VMS Ventures Inc.

Published : December 19th, 2011

Reed Mine Decision Made/New Geophysical Targets at Reed Copper Deposit

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Copper | Dollar | Gold | Nickel | Silver |

Dear VMS Followers, 

This morning VMS Ventures announced that our JV partner, HudBay Minerals, has approved the necessary capital expenditures to begin construction of what will be the Reed Copper Mine, near Snow Lake, Manitoba. 

We also announced, in a concurrent release, that there are new targets at the Reed deposit, close by the deposit within the JV ground, and also near the high grade zones at Reed North. The Reed deposit appears open at depth, down plunge, which suggests additional tonnage is possible. The new targets will be drilled early in the New Year.

For some months now, HudBay has suggested that the Reed Copper Project Mine is a high priority for them and today’s news confirms that. We expect production in late 2013.

VMS President, John Roozendaal describes the Preliminary Economic Assessment as follows:

The NI 43-101 preliminary Economic Assessment (PEA) on the Reed Copper project demonstrates the value of polymetallic deposits in the Snow Lake Greenstone Belt..  The Reed Copper deposit is a steeply dipping, multi lens deposit which allows for underground bulk tonnage mining methods and multi heading production.   This permits for approximately 1,300 tonnes per day (TPD) and a payback within year 3, using the base case scenario which relies on commodity prices significantly below current spot prices.   HudBay and VMS will continue to explore around the deposit and on the JV and option properties testing new geophysical anomalies”.

VMS COO, Neil Richardson, in a 20 second video clip here, describes the new down plunge anomaly on the copper rich, zone 10 at Reed.

Kudos are due to Neil and the JV team for their successful efforts reviewing tonnage opportunities at Reed, and delineating refined targets at Reed North.

Both VMS press releases are below and are also available on the website. www.vmsventures.com

The Preliminary Economic Assessment document will be posted on SEDAR later this week..

We look forward to your feedback and expect a very busy 2012, starting with drilling at Reed and Reed North in the New Year.

Best regards,

Rick Mark
CEO
VMS Ventures Inc.

VMS Ventures owns approximately 45% of North American Nickel Inc.


 REED COPPER PROJECT MINE CONSTRUCTION DECISION MADE

 

Vancouver, B.C., December 19, 2011 - VMS Ventures Inc. (VMS: TSX-V) (“VMS” or the “Company”) is pleased to announce that HudBay Minerals Inc. (HBM: TSX/NYSE) (“HudBay”) has informed the Company that the HudBay Board of Directors has approved the necessary capital expenditures required to begin construction of the Reed Copper project.  VMS owns 30% of the Reed Copper project joint venture, which is operated by HudBay and is located 120 km from Flin Flon, Manitoba.  According to HudBay, first production is expected by late 2013.  HudBay’s decision to approve a $71 million capital investment and proceed with construction of the Reed Copper project was based on the positive economics outlined in a NI 43-101 compliant Preliminary Economic Assessment (“PEA”) authored by HudBay.  A summary of the project’s economics follows (100% basis):

�         Approximate daily ore production of 1,300 tonnes at Reed is expected by late 2013, subject to receipt of required permits.

�         Average expected production grades of 3.78% copper, 0.45 g/t gold and 5.77 g/t silver.

�         Assumed metal recoveries in HudBay’s Flin Flon Concentrator of 94% copper, 58% gold and 62% silver.

�         Average production in concentrate of approximately 17,000 tonnes per year of copper metal.

�         Total operating costs estimated to average approximately $91 per tonne milled ($67 per tonne mining, $16 per tonne milling and $8 per tonne administration) over a five year mine life.

�         Sustaining capital expenditures are expected to total approximately $55 million over the five year mine life.

�         PEA base-case pre-tax NPV (8%) of $64.9 million assuming average weighted metal prices of US$2.78 lb Cu, US$1,059 oz Au, US$24.14 oz Ag and USD/CDN$ exchange rate of $0.92 over the five year mine life.  All dollar values are Canadian (CDN$) unless specified.

The high-grade nature of the Reed Copper deposit gives the project substantial leverage to copper prices.  The following table outlines a copper price sensitivity analysis based on the operating parameters set out in the PEA. CLICK HERE TO READ MORE

 


 

NEW GEOPHYSICAL TARGETS AT, AND NEAR, THE REED COPPER DEPOSIT SNOW LAKE, MANITOBA

 Vancouver, B..C., December 19, 2011 - VMS Ventures Inc. (VMS: TSX-V) (“VMS”) and HudBay Minerals Inc. (TSX, NYSE:HBM) (“HudBay”) are pleased to announce that a comprehensive review of borehole and surface pulse electromagnetic data has identified strong, high priority anomalies surrounding the Reed Copper Deposit.  The Reed Copper Deposit is located 120 kilometres from Flin Flon, Manitoba and is the subject of a Joint Venture with HudBay Minerals. VMS owns 30% of the Reed Joint Venture.  The Joint Venture property is surrounded by four option agreements between VMS and HudBay where HudBay may earn a 70% interest in the properties.

A comprehensive review of geophysical data from all borehole surveys and one surface time-domain survey was initiated in early October 2011. The surface grid is located on the Reed North discovery which is located 1.8 kilometres northeast of the Reed Copper Deposit. The data was supplied by HudBay Minerals and was reviewed by Koop Geotechnical and Kevin Ralph of Crone Geophysics. A total of 63 holes were reviewed and targets ranked from Category “A” (highest conductance) to Category “C” (lowest conductance).

VMS Ventures COO Neil Richardson, states: “We are very pleased with the delineation of several new borehole geophysical targets. On the Joint Venture ground the surveys indicate that the Reed Copper Deposit is open down plunge and that there are potential new zones located just north of the deposit. We believe these new targets have the potential to augment the current mineral resource at the Reed Copper Deposit. There are also two new targets near the Reed North discovery located on the Super Zone Option property”.

Targets near the Reed Copper Deposit include the potential down plunge extension of zone 10, which is the richest copper lens in the deposit.  This interpretation is based on results from holes RLD031, RLD031W1, RLD034 and RLD018 where the step response indicates the zone is open at depth.  Also two potential targets are located just north of the deposit and are spatially associated with holes RD-08-45, RLD037 and RD-08-42DNP.  It’s recommended that holes RD-08-42DNP and RLD037 be surveyed with two different loop configurations to accurately determine the location of this anomaly.  A time-domain electromagnetic target exists between the historical Highway Zone and the Reed Copper Deposit. This untested anomaly was defined by a surface survey carried out in 2008 and is located in an area of favorable geology.

These targets have been reviewed by the Joint Venture management committee and are scheduled for drilling beginning in January 2012. CLICK HERE TO READ MORE

-------------------
To unsubscribe from this list please visit the email alert section of the VMS site.




Date Sent: 12/19/2011 10:21:29 AM Powered by Q4 Web Systems

VMS Ventures Inc.

EXPLORATION STAGE
CODE : VMS.V
ISIN : CA91828R1091
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

VMS Ventures is a zinc and gold exploration company based in Canada.

VMS Ventures holds various exploration projects in Canada.

Its main exploration properties are REED LAKE, LYNN LAKE GABBROS, PUELLA BAY and COVER in Canada.

VMS Ventures is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 13.2 millions as of today (US$ 10.5 millions, € 9.2 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.76, and its lowest recent point on January 22, 2016 at CA$ 0.05.

VMS Ventures has 146 480 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of VMS Ventures Inc.
3/5/2011VMS Ventures – Focused on Discovery
Financings of VMS Ventures Inc.
11/9/2007ANNOUNCES COMPLETION OF A PRIVATE PLACEMENT
Nominations of VMS Ventures Inc.
7/5/2011Appoints John Pattison Chief Geologist
Project news of VMS Ventures Inc.
1/20/2014Provides Reed Mine December Update
9/23/2013Canada's Next Copper Mine
9/18/2013Reed on plan; exploration stock cycles
8/21/2013(Copper Project)Reed Copper Project Update
7/24/2013(Copper Project)Reed Copper Project Update/New VMS website
7/24/2013(Copper Project)s Progress at the Reed Copper Project
5/24/2013(Copper Project)APRIL AT REED COPPER PROJECT; PRODUCTION EXPECTED IN Q4/13
2/15/2013Reed Mine Tour Pictures
1/31/2013CONTRACTS WESTCORE DRILLING FOR 2013 WINTER DRILL PROGRAM
11/9/2012Global Copper Production Under Stress
10/31/2012Reed Copper Mine Update; Winter Drilling Budget Set
10/31/2012(Copper Project)s the Reed Copper Project Which Remains Within Budget and on...
9/18/2012ANNOUNCES TRENCHING RESULTS AND SURFACE TDEM SURVEY ON ITS S...
9/13/2012(Copper Project)Provides Update on Reed Copper Project in Manitoba
8/21/2012(Copper Project)Reed Copper Project
8/14/2012and Hudbay Break Ground at New Copper Mine in Manitoba
7/19/2012(Copper Project)S PROGRESS AT THE REED COPPER PROJECT NEAR SNOW LAKE, MANITO...
6/21/2012ACQUIRES LARGE LAND PACKAGE ADJACENT TO THE REED COPPER MINE...
5/16/2012(Reed Lake)FILES PREFEASIBILITY STUDY FOR THE REED LAKE DEPOSIT, NEAR S...
5/10/2012Harvest Gold Signs Letter of Intent(LOI) on Esker Project in...
5/10/2012VMS Ventures Updates Progress on the Development of the Reed...
4/26/2012and the Reed Deposit
4/25/2012(Copper Project)REED COPPER PROJECT AND REED NORTH AREA EXPLORATION UPDATE, ...
4/3/2012(Copper Project)Reed Copper Project Positive Pre-Feasibility Study Completed
2/22/2012100% Owned Cowan River Project Drilling begins
2/15/2012Drills 8.90 Metres of 1.00 g/t Gold/NAN PowerPoint
2/6/2012HudBay CEO on Production at Reed and Copper Demand
10/27/2011Introduces Exploration Programs for its Sudbury, Ontario Pro...
7/28/2011INTERSECTS SECOND COPPER OCCURANCE AT COWAN RIVER, SNOW LAKE...
6/8/2011(Sails)Drills 13=2E41 Metres of 1=2E48 g/t Go =?ISO-8859-1?Q?ld=20a...
5/13/2011(Reed Lake)FILES NI 43-101 MINERAL RESOURCE FOR THE REED LAKE DEPOSIT A...
4/20/2011(Cover)Reports on Two Additional Holes at Its Cowan River Copper-Zi...
4/13/2011(Cover)Discovers High Grade Copper Zone Near Surface: 9.81% Copper ...
4/1/2011(Reed Lake)Announces NI 43-101 Mineral Resource for the Reed Lake Depos...
3/22/2011s Progress With Ongoing Exploration Programs on Its 100% Own...
3/17/2011(Reed Lake)Reports 50.08 Metres of 6.85% Copper in Hole RLD030 at Reed ...
2/23/2011(Reed Lake)Reports 37.10 Metres of 5.60% Copper From In-Fill Hole RLD02...
3/10/2008(Reed Lake)Rising on Reed Lake Results
1/29/2008(Reed Lake)6 HOLES INTERSECT NEAR SOLID SULPHIDES; ASSAY RESULTS FOR TW...
10/27/2007(Reed Lake) DISCOVERY EXTENDED, DRILL EQUIPMENT ARRIVES ON REED LAKE PR...
10/16/2007(Reed Lake)2ND DRILL PROGRAM PLANNED AT REED LAKE DISCOVERY ZONE, SNOW ...
10/5/2007(Reed Lake)10.50 METRES of 11.19% COPPER WITHIN 43.05 METRES OF 4.38% C...
9/18/2007(Reed Lake)EXPLORATION UPDATE AT REED LAKE PROPERTY, MANITOBA
8/9/2007(Reed Lake)ANNOUNCES PROPERTY AGREEMENT DEAL WITH HUDBAY MINERALS INC.
Corporate news of VMS Ventures Inc.
4/27/2016Vms Announces Completion of Plan of Arrangement
4/25/2016VMS Announces Shareholder Approval for Plan of Arrangement
4/1/2016VMS Reports Update on Reserves and Resources at Reed Mine
3/31/2016VMS Files Materials in Connection with Special Meeting of Sh...
2/1/2016VMS Ventures Announces Plan of Arrangement With Royal Nickel
11/4/2015VMS Ventures Announces Drill Program Update on Exploration T...
11/2/2015VMS Considers Strategic Options
9/9/2015VMS Ventures Adopts Fixed Option Plan
7/28/2015VMS Ventures Inc. Patrick Evans and Blair Schultz Join VMS B...
4/15/2015VMS Provides Reed Mine Operations Update
4/15/2015Provides Reed Mine Operations Update
4/10/2015VMS Announces Closing of Acquisition of Assean Lake Claims
4/10/2015Announces Closing of Acquisition of Assean Lake Claims
4/1/2015VMS Reports Update on Reserves and Resources at Reed Mine
4/1/2015Reports Update on Reserves and Resources at Reed Mine
3/19/2015Provides Reed Mine Operations Update
3/19/2015VMS Provides Reed Mine Operations Update
2/25/2015VMS Provides Reed Mine Operations Update
2/25/2015VMS Provides Reed Mine Operations Update
2/18/2015VMS ANNOUNCES ACQUISITION OF ASSEAN LAKE CLAIMS
1/22/2015VMS Provides Reed Mine Operations Update
12/18/2014VMS Provides Reed Mine Update
12/18/2014VMS Provides Reed Mine Update
12/3/2014VMS Provides Reed Mine Update
12/3/2014VMS Provides Reed Mine Update
11/24/2014VMS Announces Approval and Adoption of Shareholder Rights Pl...
11/24/2014VMS Announces Approval and Adoption of Shareholder Rights Pl...
11/19/2014VMS Announces Third Quarter Reed Mine Financial Performance
11/19/2014VMS Announces Third Quarter Reed Mine Financial Performance
10/30/2014VMS Provides Reed Mine Update
10/30/2014VMS Provides Reed Mine Update
8/26/2014VMS Appoints Two New Directors to Its Board
7/11/2014VMS Ventures Grants Incentive Stock Options
6/24/2014VMS Reports Reed Mine Update
6/17/2014VMS Ventures Announces Management Changes
6/5/2014VMS Ventures Completes Ore Sales and Purchase Agreement With...
5/29/2014VMS Ventures Inc.: North American Nickel Inc. Closes $9.38M ...
2/13/2014Announces Annual Meeting, Record Date and Adopts Advance Not...
11/13/2013Ahead of the Herd: Copper Catch Up
11/1/2013Provides Update on Reed Mine
10/23/2013(Cover)North American Nickel Discovers High Grade Nickel Sulphide M...
10/10/2013High Grade Nickel-Copper-Cobalt Sulphides Confirmed at Imiak...
10/1/2013(Copper Project)Reed Copper Project Commences Initial Production
9/30/2013Dr. Tony Naldrett, Internationally Acclaimed Expert on Magma...
9/12/2013Mid=2DDay Breaking News From VMS Ventures=2C Freegold=2C Nat...
9/10/2013Base Metals and Bulk Commodities - TOP 10 Reasons the Next U...
8/15/2013(Cover)Media Coverage
7/15/2013North American Nickel Acquiring Additional Ground at the Man...
7/15/2013North American Nickel Acquiring Additional Ground at the Man...
7/15/2013North American Nickel Acquiring Additional Ground at the Man...
6/17/2013ROCK TALK WITH RICK MARK AND NEIL RICHARDSON/PODCAST #5 WITH...
6/11/2013(Cover)Potential for High Nickel Recoveries at Imiak and Spotty Hil...
6/6/2013Mining matters to us all
6/4/2013Jaclyn Ruptash Joins NSMG Team
5/30/2013Ahead of the Herd - Riding A Copper Horse
5/24/2013(Copper Project)s Progress in April at the Reed Copper Project; Production E...
5/16/2013/NAN 2013 Podcast Series: Introduction to John Roozendaal
5/8/2013Introduction to Neil Richardson, COO of VMS and NAN
5/1/2013s 2013 Winter Drill Programs, Snow Lake, Manitoba and Sudbur...
4/25/2013and North American Nickel Inc. in the Metals Report
4/24/2013/North American Nickel Podcast Series
4/22/2013Exercises Full Right of First Refusal Allocation in North Am...
4/11/2013(Copper Project)REED COPPER PROJECT ON TIME/BUDGET FOR Q4 PRODUCTION
3/26/2013(Cover)Media Coverage
2/5/2013Kevin Puil: $4/lb Copper Is on Its Way
1/17/2013Finalizes Upcoming 2013 Winter Drill Program on Its 100% Own...
1/17/2013Finalizes Upcoming 2013 Winter Drill Program on Its 100% Own...
1/9/2013(Copper Project)REED COPPER PROJECT: CONSTRUCTION ON SCHEDULE
11/6/2012Dundee Capital Markets: HudBay Minerals Inc. - three mines u...
10/23/2012Announces Reed Exploration Properties Joint Venture With Hud...
10/16/2012Copper Price Rising?
6/7/2012Files Statement of Defense
5/9/2012Media and Social Media exposure
5/3/2012The TSX Venture is Trading at the Same Level it Did Nearly 9...
4/27/2012Announces Filing of Statement of Claim in Manitoba
4/27/2012Letter to Shareholders Regarding the Dunlop Legal Claim
2/23/2012(Cover)and Media Coverage
2/16/2012Secutor Capital Management Reports on VMS Ventures Inc.
2/8/2012(Sails)Trenching Program Returns Assays of Up To 61.73 g/t Gold at ...
1/31/2012Copper Continues to Confound the Commodities Crowd
1/30/2012Dundee Rates VMS a BUY
1/24/2012Mentioned in The Gold Report, January 18, 2012
1/18/2012Provides Exploration Target Update at the Reed Copper Deposi...
12/20/2011Merry Christmas from the North Shore Mining Group of Compani...
12/19/2011Reed Mine Decision Made/New Geophysical Targets at Reed Copp...
10/25/2011COO,Neil Richardson, is interviewed
9/20/2011ENGAGES HUASHAN CAPITAL TO PROVIDE ADVISORY SERVICES IN ASIA
8/18/2011(Copper Project)Intersects 1.61 Metres Grading 2.13 G/T Gold in Hole CP-11-0...
8/9/2011REPORTS 5.94% COPPER OVER 2.23 METRES IN DRILL HOLE RLE007 F...
7/7/2011Reports HudBay Minerals Completes Exploration Expenditures f...
5/19/2011Commodity Bulls speak; NAN close to trading
5/17/20117=2E44% Copper Over 7=2E18 Metres in Hole RLE006 Located 1=2...
5/9/2011s Progress on its 2011 Exploration Programs in the Flin Flon...
4/27/2011(Copper Project)Discovers Massive Sulphide Horizon With Zinc-Silver-Gold Min...
4/20/2011(Cover)Reports on Two Additional Holes =?ISO-8859-1?Q?=20at=20Its=2...
4/7/2011Al O'Grady interviews Rick Mark
3/17/2011Reports 50=2E08 Metres of 6=2E85% Copp =?ISO-8859-1?Q?er=20i...
2/23/2011(Reed Lake)Reports 37=2E10 Metres of 5=2E60% Copper from In-Fill Hole R...
2/18/2011HudBay Minerals Acquires 6,667,000 Shares of VMS Ventures In...
5/14/2009Discusses exploration strategy and project plans through 201...
2/28/2009(Video) NEW INTERVIEW WITH CEO CLIPS
6/12/2008Proposes to Spin Off Nickel Assets
4/9/2008Discovery Zone Page Launched on VMS Website
2/27/2008Don Coxe's, "The Music of the Metal Markets"
2/19/2008-Holes RD 08-25, RD 08-26 and RD 08-30-30 Intersect Near Sol...
2/8/2008Stock Market Volatility
12/14/2007Additional Information about a VMS Opportunity
11/10/2007(Audio) Interview with President John Roozendaal
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (VMS.V)FRANKFURT (R4E.F)
0.090+0.00%0.018-21.74%
TSX-V
CA$ 0.090
09/30 11:15 -
0%
Prev close Open
0.090 0.090
Low High
0.090 0.090
Year l/h YTD var.
0.080 -  0.200 -55.00%
52 week l/h 52 week var.
0.080 -  0.200 -35.71%
Volume 1 month var.
10,000 -%
24hGold TrendPower© : 34
Produces
Develops
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20220.00%
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02+2.33%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.26+4.15%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+1.93%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.43-0.41%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.98+0.14%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+8.16%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.22+1.37%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.13-1.38%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :