The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
HudBay Minerals has completed its first-year option commitments on four properties surrounding the promising Reed copper project near Snow Lake. That announcement came last week from VMS Ventures, the junior miner that has entered into a joint venture agreement with HudBay relative to the properties. "We are pleased with HudBay's commitment to the option properties and the continuing advancement of the Reed copper project," said Neil Richardson, chief operating officer of VMS. "HudBay is continuing exploration with two diamond drills testing geophysical and geological targets on the option properties." Drill holes VMS said HudBay has to date completed 17 exploration diamond drill holes on the properties. On May 17, VMS and HudBay announced the discovery of 7.18 metres of 7.44 per cent copper (from 133.89 to 141.07 metres) in one drill hole. Follow-up work has been ongoing, including additional drilling and surface and borehole pulse electromagnetic surveys. Assays from additional holes on the new discovery and other exploration targets are expected in a few weeks. A preliminary economic assessment and technical activities required for permitting, including metallurgical and geotechnical testing and mine design, are underway with the expectation of a mine construction decision by year-end. Ð Compiled from a VMS Ventures news release.11/7/11
