VMS Ventures reported in mid-May 2011 the HudBay Minerals exploration team drilling the Super Zone property 100 km east of Flin Flon, Manitoba, had discovered two zones of high-grade copper in a single hole. HudBay has an option from VMS on the property and is the project operator. The discovery hole is located 1.8 km northwest of the Reed copper deposit, where HudBay and VMS have a joint venture development agreement.
The discovery hole on the Super Zone property intersected two zones of mineralization within a bimodal (rhyolite/basalt) volcanic sequence. The first intersect was 7.18 m of 7.44% copper from 133.89 m to 141.07 m downhole, and the second was 44.49 m of 0.79% copper and 0.39% zinc from 214 m to 258.49 m downhole.
An earlier, initial hole on the Super Zone property targeted a 1-km-long VTEM airborne anomaly with coincident magnetics. This hole intersected 0.34 m grading 5.41% copper. A borehole pulse electromagnetic survey then indicated two conductive targets and follow-up drilling resulted in the discovery hole reported above.
The Super Zone property is part of a parcel of properties adjacent to the Reed pro-ject that are under option to HudBay, with HudBay having the right to earn a 70% joint venture interest in the properties.
VMS Ventures has reported an NI 43-101-compliant indicated mineral resource of 2.55 million mt grading 4.52% copper for the Reed deposit. VMS and HudBay anticipate the deposit will be accessed via a ramp and ore will be trucked to HudBay’s Flin Flon concentrator. A construction decision is expected by year-end 2011.