Vancouver – Strong drill results from the copper-zinc volcanogenic massive sulphide (VMS) discovery at Reed Lake in Manitoba gave VMS Ventures (VMS-V) a healthy boost in Mar. 3 trading.
Hole 20 intersected a 52-metre mineralized interval starting 42 metres below surface that assayed 2.25% copper, 3.17% zinc, 17.4 grams silver per tonne, and 1.39 grams gold per tonne, including 4.6 metres grading 8.49% copper, 5.07% zinc, 58.28 grams silver, and 4.91 grams gold.
Hole 14 returned 31.4 metres grading 1.03% copper, 4.57% zinc, 14.95 grams silver, and 0.71 gram gold, from 70.6 metres depth, including 11.3 metres of 1.77% copper, 6.26% zinc, 26.14 grams silver, and 1.29 grams gold. And hole 16 cut 3.6 metres grading 2.15% copper, 3.43% zinc, 18.17 grams silver, and 0.96 gram gold from 63.4 metres downhole.
The news boosted VMS Venture’s share price by 11 or 13% on 8.4 million shares traded. The company has a 52-week range of 13 to $1.76 and has 107.3 million shares issued.
VMS Ventures currently has two drills turning at Reed Lake, both on the Discovery Zone. One is exploring mineralization downdip and to the west; the second is probing the southwest trending geophysical anomaly detected in the first phase of the deep electromagnetic survey. A third drill will start reconnaissance style drilling on other geophysical and geochemical targets in the next four to six weeks.
In mid-September VMS Ventures announced that six drill cores showed significant VMS mineralization or indicators. October saw results from the first three holes; hole 2 returned 43 metres grading 4.38% copper, 1.56% zinc, 13.09 grams silver, and 0.85 gram gold from 198 metres depth. VMS Ventures saw its share price jump to the $1.50-range from around 20.
During the next few months the company’s share price fell back to around 80. A series of drill results had since helped it regain some ground. In late January the results from two further holes were released. Hole 7 intersected 26.3 metres grading 1% copper, 4.48% zinc, 12.34 grams silver, and 0.81 gram gold from 123 metres depth while hole 10 cut 43 metres grading 0.72% copper, 4.27% zinc, 9.39 grams silver, and 0.62 gram gold. Several other holes failed to intersect significant mineralization.
A few weeks later hole 12 assayed 31.7 metres grading 2.09% copper, 3.56% zinc, 18.52 grams silver, and 1.38 grams gold from 173 metres downhole.
Reed Lake consists of a property optioned from W. Bruce Dunlop, another under option from Hudson Bay Exploration and Development, a subsidiary of HudBay Minerals (HBM-T, HBMFF-O), and several claims staked by VMS Ventures.
Reed Lake VMS mineralization is contained in moderately to intensely altered felsic volcanic rocks, typical of other VMS deposits along the Flin Flon-Snow Lake Proterozoic belt. VMS Ventures has been picking up property in the Snow Lake area for the last few years and now holds 12 distinct land packages in the Flin Flon-Snow Lake Belt
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