From the Wires
VMS Ventures Finalizes Upcoming 2013 Winter Drill Program on Its 100% Owned Manitoba Properties
By: Marketwired .
Jan. 17, 2013 06:30 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/13 -- VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS" or the "Company") is pleased to announce that permits have been received and drill tenders are in progress for the 2013 winter drilling program on its 100% owned Manitoba properties.
Work permits have now been received for all 100% owned projects within the Flin Flon - Snow Lake greenstone belt. Some permits have restrictions, including the use of existing winter roads to limit new winter road development. Some projects will be drilled by skid mounted equipment, while others will be drilled with a helicopter supported lighter weight "fly drill" where road access is not available.
VMS Ventures COO Neil Richardson states: "This winter's freeze up has come early and the conditions are excellent for our Manitoba drilling program. All of these targets are on our 100% owned ground, so we are excited to get the drills turning. I expect the program will be completed before the end of April."
Diamond drilling tenders have been sent out to drill contractors. The drill contract should be awarded on January 31, 2013, with drilling planned to start on February 6, 2013. The program is budgeted at approximately $1.2 million, and includes the drilling of between 3,000 and 3,400 metres in 16 to 20 holes (figure 1). All target areas are within the Flin Flon - Snow Lake VMS greenstone belt of Manitoba.
The Reed East and Reed West properties are adjacent to our Joint Venture property with Hudbay Minerals Inc. (TSX:HBM)(NYSE:HBM). Prospective targets planned to be tested on this property include those with coincident Mobile Metal Ion (MMI) zinc anomalies and VTEM conductivity and magnetic anomalies (figure 2). The adjacent Joint Venture property hosts the Reed Copper Deposit which is currently under development by Hudbay Minerals with production commencing in Q1 of 2014.
To view Figures 1 and 2 please visit the following link: http://media3.marketwire.com/docs/vms117i.pdf
All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.
About VMS Ventures Inc:
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 Lake Mine, which is subject to a 70-30 JV with HudBay Minerals and is scheduled for production in Q3- 2013, 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.
VMS Ventures owns approximately 21M shares of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
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., 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.
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