VMS Ventures has reported assay results from the 2012 winter drill campaign, which was conducted at the Reed North area and the Reed Copper project. Hudbay Minerals is the operator of the projects.
In view of unfavorable ice conditions, one hole was abandoned and one was completed at the Reed Copper project. The company drilled a total of 1,632 m in this project. Close to the Reed Copper deposit, RLE030 hole was drilled to a depth of 725 m and targeted a time-domain electromagnetic anomaly located between the Highway Zone and the Reed Copper deposit. Two holes were completed and two were abandoned in the Reed North region. The company drilled a total of 1,475 m in this region.
In the Reed Copper project, site preparation is being carried out for the underground development. Trenching has been started for the portal entrance and other surface infrastructure has also been set up.
VMS Ventures’ CEO, Neil Richardson commented that the company will wait for next winter to establish the occurrence of mineralization between the 500 and 800 m levels. Reed North drilling continues to demonstrate favorable intersections; however, no major lenses have been identified as yet.
Two holes examined the down dip extension of the high grade copper lens beneath the existing mining levels. The initial hole RLD040 reached a depth of 526 m before the drill was taken off the collar site in view of unfavorable ice conditions. RLD041 hole was collared and crisscrossed the Zone 10 horizon across the 1,000 m level. No major sulphides were observed in the core. BHPEM survey did not detect any major sulphides. The 500 to 800 m level of the Zone 10 horizon has not been tested yet.
RLE031 hole encountered 1.12 m of 12.63% zinc; follow-up hole RLE034 did not intersect any major mineralization; and RLE030 hole encountered pyrrhotite that explained the electromagnetic anomaly, but no significant sulphides were noted.
Source: http://www.vmsventures.com