VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2015) - VMS Ventures Inc. (TSX VENTURE:VMS) (the "Company") provides an exploration update on activities related to four of its properties located in Manitoba and Ontario.
VMS Ventures management has met with members of Hudbay Minerals exploration team to review work completed by Hudbay during the winter of 2014 and spring of 2015 on our Reed Property. The VMS technical team is currently reviewing the most recent exploration program results consisting of surface geophysical surveys integrated with Mobile Metal Ions soil geochemical surveys conducted earlier. The results received from our JV partner Hudbay Minerals, identify a number of possible target areas for exploration follow up. Upon completion of the review process and confirmation of a follow-up plan additional information will be released.
The Company recently completed twenty-one reverse circulation drill holes on the Black Creek property situated 30 km north of Sudbury, Ontario. The property comprises 63 mining claims totaling 1,952 hectares and has excellent all-weather road access.
Cabo Drilling Corp. of Kirkland Lake, Ontario was awarded the reverse circulation drilling contract and Overburden Drilling Management (ODM) has been contracted to oversee the drilling, preparation and analysis of 82 overburden samples and 25 bedrock samples collected from these holes. Following the drill phase of the program, ODM will prepare heavy mineral concentrates from the gravel and till for the purpose of recovering and classifying gold grains up to 2.0mm using tabling, liquid separation and panning. The heavy mineral concentrate will be shipped to a laboratory for geochemical analysis. The bedrock samples will be submitted to an analytical laboratory for geochemical and whole rock analysis.
VMS Ventures has explored the Black Creek property in previous years using historic VTEM survey results and a combination of prospecting, mapping, geochemical sampling and diamond drilling. In 2011 a two-hole drill program and mechanical trenching were completed. A total of 242 metres were drilled to test two separate Versatile Time-Domain Electromagnetic (VTEM) airborne geophysical anomalies with coincident magnetic highs. Drill hole BC-11-002 intersected 8.90 metres of 1.00 g/t Au, in a heterolithologic fragmental unit at the contact with an oxide to sulphide facies iron formation. Locally, the oxide facies iron formation is sulphidized and is mineralized with pyrite, pyrrhotite and minor chalcopyrite. A sulphide rich interval within the iron formation assayed 2.43% copper over 0.40 metres.
Following the 2011 drill program, a new base metal showing was discovered in the central portion of the property. An excavator was utilized to remove overburden, followed by power washing of the outcrop, geological mapping and channel sampling. Highlights from the channel sample assays include 4.77% zinc, 1.17% copper, 23 g/t silver and 0.85% lead. This fracture-controlled mineralization is hosted by a gossanous andesitic unit within an intrusive marginal breccia zone of the Cartier Batholith.
Preliminary experimental work was completed on extraction of alluvial gold from sand and gravel from alluvial paleo-channels on the property. Panned concentrates of particulate gold-bearing sand and gravel returned significant gold contents. A large proportion of the gold grains recovered appeared angular or exhibiting other characteristics suggesting they may originate from a nearby bedrock source (or lode gold) deposit. A major shear zone, the Millnet Fault, crosses the property in the vicinity of where historical gold grains in alluvium have been discovered and this geological structure is the target of investigation in this program.
To read more about Black Creek link to the project page on our website: http://www.vmsventures.com/projects/exploration/ontario-projects/black-creek/default.aspx
The Company has a total of thirteen separate (100%-owned) properties in the highly prospective Flin Flon-Snow Lake greenstone belt in central Manitoba. These properties have been combined to form the Snow Lake Project with a total area of 51,409 hectares. A four-hole drill program for 1400 metres is planned on the Company's McClarty project and drill permits have been applied for.
This program will commence in June and is designed to follow-up VTEM anomalies and favorable stratigraphy below the Paleozoic cover targeting prospective anomalies possibly related to base metal sulphide mineralization. Additional work is being planned for the property pending results from the upcoming drilling program.
Assean Gold Project
The Company recently acquired the Assean Gold Project property located 125 km by all-weather road northeast of Thompson, Manitoba. The property consists of 56 claims covering 9,391 hectares (Figure 1). The property is 100% owned by the Company.
Exploration by previous operators demonstrated the potential for the property to host gold mineralization in two geologically unique environments 1) shear zone and 2) oxide facies banded iron formation. To date over 280 drill holes from the property have been compiled into a digital database. Currently all historical exploration data is being compiled into Geographical Information System (GIS) format utilizing ArcView 10.2 software. 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 Table 1. Sixty-eight holes have been completed along the Hunt zone trend with highlighted historical results outlined in the Table 2 below. Additional exploration is warranted on all mineralized occurrences, and new targets generated from the compilation. The Company is planning a follow-up exploration program this fall, including re-logging of historical drill core, 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.
To view Figure 1. VMS Mining Claims and Gold Occurrences, please visit the following link: http://media3.marketwire.com/docs/Figure1VMS.pdf.
For a complete list of drill hole intersections on the Hunt Zone please follow the link below.
All technical information in this release has been reviewed by Neil W. Richardson, P.Geo, who is the Chief Operating Officer for the Company and Qualified Person. Mr. Richardson is not independent of the Company.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. VMS Ventures Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal, B.Sc., CEO & President
VMS Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VMS Ventures Inc.
Evan Sleeman, Director
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