news!! plusSep 04, 2008 06:30 ET
VMS Ventures Inc.: RD-08-51 Intersects 97.21 Metres of 2.08% Copper at Discovery Zone, Snow Lake, Manitoba
VANCOUVER, BRITISHCOLUMBIA--(Marketwire - Sept. 4, 2008) - VMS Ventures Inc. (TSXVENTURE:VMS) (the "Company") is pleased to report assay results fromdrill holes RD-08-51 and RD-08-52 at its Reed Lake Discovery Zone nearSnow Lake, Manitoba.
Drillhole RD-08-51 intersected two zones of mineralization: from223.25 to 320.46 metres and 367.81 to 370.16 metres. The upper zonecontains 97.21 metres of 2.08% Cu and the lower zone contains 5.14metres of 1.14% Cu. Hole RD-08-51 is on the same cross-section as holesRD-08-59, RD-08-70 and RD-08-71, whereas hole RD-08-52 is on the samesection as holes RD-08-11, RD-08-53 and RD-08-55.
Highlights:
- RD-08-51: 97.21 m (318.93 ft) of 2.08% Cu, 0.07% Zn
Including: 10.77 m (35.33 ft) of 6.86% Cu, 0.23% Zn
- RD-08-52: 5.14 m (16.86 ft) of 1.14% Cu, 0.02% Zn
TABLE I
ASSAYS FOR DRILLHOLES
RD-08-51 and RD-08-52
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DRILL FROM TO INT(i) Cu Zn Ag Au
HOLE (m) (m) (m) % % g/t g/t
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RD-08-51 223.25 320.46 97.21 2.08 0.07 Pending Pending
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Inc 223.25 234.02 10.77 6.86 0.23 Pending Pending
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Inc 240.05 286.31 47.14 2.28 0.06 Pending Pending
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And 367.81 370.16 2.35 2.53 0.05 Pending Pending
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RD-08-52 120.67 125.58 5.14 1.14 0.02 Pending Pending
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(i) True Thickness unknown
Dr. George Gale, VP Exploration states, "The intersection inRD-08-51 consists predominantly of sulphide veinlets similar to themineralization in RD-08-38. To achieve a grade in excess of 2% copperover such a long interval is very encouraging and suggests that we mayhave the beginnings of a second zone of mineralization as it appears tobe different than the pyrite-magnetite zone."
New Property Acquisition
VMS Ventures Inc. has entered into an Option Agreement with Mr.William Kuran and Mr. Warren Heidman to acquire a 100% interest in theMort Claims which are located 27 km west of the mining community ofSnow Lake and 21 km north of the Company's Reed Lake Property. The MortClaims comprise a contiguous block of 12 claims covering an area of23.18 sq km and are considered prospective for copper-zinc deposits.
In order to earn a 100% interest in the claims, VMS Ventures Inc.will issue 75,000 common shares of the Company to each of the twoproperty vendors of the property upon receipt of the acceptance of theTSX Venture Exchange. Also, a onetime payment of $25,000 will be made.The property is subject to a Net Smelter Royalty ("NSR") of 2%, onehalf of which may be purchased by VMS Ventures Inc. for $500,000.