VMS Rising on
Reed Lake Results
Vancouver - Strong drill results from the copper-zinc volcanogenic
massive sulphide (VMS) discovery at Reed Lake in Manitoba gave VMS Ventures
(VMS-V) a healthy boost in Mar. 3 trading.
Hole 20 intersected a 52-metre
mineralized interval starting 42 metres below surface that assayed 2.25%
copper, 3.17% zinc, 17.4
grams silver per tonne, and 1.39 grams gold per
tonne, including 4.6
metres grading 8.49% copper, 5.07% zinc, 58.28 grams silver,
and 4.91 grams
gold.
Hole 14 returned 31.4 metres grading
1.03% copper, 4.57% zinc, 14.95 grams silver, and 0.71 gram gold, from 70.6 metres depth,
including 11.3
metres of 1.77% copper, 6.26% zinc, 26.14 grams silver,
and 1.29 grams
gold. And hole 16 cut 3.6 metres grading
2.15% copper, 3.43% zinc, 18.17 grams silver, and 0.96 gram gold from 63.4 metres
downhole.
The news boosted VMS Venture's share
price by 11� or 13% on 8.4 million shares traded. The company has a 52-week
range of 13� to $1.76 and has 107.3 million shares issued.
VMS Ventures currently has two drills
turning at Reed Lake, both on the Discovery Zone. One is exploring
mineralization downdip and to the west; the second is probing the southwest
trending geophysical anomaly detected in the first phase of the deep
electromagnetic survey. A third drill will start reconnaissance style
drilling on other geophysical and geochemical targets in the next four to
six weeks.
In mid-September VMS Ventures announced
that six drill cores showed significant VMS mineralization or indicators.
October saw results from the first three holes; hole 2 returned 43 metres grading
4.38% copper, 1.56% zinc, 13.09 grams silver, and 0.85 gram gold from 198 metres depth.
VMS Ventures saw its share price jump to the $1.50-range from around 20�.
During the next few months the company's
share price fell back to around 80�. A series of drill results had since
helped it regain some ground. In late January the results from two further
holes were released. Hole 7 intersected 26.3 metres grading
1% copper, 4.48% zinc, 12.34
grams silver, and 0.81 gram gold from 123 metres depth
while hole 10 cut 43
metres grading 0.72% copper, 4.27% zinc, 9.39 grams silver,
and 0.62 gram
gold. Several other holes failed to intersect significant mineralization.
A few weeks later hole 12 assayed 31.7 metres grading
2.09% copper, 3.56% zinc, 18.52 grams silver, and 1.38 grams gold from
173 metres
downhole.
Reed Lake consists of a property optioned
from W. Bruce Dunlop, another under option from Hudson Bay Exploration and
Development, a subsidiary of HudBay Minerals (HBM-T, HBMFF-O), and several
claims staked by VMS Ventures.
Reed Lake VMS mineralization is contained
in moderately to intensely altered felsic volcanic rocks, typical of other
VMS deposits along the Flin
Flon-Snow Lake
Proterozoic belt. VMS Ventures has been picking up property in the Snow
Lake area for the last few years and now holds 12 distinct land packages in
the Flin Flon-Snow Lake Belt
For further information, Phone (604) 986-2020 or Toll
Free 866 816 0118
or visit our website www.vmsventures.com