Oct 7 2010
VMS Ventures Inc. (TSX VENTURE:VMS) ("VMS") is pleased to announce that drilling of base metal and gold targets on its 100% optioned Sails Lake property is planned to commence on, or about, October 12th, 2010.
The Sails Lake property is located 25 km east of the mining community of Snow Lake, Manitoba and consists of 8 claim blocks covering an area of approximately 1,900 hectares. The upcoming drill program will include between 1,500 and 2,000 meters of diamond drilling and will test multiple base and precious metal targets. This program is independent of the ongoing drill program at the Reed Lake deposit, operated by HudBay Minerals Inc. (HBM: TSX) under a Joint Venture agreement announced July 6, 2010.
Historic base metal drilling at Sails Lake intersected narrow zones of base metal mineralization and hydrothermal alteration, characteristic of volcanogenic massive sulphide-type base metal deposits in the Flin Flon-Snow Lake belt. Exploration at Sails Lake has been minimal, with no diamond drilling since 1960.
Past exploration on the Sails Lake property also focused on high-grade gold targets exposed at surface by trenching. The interest in the area was attributed to the geological similarities, including structural style and mineralogical associations, to the gold mineralization mined at the Snow Lake Gold Mine, which is now operated by Alexis Minerals (AMC: TSX), Alexis Minerals reported total Snow Lake Mine Property Measured and Indicated 3,531,000 tons, 0.152 oz/t, 535,000 contained ounces and total Snow Lake Mine Property Inferred Resources 2,367,418 tons, 0.152 oz/t, 356,229 contained ounces in its NI 43-101 Preliminary Assessment Report in April 2010.
SAILS LAKE PROJECT
VMS Ventures' exploration has been ongoing at Sails Lake since 2007 and has resulted in the development of an integrated, multi-level database. The database includes VTEM airborne geophysical surveys, geological mapping and prospecting results, high-precision trace element rock geochemistry, Mobile Metal Ions soil geochemical surveys and a compilation of all previous work on the property including historical drill hole logs and assays. Two distinct styles of mineralization are present, volcanogenic massive sulphide-type zinc-copper-gold-silver and structurally-controlled high-grade gold.
- Base Metal Massive Sulphide-Type Targets
Geological mapping and geochemical studies by Company geologists show that the property is underlain by primitive arc volcanic rocks, the principal host rocks for base metal deposits in the Flin Flon-Snow Lake belt. Mapping has also identified a previously unrecognized 3km by 1.5 km domain of felsic volcanic rocks and significant areas of hydrothermally altered mafic volcanic rocks stratigraphically below the felsic complex. Because historic mapping showed the area to be underlain by ocean floor mafic volcanic rocks, it is under-explored for base metal mineralization. Additional staking has followed volcanic rocks to the south and east, along strike, which are believed to be a continuation of the VMS prospective arc volcanic rocks.
- Structurally-Controlled Gold Mineralization
An Induced Polarization (I.P.) survey by Matrix Geotechnologies Ltd. is underway covering areas where assays of outcrop rock chip samples collected from historic surface gold showings have returned results as high as 64 g/t gold. The I.P. survey is designed to identify concentrations of disseminated mineralization, such as that associated with the historic high-grade gold showings on the property. This area of gold mineralization has also been the focus of MMI soil geochemical surveys and when integrated with the IP database will generate final drill targets.
Source: VMS Ventures