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. has granted incentive stock options to employees, directors and consultants of the company to purchase up to 2.4 million common shares in the capital of the company pursuant to the company's stock option plan.
The options are exercisable, on or before July 10, 2019, at an exercise price of 31 cents per share.