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Resource company soars on intersection of copper zones

7/3/2008 12:55:53 PM | Buzz on the Boards

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VMS Ventures (VMS) reports copper sections in Manitoba.

In resources news, VMS Ventures Inc. (TSX V.VMS, Stock Forum) provided an update on its ongoing exploration program at the Reed Lake Discovery Zone near Snow Lake, Manitoba Thursday morning, including news of several copper intersections.

Highlights of the findings include drill hole RD-08-38 intersecting 35.81 metres of 2.22% copper, RD-08-39 intersecting 13.88 metres of 3.56% copper and RD-08-41 intersecting 33.46 metres of 10.36% copper, says the company.

"The results from drill hole RD-08-41 indicate that there are very high-grade copper sections to this deposit. It is also noteworthy that this is the deepest intersection of mineralization to date at approximately 350 m from surface. The high-grade copper zones may represent a copper-rich footwall zone that is stratigraphically below the solid sulphide lens. This intersection is one of several high-grade copper zones intersected to date that require more detailed drilling to determine true thickness," says Dr. George Gale, VMS Ventures V.P. of exploration.

Drilling continues at the Discovery Zone and at the Tower Zone and results will be released as received, says the company’s news release.

Trading on the stock was halted Thursday morning, but when it resumed at 11:00am EST, shares of VMS Ventures soared 26.2% to 77 cents.

Activity levels were high on the Bullboard following the announcement, with Stockhouse investor bamako commenting, “beautiful numbers again. in fact, super beautiful. the geos of the company believe they have a big deposit and with each drill result, their belief gets more persuasive [sic].”

Another member, Wintersun10, said, “Still expect the SP to move towards $1 and eventually surpass it, there is just no other way possible with these drill results [sic].”

Keep following the action on the VMS Ventures Bullboard.

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