = Potential VMS Deposits
The Company’s exploration team has acquired a sizeable land
position in the limestone covered areas south of Snow Lake based on one of the
unique features of VMS deposits known as ‘Time-Space-Units’. It is well
recognized in VMS mining camps that VMS deposits form on the bottom of paleo
oceans within a very short time interval (Time) and within relatively thin units
of Rock (Space). Deposits of this type are presently forming on the bottom of
today's oceans by fumaroles known as ‘black smokers’.
When these fumarolic deposits are covered by other rocks and
folded during mountain building processes from flat lying into vertical or near
vertical positions, the deposits and their host rocks can be traced as a
relatively narrow band (Horizon) within the thicker piles of volcanic and
sedimentary rocks. Because the VMS deposits often occur in clusters on the
bottom of the oceans, the identification of the Time-Space-Unitsis critical to
the exploration for both new and additional deposits.
Each of VMS Ventures Inc.’s properties within the Cover
Project includes one or more Time-Space-Unitsthat are based on information
gleaned from previous drill results, assay data, geophysics and geology that are
contained in public domain assessment reports filed at the Manitoba Mines
Branch.
Exploration Methodologies
As part of its evaluation of acquired
Time-Space-Units the Company is applying new modern geochemical methods to ‘see
through’ the limestone to determine the metal-rich portions prior to undertaking
a drill program. This program, initiated in 2005 with several test surveys,
evaluated a number of conductive rock units within known Time-Space-Units and
resulted in the identification of several geochemical anomalies that are worthy
of a follow-up drill program.
As well, VMS Ventures Inc. will utilize the revolutionary airborne geophysical
survey technology known as VTEM. (VTEM stands for Versatile Time-Domain
Electromagnetic). Among other attributes, the VTEM system provides "unparalleled
depth of penetration and highest resolution" and "the industries highest signal
/ noise ratio and spatial resolution of conductors". This makes VTEM the ideal
technology to assist company geologists searching for VMS deposits through the
limestone cover.
Dolomite
Property
The claims in the vicinity of Dolomite
Lake were acquired to cover zones of VMS type alteration identified during
previous exploration. The geological setting appears to be a continuation of the
same belt of rocks that host the Spruce Point Mine to the northeast. Drill core
analyses of stored cores have been completed and further evaluation will be
undertaken when all of the drill cores have been located.
McClarty
Property
This property, which includes claims and MEL xxA, was acquired because there are
a number of regional geophysical conductors that define a linear zone in a
favorable geological setting that includes felsic and mafic volcanic rocks. In
addition, previous drilling has intersected massive sulphides that may be part
of a VMS system. Systematic follow-up of assessment work and drill cores on this
property have not yet been undertaken.
Farwell Property
This property covers the northern extension of the McClarty Lake stratigraphy.
Several drill holes tested regional conductors and found abundant sulphides,
however, many of them were associated with graphite. In addition to the VMS
potential, there is a large body of magnetic rocks that may contain nickel
mineralization.
Value Proposition
Geological Setting: Flin Flon - Snow Lake
Greenstone Belt. Proterozoic Marine Volcanic Rocks
VMS Target: Multiple 5,000,000 Tonne (plus) Copper-Zinc deposits
World Class Deposits: Flin Flon, Manitoba (Cu, Zn, Au, Ag) 60,000,000 Tonnes
Kidd Creek, Ontario, (Cu, Pb, Zn, Au, Ag) 150,000,000 Tonnes
Value Proposition: 5,000,000 Tonnes grading 2.5% Copper equals 50 lbs/tn at price of
3.50/lb totals US$175.00/tn plus 4.5% Zinc which equals 90 lbs/tn at a price of
$1.50/lb totals US$135/tn for Zinc.
Total contained metal (Gross Metal Value) = $310 X 5,000,000=US$1.55 billion US
(Excluding Gold and Silver credits which can be
significant in these deposits)
Disclaimer: This value will,
obviously, be discounted significantly, as it represents the value of metal
prior
to all the costs associated with mining, but we provide it to give
readers some context;
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