High-grade copper enhances zinc find at VSM’s Grevet

The recent discovery zone at VSM Exploration’s (ME) Grevet base metal property northeast of Quevillon, Que., is producing much higher copper grades than the original zinc-rich zones to the south. Of the four holes that VSM has drilled since the discovery of the 97 zone in late May, three have returned intersections carrying copper grades of over 1%. By contrast, the III and IV zones, which currently hold the bulk of the property’s reserves, average 0.52% copper.

The increase in copper may indicate that the company is approaching the source of the polymetallic deposit, said VSM President Mario Caron. Volcanogenic massive sulphide deposits, like the one shaping up at Grevet, typically show distinct metal zoning including copper enrichment at the core, he said.

While copper grades increase to the north, average zinc values in the recent intersections fluctuate between 7% and 22%. This compares with an average zinc grade of 9.6% in zone III and 10.5% in zone IV, 150 metres to the south of the 97 zone. Minable reserves for zones III and IV total 6.1 million tonnes grading 9.77% zinc, 0.52% copper and 38.4 grams per tonne silver.

Results (calculated average grades) from the latest drilling on the 97 zone, at depths of 380-605 metres (1,245-1,950 ft.), include: Width Zinc Copper Hole (m) (%) (%) 98 4.9 4.84 0.80 3.67 7.31 1.55 98A 3.34 12.45 1.02 101 4.31 7.61 0.40 102 5.21 22.18 1.55

By fulfilling its commitments on the property, VSM has earned a 50% interest in Grevet from Serem Quebec. Serem, a private company, will retain the remaining 50%.

Excited by the new discovery, VSM and Serem have decided to focus their efforts on outlining the new zone before proceeding with previously planned underground exploration on zones III and IV. Their two rigs will continue drilling on the 97 zone throughout the summer.

The day VSM announced the recent results, its shares jumped 22 cents to $1.25. The company’s major shareholders are Placer Dome (TSE) with a 55% interest and MSV Resources (ME) with 12.6%.