VMS Ventures (CVE: VMS) announced Thursday the latest drill results from its Reed Lake copper-zinc-gold-silver deposit near Snow Lake, Manitoba, intersecting high grade copper at significant widths.
The company reported that hole RLD030 returned 50.08 metres at 6.85% copper, while hole RLD029 intersected 38.45 metres at 4.35% copper.
The news sent VMS' shares up by more than 10% on Thursday morning to $0.74 as of 10:20am EST.
The latest results were part of a program that tested the extension of Zone 10. This zone was previously expanded by 214 metres down plunge from previous holes with the drilling of RLD015 last December.
"We are excited with the latest results for the lower lens (Zone 10) that indicate the continuity of mineralization between the historical drilling (2008) and RLD015," said COO Neil Richardson.
"These holes confirm this mineralization and will be included in our NI 43-101 Geological Resource which is scheduled for completion in three to four weeks."
The drilling program at Zone 10 represents the second phase of drilling at the Reed Lake project, under a joint venture between VMS and HudBay Minerals (TSE:HBM) (NYSE:HBM) signed last July.
The Reed Lake deposit is located approximately 100 kilometres from HudBay's concentrator in Flin Flon, Manitoba. HudBay holds a 70% interest in the joint venture, with VMS holding the remainder.
Outside of the Snow Lake camp, VMS holds massive sulphide prospective properties near the past-producing Fox Lake and Ruttan copper-zinc mines, near the communities of Lynn Lake and Leaf Rapids in northern Manitoba.