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.
Jonathon Naylor Editor Junior miner VMS Ventures is set to acquire new mineral prospects near the Reed mine outside Snow Lake. The company has purchased from Toronto-based Mantis Mineral Corp. a land package comprising two separate groups of claims. The claims cover a prospective sequence of rocks over an area of 38.7 sq. kilometres. The claim groups are situated immediately to the east and west of the Reed claims, where mine construction has begun. The claim blocks will be called Reed East and Reed West, and are owned entirely by VMS. 'We are very pleased to have acquired the Reed East and Reed West ground,' said Neil Richardson, chief operating officer of the Vancouver-based VMS. 'It covers the same volcanic rocks that host VMS' Reed discovery, our HudBay (joint venture) and option properties and the Morton Lake, 9-7, and Cowan River projects.' Exploration work undertaken to date, Richardson said, includes an airborne geophysical survey over the property that produced several targets of interest. 'VMS will complete its review and follow up prospective anomalies with geophysical and geochemical surveying to assist us in confirming and prioritizing drill targets,' he said, adding that drill testing is anticipated this coming winter. Under the terms of the purchase agreement, VMS will acquire the claims outright, subject to an underlying royalty agreement, for a one-time issuance of 500,000 common shares of the company. The purchase agreement remains subject to the approval of the TSX Venture Exchange, though no problems are foreseen at this time. VMS owns 30 per cent of the Reed deposit set to be mined by Hudbay. Production is planned by late 2013 some 50 kilometres west of Snow Lake.
