VANCOUVER, BRITISH COLUMBIA--(Marketwire -
Feb. 26, 2010) - VMS
Ventures Inc. (TSX VENTURE:VMS) (the "Company") is pleased to report the
results for the 4 holes drilled in phase one of the drill program at its 100%
owned Tower Zone. The second phase of drilling is now underway. The Tower Zone
property is part of the Reed Lake project, in the Snow Lake – Flin Flon
greenstone belt of Manitoba.
Assay data
from the Phase 1 Tower Zone diamond drill program has been received and now
integrated into the new and evolving geological model. The results demonstrate
strongly anomalous base and precious metal mineralization occurs at a
consistent and well-defined stratigraphic interval. The contact between
variably altered, but primarily sericitized and sulphidized aphyric and
quartz-phyric rhyolite and chloritized mafic volcanic rocks, is the preferred
locus for the observed mineralization. Laminated to brecciated and fine to
medium-grained disseminated to near solid
pyrite-pyrrhotite-chalcopyrite-sphalerite-magnetite occur over core intervals
of less than 1 m at, or adjacent to, this contact.
This
geological setting is very similar to the re-interpreted stratigraphy at VMS
Ventures Discovery Zone at Reed Lake, where high-grade copper mineralization
occurs at a rhyolite-basalt contact. Intervals of up to 100.19 metres of
3.59% copper including 9.71 metres grading 17.79% copper (VMS news release
October 1, 2008) have been intersected at the Reed Lake Discovery Zone. This
stratigraphic interval has been identified as a key exploration target based on
VTEM airborne and DEEPEM ground geophysical surveys and soil geochemistry and
has been traced for a distance of approximately 4 km along strike. It is the
current focus of exploration.
The
presence of sulphide mineralization at a break in volcanism is a common theme
for base metal massive sulphide type mineralization in the Flin Flon-Snow Lake
mining camp and in major mining camps elsewhere.
Dr. Mark Fedikow, VP Exploration and
Technical Services, states: "Though the mineralization intersected is
sub-economic in grade, it is nonetheless enriched in copper, zinc, silver and
gold as well as a number of pathfinder elements that are characteristically
elevated in VMS type deposits of the Flin Flon-Snow Lake greenstone belt. The occurrence
of base and precious metal enriched sulphide mineralization with accompanying
hydrothermal alteration along this prospective stratigraphy is evidence of an
active mineralizing system over 2 km from the Discovery Zone. The bulk of
assays have now been received and additional targets have been developed along
strike of this mineralization. These exploration targets will be drill tested
in the upcoming weeks."
The assays for Phase one drilling were
undertaken at Activation Laboratories in Ancaster Ontario, an ISO/IEC 17025
certified laboratory. Multi-element geochemical analyses were determined with a
combination of ICP-MS and ICP-OES. Silicate whole rock analyses were done by
fusion-ICP and Au ad Ag by fire assay with gravimetric finish.
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.
VMS Ventures Inc.
currently has a profile on Corebox.net which is updated as soon as assay
results are released. The link to visit our Corebox profile is: http://www.corebox.net/properties/reed_lake/.
Investors are invited to visit the VMS Ventures
IR Hub at http://www.agoracom.com/IR/VMSVentures
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are able to
e-mail all questions and correspondence to VMS@agoracom.com
where they can also request to be added to the investor e-mail list to receive
all future press releases and updates in real time.
VMS Ventures Inc. is focused primarily on
acquiring, exploring and developing copper-zinc properties in the Flin
Flon-Snow Lake VMS Belt. The Company also holds the largest land package
considered prospective for nickel-copper mineralization at Lynn Lake, which is
to date Canada's third largest nickel producing camp. The Company's project
portfolio consists of the Snow Lake VMS project, the Nickel Belt project and
the South Bay nickel-copper-cobalt PGE property. All VMS Ventures Inc.
properties are located in the mining friendly province of Manitoba, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
John Roozendaal B.Sc., President & Director
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.