VMS Ventures Inc.: Significant Near Solid to Solid Sulphide Mineralization Intersected
Marketwired
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 23, 2013) - VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS Ventures" or the "Company") is pleased to announce that North American Nickel Inc. (TSX VENTURE:NAN) ("North American Nickel" or "NAN"), issued a press release this morning announcing diamond drill hole MQ-13-026 intersected an 18.62 metre core length of sulphide mineralization averaging approximately 40 - 45% total sulphides, including numerous sections containing 65% to 80% sulphides,. VMS owns approximately 27.5% of NAN. The release is as follows:
"North American Nickel is pleased is pleased to announce that diamond drill hole MQ-13-026 intersected an 18.62 metre core length of sulphide mineralization averaging approximately 40 - 45% total sulphides, including numerous sections containing 65% to 80% sulphides, within noritic host rocks at the Imiak Hill nickel-copper-cobalt zone on the Maniitsoq project.(see MQ-13-026 table) This is the latest of three sulphide intersections, all described in this release, that have been drilled at Imiak Hill in 2013. Drill core has been logged, samples sawed in half and shipped to ALS Chemex in Sweden for analysis. Assay results for all three holes are pending and further drilling is planned.
Figure 1 is a high-resolution photograph that documents the entire 18.62 m long intersection, which includes inclusion-bearing near solid and solid sulphides
NAN COO, Neil Richardson, states: "We are very pleased to report that drill hole MQ 13-026 is the best intersection we have seen to date with intense sulphides clearly present and our BHEM surveys indicate that Imiak Hill is still open down plunge. It is also important to note is that the intensity of the sulphide mineralization, as shown in the three holes referenced in this release is increasing with depth. It is common knowledge that most nickel deposits occur at, or near the base of, mafic intrusions, so we will continue to follow the high grade mineralization down towards the base of the Imiak Hill mafic norite intrusion with additional drilling and borehole geophysics."
MQ-13-026 intersected near solid to solid sulphides with numerous sections containing 65-80% total sulphides, a description of the intersection is given in the table below:
MQ-13-026 Sulphide intersection
From (m)
To (m)
Length (m)
Description
156.70
157.16
0.46
Norite, well mineralized, 25% sulphide
157.16
161.17
4.01
Norite, near solid sulphide, 75% sulphide
161.17
162.10
0.93
Norite, well mineralized, 20% sulphide
162.10
162.53
0.43
Norite, near solid sulphide, 75% sulphide
162.53
164.00
1.47
Norite
164.00
164.42
0.42
Norite, near solid sulphide, 85% sulphide
164.42
165.20
0.78
Norite, well mineralized, 30% sulphide
165.20
165.94
0.74
Norite, near solid sulphide, 85% sulphide
165.94
166.97
1.03
Norite, 2-3% sulphide
166.97
167.62
0.65
Norite, near solid sulphide, 70% sulphide
167.62
168.00
0.38
Norite
168.00
168.20
0.20
Norite, near solid sulphide, 70% sulphide
168.20
168.77
0.57
Norite, well mineralized, 40% sulphide
168.77
172.07
3.30
Norite, near solid sulphide, 75% sulphide
172.07
172.61
0.54
Norite
172.61
175.32
2.71
Norite, near solid sulphide, 70% sulphide
Note: the visual percent sulphide estimates and descriptions in this news release are not intended to suggest grades of contained metals, which will require assaying to determine. Mineral percentages are volume not weight.
The MQ-13-026 intersection occurs 142 to 159 m vertically below surface and is currently the deepest at Imiak, which suggests that the intensity of sulphide mineralization in the noritic host rock is increasing with depth. The hole was surveyed with a 3 component bore hole EM (BHEM) system and the mineralization produced an extremely strong "step response" type of anomaly. Interpretation by Crone Geophysics and Exploration Ltd. indicates that the mineralization continues down plunge.
North American Nickel has now delineated three, closely spaced, north-trending, near vertically dipping, steeply south-plunging mineralized zones at Imiak Hill. From east to west the zones have been provisionally named 10, 20 and 30 as shown on the attached plan map (Figure 2). The mineralization in MQ-13-026 correlates with Zone 30. A composite longitudinal section through Imiak Hill with all the intersections to date is included (Figure 3).
Sulphide textures, such as inclusion bearing massive and semi-massive sulphide, in MQ-13-026 are similar to those observed in the mineralized 2012 Imiak drill holes (MQ-12-001 and MQ-12-002); however, the volume percentage of sulphide in MQ-13-026 is significantly higher.
MQ-13-024 intersected a 14.15 metre long interval of well mineralized to semi massive sulphides with an estimated average of 30-35% total sulphides approximately 36 metres up-plunge of MQ-13-026. This intersection also correlates with Zone 30. The hole was surveyed with a Crone 3D BHEM system and the resulting interpreted conductor plate fits well with Zone 30 as outlined from drilling.
MQ-13-024 Sulphide intersection
From (m)
To (m)
Length (m)
Description
136.75
141.98
5.23
Norite, strongly mineralized 50% sulphide
141.98
145.61
3.63
Norite
145.61
146.53
0.92
Norite strongly mineralized 30-40% sulphide
146.53
148.15
1.62
Norite
148.15
150.90
2.75
Norite, strongly mineralized 50-60% sulphide
150.90
153.31
2.41
Norite 2-3% sulphide
Note: the visual percent sulphide estimates and descriptions in this news release are not intended to suggest grades of contained metals, which will require assaying to determine. Mineral percentages are volume not weight.
MQ-13-019, located 30 metres up-plunge of MQ-13-024 and 66 metres up-plunge of MQ-13-026 intersected 10.75 metres of sulphide mineralization that also correlates with Zone 30. This mineralization is more disseminated in nature. The hole was surveyed with the Crone BHEM instrument and a late channel (strong) off-hole anomaly was detected below and south of the hole.
MQ-13-019 Sulphide intersection
From (m)
To (m)
Length (m)
Description
118.09
118.93
0.84
Norite,10-15% sulphide
118.93
120.52
1.59
Norite, 20-25% sulphide
120.52
121.65
1.13
90% sulphide, 10% norite gangue
121.65
128.84
7.19
Norite, 5% sulphide in small massive bands
Note: the visual percent sulphide estimates and descriptions in this news release are not intended to suggest grades of contained metals, which will require assaying to determine. Mineral percentages are volume not weight.
To conclude, the mineralization at Imiak is open at depth and the geological team continues to develop a geological model that currently includes at least three zones of mineralization. The latest drilling indicates that the mineralization is strengthening with depth, producing late channel off-hole BHEM anomalies.
Since commencing the 2013 field program in late June, NAN has drilled 27 holes totaling 3037 meters at Maniitsoq. Drilling continues.
Collar coordinates for all of the Company's drill holes at Imiak are listed in the table below.
Hole Number
East (m)*
North (m)*
Elevation (masl)
Azimuth (°)
DIP (°)
Length (m)
MQ-12-001
477455
7257225
546
275
-45
106.07
MQ-12-002
477455
7257225
546
275
-70
173.12
MQ-12-003
477485
7257186
543
275
-73
292
MQ-12-004
477459
7257260
540
275
-45
95.4
MQ-13-019
477484
7257189
546
275
-55
176
MQ-13-020
477490
7257141
532
275
-62
209
MQ-13-023
477484
7257215
547
275
-59
188
MQ-13-024
477497
7257174
547
275
-59
197
MQ-13-025
477475
7257235
545
269
-45
122
MQ-13-026
477490
7257141
532
295
-65
215
*WGS84 UTM Zone 22N
Qualified Person
All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and President, North American Nickel 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 Copper Project, which is subject to a 70-30 JV with HudBay Minerals and, subject to receipt of required permits, is scheduled for production in Q4-2013, 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 the Black Creek property in the Sudbury mining camp.
VMS Ventures owns approximately 27.5% 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 the costs, plans and schedule to develop the Reed Copper Project, 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
Rick Mark, CEO and Chairman
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.
