VMS Ventures Inc.: 100 New Exploration Targets Identified at Maniitsoq; Preliminary 2013 Airborne Geophysical Data Enhances Nickel Camp Potential
December 2, 2013 (Source: Marketwired) — 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 it has received preliminary results from this year’s VTEM Plus helicopter borne geophysical survey. VMS Ventures owns approximately 23.9% of NAN. The release is as follows:
“North American Nickel Inc. is pleased to announce that it has received preliminary results from this year’s VTEM Plus helicopter borne geophysical survey completed at its 100% owned Maniitsoq nickel-copper-cobalt-PGM project in Southwest Greenland.
A total of 917.3 line-kilometres were flown in nine survey blocks (A1 to A9 in Figure 1) resulting in a total of 389 electromagnetic (EM) responses being detected. A preliminary review of the survey results by the Company has identified one hundred new conductor zones. These target zones will be field checked in 2014 and targets with higher nickel sulphide potential will be added to the growing drill target list at Maniitsoq.
The purpose of the 2013 VTEM Plus survey was threefold:
1) To obtain EM and magnetic coverage over areas which contain norite and other mafic-ultramafic intrusions that might be associated with economic nickel sulphide mineralization. All these new EM targets are outside the Greenland Norite Belt, which has been the focus of the Company’s exploration work for the past 3 years;
2) To obtain deeper EM penetration over prospective areas that were surveyed in 2011 with SkyTEM (the new VTEM Plus system has four times the dipole moment of the 2011 SkyTEM system); and
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3) To detail other conductors of interest detected by previous VTEM and SkyTEM surveys.
NAN CEO, Rick Mark, states: “The market has been focused on the Imiak Hill Conduit Complex the past three months and rightly so, as the high grade drill results around Imiak have been outstanding. Today, we want to remind investors that our 100% owned Maniitsoq property, which is larger than the Sudbury basin, has the potential to host the world’s next sulphide nickel-copper-cobalt camp. These preliminary airborne results bolster that belief and provide us with a new array of targets to analyze and prepare for in 2014.”
From the preliminary data, the most interesting conductors are those associated with the Pingo norite in flight block A1 (Figure 2). The Pingo norite is situated 24 km northeast of the Imiak Hill Conduit Complex, where the Company has recently made significant nickel sulphide intersections (e.g. 24.75m @ 3.19% Ni and 1.14% Cu in hole MQ-13-028 at Imiak Hill).
The Pingo norite is a northeast-striking, dyke-like intrusion approximately 30 to 80 metres wide exposed intermittently over a distance of more than four kilometres. Numerous rusty zones, containing trace to 5% disseminated sulphides, occur throughout the intrusion. The strongest EM response occurs over strike lengths of up to 200 metres immediately along strike of the Pingo norite (conductors P-146 and 233 in Figure 2) and are the highest priority targets in the block. Additionally a moderate 300 metre-long VTEM conductor (P-149 in Figure 2) occurs near the centre of the norite. From historical drill data the Pingo Norite is known to be nickeliferous.
The final databases for the 2013 VTEM surveys are expected in before year-end and detailed analysis and target rankings based on this data will be carried out early in the New Year. The survey was flown by Geotech Ltd. of Aurora, Ontario and nominal flight line spacing ranged from 100 to 200 metres. Condor Consulting of Lakewood, Colorado monitored the survey for quality control and identified EM anomalies in the preliminary datasets.
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 23.9% of North American Nickel Inc. (TSX VENTURE:NAN). For more information on North American Nickel Inc., please visit www.northamericannickel.com.
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
Neil Richardson, COO
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.
To view Figure 1 and Figure 2 accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/914931.pdf
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>