VMS Ventures Inc. is a well financed, publicly traded mineral exploration company listed on the Toronto Venture Exchange (TSX.V) under the symbol VMS.
VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc-gold-silver massive sulphide deposits in the Flin Flon-Snow Lake VMS Belt of Manitoba. The Company's VMS project property portfolio consists of the Reed Copper Project, McClarty Lake Project, Sails Lake Project, Puella Bay Project and Morton Lake Project. Outside of the Snow Lake camp, the Company holds massive sulphide prospective properties near the past producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba. These properties are located in the mining friendly province of Manitoba, Canada. The Company also has optioned three properties in the Sudbury mining camp. They are Terra Incognita, Golden Pine and Black Creek.
In October, 2007 VMS announced its Reed Lake Discovery Hole intercept of 43.05 metres of 4.38% copper, 1.56% zinc, 0.85 grams per tonne gold and 13.09 grams per tonne silver, including 10 metres of 11.19% copper. 73 holes were drilled through September, 2008 including hole #RD-08-41 which included 33.46 meters of 10.36% Copper, including 18.08 meters of 13.80% copper.
On July 6, 2010, VMS announced a joint venture agreement with Hudbay Minerals (TSX: HBM) to develop the Reed Lake property and the two claims immediately to the south. VMS has a 30% carried interest and HudBay has a 70% interest and will act as the operator of the joint venture. HudBay began drilling at Reed Lake in late August, 2010 and plans a 43-101 resource estimate before the end of Q1 2011 - NI 43-101 MINERAL RESOURCE FOR THE REED LAKE DEPOSIT AT 2.55 MILLION TONNES @ 4.52% COPPER IN THE INDICATED CATEGORY
The Manitoba government has approved the Reed Copper Advanced Exploration Permit ("AEP") closure plan and issued the lease of park land property for the operation of the mine development activities. The AEP allows the extraction of a 10,000 tonne bulk sample and will provide confirmation of the mineralized widths, metal grades and the conditions of the ground. Testing of the extracted bulk sample will be done in the Flin Flon metallurgical complex. Site preparation will begin in Q1 and the decline will commence in the second half of 2012.
VMS Ventures owns approximately 45% of North American Nickel Inc. (TSX VENTURE:NAN)
VMS Ventures Inc. is updating shareholders on the performance of the Reed mine. VMS Ventures owns 30 per cent, and Hudbay Minerals Inc. owns 70 per cent and is the operator. Management has reviewed the Reed mine financial report received from Hudbay.
Reed mine underground development update
In the month of November, 2014, mining of zone 20 stopes commenced on the 160-metre level, resulting in increased copper grade. The ramp is currently being driven to the 235-metre level, and ore development is continuing on the 160- and 185-metre levels. The focus for December will be on safety, ore production and driving the main decline down to the 235-metre level.
Highlights for November, 2014:
- Ore production of 40,885 tonnes; total 378,421 tonnes year to date;
- Development advanced 254 metres in October; 3,065 metres year to date;
- Occupancy permit was received for the dry addition;
- Dedicated air line to refuge stations installed and operational;
- Lateral development commenced on the 210-metre level.
Neil Richardson, chief operating officer, states: "As of the end November, we have had 192 consecutive days with no lost-time accidents, and there has only been a single lost-time accident through the life of the project and commercial production to date. In November the mining personnel worked safely through some heavily jointed ground while achieving good mine development and production. Year to date we are close to achieving budgeted tonnes and development metres."
All technical information in this release has been reviewed by Dr. Mark Fedikow, PGeo, who is the qualified person for the company, and vice-president of exploration and technical services, VMS Ventures.