The document discusses VMS Ventures Inc., a junior mining exploration company focused on copper and nickel deposits in Manitoba, Canada and Greenland. Key points include:
- VMS has discovered the high-grade Reed Copper deposit in Manitoba through a joint venture with Hudbay Minerals. A prefeasibility study indicates strong economics for the project.
- VMS also owns a large land package in Manitoba and has flown extensive geophysical surveys to identify additional targets.
- VMS owns approximately 27 million shares of North American Nickel Inc., which is exploring a large land package in Greenland that shows potential to host world-class nickel deposits based on historical drilling results.
- Recent geophysical
Corporate Presentation for Taseko Mines (TSX: TKO)
Taseko Mines' wholly-owned Aley Niobium Project is located in northern British Columbia, 140 km north of Mackenzie.
Taseko acquired the Aley project in 2007 and completed a significant exploration program on the asset in the summer of 2010.
The company plans to accelerate work on the project in 2011, with a comprehensive work program planned. Additionally, an extensive core drilling program is planned to collect preliminary geo-technical data for site design and metallurgical testwork.
THE MANIITSOQ Ni-Cu-PGE PROJECT.
A world class Nickel Camp?
-Underexplored (previous hole lengths averaged < 60 m) but lots of high-grade historical assays (e.g. 9.85 m @ 2.67% Ni and 0.60% Cu).
-Strong evidence of a large-scale, long lived mafic igneous event.
-Major, deep seated structures that were active from the Archean through to the Mesozoic.
-Intrusions hosting the mineralization appear to have been part of a dynamic magma conduit system.
-Proof that modern helicopter geophysical technology is significantly more effective in this rugged terrain than techniques used in the past.
-6 months from acquisition of land to identification of initial drill targets.
-Only 8% of project area investigated to date.
Corporate Presentation for Taseko Mines (TSX: TKO)
Taseko Mines' wholly-owned Aley Niobium Project is located in northern British Columbia, 140 km north of Mackenzie.
Taseko acquired the Aley project in 2007 and completed a significant exploration program on the asset in the summer of 2010.
The company plans to accelerate work on the project in 2011, with a comprehensive work program planned. Additionally, an extensive core drilling program is planned to collect preliminary geo-technical data for site design and metallurgical testwork.
THE MANIITSOQ Ni-Cu-PGE PROJECT.
A world class Nickel Camp?
-Underexplored (previous hole lengths averaged < 60 m) but lots of high-grade historical assays (e.g. 9.85 m @ 2.67% Ni and 0.60% Cu).
-Strong evidence of a large-scale, long lived mafic igneous event.
-Major, deep seated structures that were active from the Archean through to the Mesozoic.
-Intrusions hosting the mineralization appear to have been part of a dynamic magma conduit system.
-Proof that modern helicopter geophysical technology is significantly more effective in this rugged terrain than techniques used in the past.
-6 months from acquisition of land to identification of initial drill targets.
-Only 8% of project area investigated to date.
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North American Nickel is a public company that trades on the TSX Venture Exchange (NAN: TSX.V) and is committed to discovering nickel-copper-platinum group metal mines in Canada and Greenland. The Company’s main focus will be on its Maniitsoq project in Greenland and on its two offset dyke projects in the world-renowned Sudbury mining camp in Ontario.
The Company has acquired a Mineral Exploration Licence on the southwest coast of Greenland that grants exclusive exploration rights to a 4,841 km2 area. The licence covers numerous high-grade drill-indicated and surface outcrop exposures of nickel – copper sulphide mineralization associated with mafic-ultramafic intrusions. The Maniitsoq Project is 160 km north of Nuuk, the capital of Greenland. The property sits on tide water where ports have a year-round shipping season. Surface exploration and helicopter-borne time-domain EM (TEM) and magnetic surveys, completed in 2011 by NAN, identified new targets and showed that modern, helicopter TEM is a powerful and effective exploration tool in this area. Drilling and additional helicopter TEM surveying is planned for 2012.
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1. Discovering High Grade Copper Deposits
in Manitoba, Canada
VMS:TSX.V
Explorer to Producer
NAN: TSX.V
The World’s Next Nickel Belt
John Tumazos Very Independent
Research Conference
October 2-3, 2012
2. FORWARD-LOOKING
STATEMENTS
NOTE:
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the
Company are forward-looking statements that involve various risks. The
following are important factors that could cause the Company’s actual
results to differ materially from those expressed or implied by such
forward-looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future
events may differ materially from those anticipated in such statements.
VMS Ventures Inc. undertakes no obligation to update such forward-looking
statements if circumstances or management’s estimates or opinions
should change. The reader is cautioned not to place undue reliance on
such forward-looking statements.
3. VMS VENTURES INC.
VMS - TSX.V QUICK FACTS
Well funded junior with approximately
$10.5M in the treasury.
Discovered the copper rich Reed Copper
deposit in Manitoba in 2007.
• JV Partner HudBay Minerals (T.HBM) is
project operator; VMS costs carried to
production. Project ownership is 70% HBM
& 30% VMS.
Reed Copper deposit Prefeasbility
announced in April 2012. Indicated
CAPITAL STRUCTURE Reserve: 2.2M Tonnes of 3.83% Cu, 0.48
(as at September, 2012) g/t Au, 6.02 g/t Ag
Issued & Outstanding: 129,668,399 Large, highly prospective land package in
Warrants: 163,333 the prolific Flin Flon – Snow Lake
Options: 7,484,850
Greenstone Belt of Manitoba
Fully Diluted: 137,316,582
VMS owns ~27M sharesof North American
Nickel
4. VMS/NAN MANAGEMENT
Rick Mark, M.Ed (Admin) CEO & Chairman VMS & NAN: Rick has over 25 years experience in the public market
place. He is also CEO & Chairman of Harvest Gold Corporation (HVG-TSX.V), a December 2005 "spin off" from
VMS, and is the President and CEO of Pancontinental Uranium Corp. (PUC-TSX.V).
Neil Richardson P. Geo. COO, VMS& NAN: Neil has a long history of mineral exploration and mining experience
with HudBay Minerals and others. As the COO of both companies, Neil is responsible for developing and
implementing exploration programs .
Mark Fedikow, HBSc., M.Sc., Ph.D., P.Eng., P. Geo., C.P.G. : President & Director NAN, VP Exploration VMS:
Mark has 35 years of industry and government experience including Chief Geologist of the Mineral Deposits Section
in Manitoba. He is a recipient of the Canadian national award for outstanding geoscientific achievement.
John Roozendaal B.Sc, President of VMS, Director of NAN: John was the founding director of VMS Ventures Inc.
He has 20 years of Mineral Exploration experience and was directly involved in the Reed Copper discovery.
John Pattison, P. Geo., B.Sc. Chief Geologist VMS and NAN: John worked with Falconbridge Limited and
associated companies for 19 years managing base metal, PGE and gold exploration projects throughout Canada and
southern Africa. He is the lead project geologist for the Maniitsoq, Greenland nickel project.
4
5. INDEPENDENT DIRECTORS &
ADVISORY BOARD Independent Directors:
Don Whalen, Director & Audit Committee Chair, VMS: Don was Executive Chairman and Director of High River Gold
Mines. Before joining High River, he held numerous marketing, technical and management positions over a 29 year career
with IBM Canada Ltd.
Jim Clucas, Director & Audit Committee Member, NAN: Jim was Chief Financial Officer of Inco’s Canadian operations
and has been involved in the development of several mineral deposits, including the Snow Lake Mine (High River Gold
Mines), Montana Tunnels (Pegasus Mining) and the Fenix Project in Guatemala. He was the founder of International
Nickel Ventures Inc. which acquired and developed the Santa Fe/Ipora Nickel Laterite deposit in Brazil. Jim is currently
President and CEO of Search Minerals
Advisory Board
Cashel Meagher B.Sc. P. Geo.: Cashel is currently Vice President South America Business Unit of Hudbay Minerals. He
has worked with the technical and management teams at VMS Ventures and North American Nickel through the Reed
Lake joint venture with VMS. Prior to joining Hudbay, Cashel held management positions with Vale Inco in exploration,
technical services, and mine operations.
Mike Muzylowski: Mike has played key roles in the discovery of 15 Canadian mines, 13 in Manitoba, during his
distinguished career as a geologist, geophysicist and senior mining executive.
James M. Patterson B.A. D.I.C. Ph.D. P. Geo.: Jim a former VP Exploration for FNX Mining Company, has over 40 years
experience in mineral exploration with major and junior exploration companies, government and international development
agencies.
5
7. REED COPPER DEPOSIT
VMS-HudBay JV
• VMS owns 30% and is
carried to production
• Prefeasibility report
indicates 2,157,000 tonnes of
3.83% Cu, 0.59% Zn and 0.48
g/t Au
• NPV 8% @ $3.75 Cu =
$191,361,000; IRR 68.40%
• Borehole Pulse
Electromagnetic targets
indicate the deposit is open
at depth
Open down plunge
8. ORE BODIES TEND TO GROW IN
THE FLIN FLON BELT
After K. Gilmore (Hudbay Minerals), 2007
9. REED COPPER DEPOSIT:
CASH FLOW WITHIN SIGHT
The high grade nature of the Reed Copper deposit gives the project strong leverage to copper prices.
The following table shows a copper price sensitivity analysis based on the operating parameters set
out in the prefeasibility. Prefeasibility 3 Year Historical
Base Case (1) Average Price Case (2) Cu = $3.75/lb USD (3)
Price and Exchange Averages
Copper
(USS/lb) $2.95 $3.20 $3.75
Gold (US$/oz) $1,269.00 $1,235.00 $1,235.00
Silver (US$/oz) $24.78 $22.85 $22.85
US$/CDN$ 0.95 0.94 0.92
Pre-tax
Cash Flow $102,426,000 $182,975,000 $300,964,000
NPV 8% $57,443,000 $109,904,000 $191,361,000
IRR 34.70% 46.60% 68.40%
(1) Prefeasibility Base Case metal prices projections compiled by HudBay based on 11 well-
known financial institutions.
(2) Bloomberg three year historical average (December 1, 2008 to December 1,
2011)
(3) $3.75 copper price for perspective on valuation impact of copper price
10. VMS VENTURES – HUDBAY JV &
OPTIONS PROJECTS
VMS-Hudbay JV
Reed North zone
• 30-70 joint venture, VMS
carried to production.
• Hudbay is operator.
• NI 43-101 Geological
Resourced April, 2011
• Prefeasibility announced
April 2012
Reed Copper deposit
• Reed Copper Deposit
opening Ceremony
August 2012
• Production slated to begin
in Q4 2013
4 Option Agreements
• HudBay is operator.
• $2.6 M in cumulative
expenditures to earn 70%.
2012 HIGHLIGHTS
Prefeasibility study completed on Reed Copper project
Bulk sample and underground development permits in place
Reed Copper Deposit Opening Ceremony, August 2012
11. VTEM COVERAGE OVER
VMS’ 100% OWNED PROJECTS
• Many recent
discoveries,
including VMS’s
Reed Lake
Deposit, were
made with VTEM
• VMS Ventures
has flown over
17,000 line-km of
VTEM over its
projects, majority
flown at 100 m
line spacing.
• 5 years and $13
million in work –
Targets ready to
drill.
12. VMS 2012 ACTIVITIES
HudBay JV: The Reed deposit, Manitoba’s next copper mine
• Prefeasibility report announced April 2, 2012
• Mine Portal entrance established
• Reed Copper Deposit opening ceremony August 14, 2012
• Production commences Q4 - 2013
VMS 100% Owned Properties
Manitoba Projects
• Recently acquired Reed/East West project has eight new targets for drilling in
winter 2012.
Sudbury Projects
• Golden Pine, Black Creek & Terra Incognita scheduled for prospecting/trenching
in Q2, auger drilling and diamond drilling in Q3 – Q4
North American Nickel (VMS owns ~27M shares)
Maniitsoq project is being drilled; own VMS or NAN for discovery upside
13. NORTH AMERICAN NICKEL INC.
NAN - TSX.V QUICK FACTS
Acquired the large, prospective Maniitsoq
property in Greenland in August, 2011
High-grade nickel intercepts in historic drill
holes:
9.85 m at 2.67% Ni and 60% Cu at
Imiak Hill
12.89 m averaging 2.24% Ni and 0.63%
Cu at Fossilik
Drill program underway at Maniitsoq. Approx.
2,000 m of diamond drilling planned.
CAPITAL STRUCTURE Over 3,500 line kilometres flown in a VTEM
(as at September, 2012) Plus survey in July.
Issued & Outstanding: 77,230,193 Sudbury Ontario land position includes the
Warrants: 39,733,950 Post Creek, Halcyon and Wahnapitae
Options: 7,633,000 properties.
Fully Diluted: 124,597,143
VMS owns ~27M shares.
Slide 13
14. MANIITSOQ PROJECT, GREENLAND
Maniitsoq (looking east towards the project area)
100% interest in a giant property
covering 4,983 km2 of the highly
prospective, but underexplored,
Greenland Norite Belt.
Located on tide water (navigable year-
round) on the southwest coast of
Greenland, near the village of
Maniitsoq.
15. Maniitsoq Project
A World Class Nickel Camp?
• Underexplored (previous hole lengths averaged < 60 m) but lots of
high-grade historical assays (e.g. 9.85 m @ 2.67% Ni and 0.60%
Cu).
• Strong evidence of a large-scale, long lived mafic igneous event.
• Major, deep seated structures that were active from the Archean
through to the Mesozoic.
• Intrusions hosting the mineralization appear to have been part of a
dynamic magma conduit system.
• Proof that modern helicopter geophysical technology is significantly
more effective in this rugged terrain than techniques used in the
past.
• Over 70 conductive zones identified to date across the entire 75 km
Greenland Norite Belt.
Slide 15
16. Maniitsoq Project Location
• Situated in a safe, stable,
mining-friendly jurisdiction.
• Close to tide water that is
navigable year-round.
• Straight forward permitting
process.
• No land claims issues.
• Mine development activities
nearby including road and deep
water port construction (London
Mining’s Isua Iron project).
Slide 16
17. Regional Setting
Property Geology
GREENLAND • Abundant Ni-Cu sulphide showings
NORITE BELT
associated with noritic intrusions.
• Norites are concentrated in, but not
restricted to, a J-shaped belt 75 km
long by up to 15 km wide that wraps
around the Finnefjeld Gneiss
Complex.
• Intrusion of nickeliferous norites over
a period of time spanning at least
one complete geomagnetic reversal.
Slide 17
18. Many Ni-Cu Setting
Regional Showings
• 14 significant Ni-Cu showings. Most are
concentrated in the Greenland Norite Belt
(GNB) outlined here by purple dashed lines.
• All showings were discovered by
Kyrolitselskabet Øresund A/S (KØ) between
1962 and 1972 through surface prospecting.
• KØ made numerous intersections including:
9.85 meters averaging 2.67% Ni and
0.60% Cu at Imiak Hill
12.89 meters averaging 2.24% Ni and
0.63% Cu at the Fossilik showing.
• KØ drilled 119 holes totalling 6,287 m (i.e.
average hole <55 m long) to test outcropping
norites, exposed sulphide mineralization and
shallow electromagnetic (EM) anomalies
directly associated with exposed
mineralization. This was the only drilling
for nickel in the GNB.
Slide 18
19. Deposit Model
VERTICAL SECTION Deposition of Ni-Sulphides in a
Magma Conduit System
PRESENT DAY • Superheated noritic magma flows
EROSION LEVEL through gneiss and paragneiss in an
open system.
• Gneiss is assimilated by the hot
magma and triggers sulphide
saturation.
• Ni + Cu ± PGE sulphides are
deposited in zones of lower velocity
within the magmatic plumbing
system.
• Continual magma flow upgrades
nickel tenor of sulphide.
Modified after Maier et al., 2001 Slide 19
20. Consistently High Nickel
Tenor
Ni vs. S for Historical GNB Drill Core
• GNB sulphides have
a relatively consistent Typical 100% sulphide mixture
of Po+Cp+Pn contains 35.7% S
nickel tenor of 6 to Kerr, 2003
8% Ni recalculated to
100% sulphide.
Nickel wt. %
• Presence of pyrite
means there is more
S for a given amount DRILL CORE
of sulphide than in
typical magmatic
sulphide deposits
consisting mainly of
pyrrhotite-pentlandite
and chalcopyrite.
After Shore, 2000
Sulphur wt. % (Falconbridge Limited)
Slide 20
21. Previous Exploration Stymied by
Lack of Conductive Targets
Cominco 1995 – 1996
• 20,446 line-km of airborne GeoTEM EM and
magnetic surveying.
– Lines 200-400 m apart oriented 080° (i.e.
subparallel to orientation of norites resulting
in poor coupling).
– Large fixed wing aircraft had difficulty hugging
the rugged terrain resulting in noisy data.
– Very few anomalies associated with norites.
– Ground follow-up prospecting, minor surface
geophysics (<30 line-km) but no drilling.
Falconbridge 1993 & 2000
• 100 line-km of UTEM over Imiak Hill and part
of Fossilik.
– Lines 200 to 400 m apart.
– No conductors detected and no drilling
done.
Slide 21
22. Now Many Targets Thanks to Modern
Regional Setting
Helicopter Geophysics
• SkyTEM and VTEM helicopter-borne TEM
surveys flown by NAN in 2011 and 2012
have detected over 75 conductive zones
(circled in red on the adjacent map).
• This technology was not available to
previous explorers in the belt.
• NAN has flown the areas outlined in
green, which total 860 km2 and cover a
major portion of the GNB.
• Interpretation of the 2012 data is in
progress. To date over 75 conductive
zones have been identified (circled in red
on map).
Slide 22
24. 3D EM Modeling Target B1-J
TARGET B1-J (IMIAK HILL): 3D VIEW LOOKING WEST
• 170 m long by 16 m wide conductor that comes to
surface and is directly coincident with the Imiak Hill
showing.
• The model shows that the mineralization strikes parallel
to most of the historical drilling and therefore has not
been properly tested.
• The model has very limited dip extent (21 m) but the
best intersection on the showing (9.85 m averaging
9.85m @ 2.67% Ni, 0.60% Cu 2.67% Ni and 0.60% Cu) occurs 130 m below surface
indicating that strong mineralization at surface is
FO OTWALL masking the EM response from mineralization at depth.
CONTACT
OF N ORITE
E
STRIK
9.85m @ 2.67% Ni, 0.60% Cu
Slide 24
26. 3D EM Modeling Target B1-L
TARGET B1-L (SPOTTY HILL): 3D VIEW LOOKING NORTH • Modeled as a 330 x 100 m
flat-lying conductor located
160 m below surface within a
norite intrusion.
~ 160 m BELOW SURFACE
(i.e. 100 m BENEATH
• The conductor is untested but
PREVIOUS DRILLING) past shallow drilling 100 m
above intersected weakly
330
m
100 m
disseminated, nickeliferous
sulphides grading up to
0.52% Ni and 0.26% Cu over
12.94 m.
• Clearly, mineralizing
processes were at work in the
intrusion as indicated by the
disseminated near-surface
mineralization and the most
logical location to look for
massive sulphides is at
depth.
Slide 26
27. Investor Risk Mitigation
100% ownership; Camp-sized land package (Sudbury)
Public Co management/financing experience
Technical team is deep
Secure political jurisdiction
Regional setting; year round exploration
Historic exploration data is remarkable ($10M plus)
Geology
Abundance of Ni-Cu occurrences at surface & in drilling
Undeformed norite host rocks
Mineralization: inclusion-bearing sulphides
Nickel Tenor – consistent and economic grade
New technologies in “old” camp work
– 25 EM targets in 8% of land package
Slide 27
28. Plans for 2012 & Beyond
2012 – Immediate Priority
• 3,000 line-km of helicopter TEM over
prospective norites in southern part of the
norite belt.
• Ground truth conductive target zones among
75 identified by SkyTEM and VTEM Plus
surveys
• Minimum 2,000 m of drilling.
• Prospecting outside of main norite belt looking
for new showings and norites.
• Estimated cost $3.0 million
2013
• Minimum 6,000 m of follow-up drilling on
targets derived from 2012 work
• 2,000 line-km of helicopter TEM
• Estimated cost $ 7.5 million.
Slide 28
29. Discovering High Grade Copper Deposits
in Manitoba, Canada
VMS:TSX.V
Explorer to Producer
NAN: TSX.V
The World’s Next Nickel Belt
John Tumazos Very Independent
Research Conference
October 2-3, 2012