Press release from Marketwire
VMS Reports That the First Step Out Drill Hole at Reed Lake Has Intersected 10 Metres of 2.39% Copper 214 Meters Down Plunge of the Reed Lake Deposit
Friday, December 10, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2010) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce that joint venture partner HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) has informed the Company that the first step out drill hole undertaken by the joint venture has been successful in intersecting massive sulphide mineralization approximately 214 meters down plunge from the deepest intersection previously drilled into the deposit. (see image below)
Neil Richardson, VMS' Chief Operating Officer states: "The success of the step out drill hole represents a major step forward in the advancement of our knowledge of the deposit and indicates that it may be significantly larger than previously thought. Drilling on the deposit prior to this step out hole intersected mineralization from within 50 meters of surface to a depth of approximately 450 meters from surface. The step out hole announced today takes the known extent of mineralization down to approximately 530 meters from surface and approximately 190 meters horizontally to the west of drill hole RD-08-71, where mineralization was previously known to exist."
Reed Lake Joint Venture Update and Exploration Results
Two drills are currently operating on site at Reed Lake. One drill is conducting in-fill drilling on the deposit in preparation for a National Instrument 43-101 mineral resource estimate, which is expected to be completed in the first quarter of 2011. A second drill is drilling deeper exploration holes down plunge to the west of the deposit.
Drill hole RLD-015 intersected 10.09 meters of massive sulphide in the Zone 10 horizon, which assayed 0.67 g/t Au, 5.20 g/t Ag, 2.39% Cu and 0.23% Zn. This massive sulphide mineralization indicates the zone remains open down plunge and up plunge toward the main deposit. The exploration drill will continue delineating this zone up-plunge towards known mineralization.
Reed Lake Collar Information
| Hole Number |
UTM North (1) |
UTM East (1) |
UTM Elevation (1) |
Azimuth (2) |
Dip |
Length (metres) |
| RLD015 |
6048886.7 |
393573.2 |
299.4 |
60 |
-84 |
788 |
| (1) Universal Transverse Mercator / North American Datum 1983 / Zone 14 |
| (2) "Azimuth" is degrees from True North |
Reed Lake Assay Information
| Hole Number |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
Zone |
| RLD015 |
527.00 |
537.09 |
10.09 |
0.67 |
5.20 |
2.39 |
0.23 |
10 |
| True widths unknown |
To view the map associated with this release, please visit: http://media3.marketwire.com/docs/vmsmap10.pdf .
On July 6, 2010 VMS and HudBay announced that they had entered into a joint venture agreement pursuant to which HudBay has a 70% interest and VMS has a 30% interest in the Reed Lake property and the two claims immediately to the south. The parties have also entered into four option agreements which grant HudBay the right to earn a 70% joint venture interest in properties held by VMS adjacent to the Reed Lake property.
For additional details on exploration at the Reed Lake deposit, see VMS' press releases issued between September 17, 2007 and December 10, 2008, available at www.sedar.com.
