Eight years ago, VMS Ventures Inc. announced the discovery of massive sulphide mineralization at its Reed Copper Project. On March 31, 2014, the Reed Copper Project advanced to mine status after achieving commercial production.
The Reed mine is located 45 kilometres west-southwest of Snow Lake and 120 kilometres east of Flin Flon, Manitoba, and represents a joint venture between Hudbay Minerals Inc. (70 per cent) and VMS Ventures Inc. (30 per cent).
In 2012, the Reed mine verified a probable mineral reserve of 2,157,375 tonnes grading 0.477 g/t gold, 6.02 g/t silver, 3.83 per cent copper, and 0.59 per cent zinc in three lenses.
In 2014, mine production was 415,736 tonnes grading 0.734 g/t gold, 8.993 g/t silver, 2.511 per cent copper and 1.554 per cent zinc, with most of the mining from zone 30 which is higher-grade zinc and lower-grade copper. Production continued in the first half of 2015 and accounted for approximately 231,150 tonnes grading 0.601 g/t gold, 6.450 g/t silver, 2.959 per cent copper and 0.801 per cent zinc.
VMS continues to explore its 100-per-cent-owned properties and its joint venture properties with its partner Hudbay Minerals. In August 2015, the company announced a seven hole, 4,000-metre diamond drill program testing geophysical anomalies on the joint venture properties. Drilling is currently on-going and is anticipated to be completed in early November.
The company recently announced the acquisition of the Assean Gold project in Northern Manitoba. Historical drilling of 183 diamond drill core holes totally 28,566 meters has been completed, with the Hunt zone hosting considerable fine, visible gold in quartz veins where grades reach as high as 27.22 g/t Au over 4.27 meters. Compilation work is ongoing including re-logging of drill core.
In addition, VMS Ventures is exploring a large prospective property package in Manitoba and investigating other corporate development opportunities to build on our success at Reed. The Company also holds approximately 14.5 per cent of the shares of North American Nickel (TSX VENTURE: NAN) which is exploring a new district scale nickel-copper-cobalt PGE deposit belt in southwest Greenland.