TSX Venture Exchange Symbol: MPS
VANCOUVER, July 22 /PRNewswire-FirstCall/ - MPH Ventures Corp. (TSX-V:
MPS) (FWB: IJA1) (the "Company") is pleased to provide a progress report on
the Company's ongoing phase 2 drill program on its 100% owned Pidgeon
Molybdenum Deposit project located at the east end of Lateral Lake near the
town of Dryden, northwestern Ontario.
Pidgeon Molybdenum Deposit location map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41
.gif
MPH Ventures has now completed 24 drill holes in its ongoing phase 2
drill program. Assays have been received for the first 5 holes only with
partial assays received on hole # 6. The phase 2 drill program consists of
a series of step out holes and is designed to intersect ore grade
molybdenum within 100 metres of surface.
The drilling continues to confirm the Company's opinion that a possible
mineable open pit situation exists for the Pidgeon Molybdenum Deposit
property. The Pidgeon Molybdenum Deposit property has excellent
infrastructure with an all weather road going across the property, location
to paved highway is only 10 kilometres to the south, and location to the
major Trans Canada CN rail line is only 10 kilometres to the north of the
property.
The original Pidgeon Molybdenum Deposit property is known to contain an
indicated resource of 8.5 million tonnes of molybdenum with an average
grade of .09% per tonne Mo (see Wardrop Engineering report filed on SEDAR
November 27, 2007). A phase 1 drill program completed in February 2008
confirmed the known resource potential of the Pidgeon Molybdenum Deposit.
This phase 2 drill program is designed to significantly increase the size
and tonnage of the existing molybdenum deposit and MPH Ventures is
confident that this objective is being achieved.
The molybdenum mineralization continues to remain open ended to both
the northeast and to the southwest of the reported known deposit. The
Company remains optimistic that it will achieve the goal of greatly
increasing the size of the existing deposit with this drill program.
Possibly two to three fold.
Phase 2 drill holes # 1 and # 2 were collared in the known zone of
molybdenum to confirm past data indicating higher molybdenum grade in the
interior zone.
Drill holes # 3 and # 4 were designed to test the west southwest
extension of the main molybdenum zone with 50 metres spacing. Both holes
have encountered significant widths of molybdenite. These 2 holes now
demonstrate that Pidgeon molybdenum zone continues in a more westerly
direction than previously indicated. This is a very significant development
as drill information indicates a continuation of the main molybdenum zone
to the west that has never been previously drill tested.
Drill holes # 5 and # 6 are part of a larger series of drill holes that
are designed to test the northeast extension, along strike, of the known
molybdenum zone using 50 metres spacing. Only partial assays have been
received from drill hole # 6. MPH Ventures is very encouraged because
drilling to date has confirmed the molybdenum zone is expanding to the
northeast.
2008 Phase 2 Drill Hole Map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-Phase-2-Drilling.
jpg
DRILL HOLE SUMMARY
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Hole # From (m) To (m) Length (m) % Mo
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PM 08-1 49.3 55.3 6 0.51%
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incl 49.3 50.3 1 1.36%
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PM 08-2 70.3 75.3 5 0.06%
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79.8 81.8 2 0.05%
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-------------------------------------------------------------------
PM 08-3 22.4 26.0 3.6 0.12%
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44.2 48.4 4.2 0.07%
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50.5 57.5 5.0 0.05%
-------------------------------------------------------------------
60.0 68.6 8.6 0.04%
-------------------------------------------------------------------
-------------------------------------------------------------------
PM 08-4 26.5 38.4 11.9 0.41%
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incl 26.5 31.0 4.5 1.50%
-------------------------------------------------------------------
-------------------------------------------------------------------
PM 08-5 47.9 76.3 28.4 0.08%
-------------------------------------------------------------------
incl 47.9 58.1 10.2 0.11%
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67.3 76.3 9.0 0.12%
-------------------------------------------------------------------
Partial
Assays
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PM 08-6 40.2 50.3 10.1 0.20%
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The current drilling continues to substantiate a positive .09%
molybdenum average grade on the property, with higher grade intersections
also being seen in many holes.
Compilation of all data collected during this phase 2 drill program
combined with the phase 1 drill program and historical exploration data
continue to confirm that significant molybdenum mineralization is present
within the pegmatite vein swarm along the contact of the Archean age
Lateral Lake Stock. This zone has an arcuate strike length of approximately
10 Kilometres. This round of drilling highlights the fact that the main
molybdenum zone is not closed off. The Company continues to expand its
drill program along strike of the known molybdenum deposit area.
GEOLOGY OF THE PIDGEON MOLYBDENUM DEPOSIT
The Pidgeon Molybdenum Deposit is a unique deposit as it is not
considered a porphyry deposit. Molybdenite at the Pidgeon Molybdenum
Deposit property is located in a pegmatitic phase of a large granite
intrusive body. The pegmatite occurs as a continuous phase along the linear
margin of the granite for a strike length of approximately 10 kilometres.
The pegmatite averages 30 meters in true thickness and has a shallow dip.
The linearity of the zone and a uniform shallow dip make the deposit very
amenable to open pit extraction.
Molybdenite appears to have been emplaced late in the system and may be
controlled by an extensive fracture network. Grades in any given section
are highly variable however the average content between individual sections
shows the grade has significant continuity with an average overall grade of
0.09% molybdenum.
In addition to the margin of the granite, recent drilling has
identified molybdenum bearing pegmatitic phases within the granite itself
as well as mineralized pegmatite splays into the granite.
These recently identified aspects of the deposit indicate new
prospective settings as the resource continues to be expanded.
Molybdenum continues to trade on the open market at a price of
approximately $34.00 (US) per pound. At .09% molybdenum, the Pidgeon
Molybdenum Deposit property has an average grade of approximately 2 pounds
Mo per tonne.
Drill core is sawn into halves, with one-half being sent for analysis
and the other kept for future reference. All samples were prepared and
analyzed at TSL Laboratories in Saskatoon using a four acid digestion
method. A stringent program of quality control is employed throughout the
exploration program with standards, duplications and blanks being entered
into the sample stream at 30 sample intervals.
MPH Ventures has also initiated a large surface stripping program with
a D5 tractor and a backhoe. This will enable the geologists to have a fresh
look at previously unexposed molybdenum zones that lie near surface.
Geological surface mapping will better enable the Company to further expand
the known Pidgeon molybdenum zone.
David J. Busch, B.A., B.Sc., PGeo., MPH Ventures' Project Manager, is
the qualified person under the meaning of National Instrument 43-101 and
has reviewed the data in this News Release.
MPH Ventures Corp. is a molybdenum and precious metal exploration
company focused on mineral development within Canada.
For further information on MPH Ventures Corp. (TSX-V: MPS) visit the
Company's web site at http://www.mphventurescorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
------------------------------
JAMES G. PETTIT
President
THE TSX VENTURE EXCHANGE AND FRANKFURT EXCHANGE HAVE NOT REVIEWED AND
DO
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT
OF
THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the British Columbia Securities Commission and the United States
Securities & Exchange Commission.
SOURCE MPH Ventures Corp.
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CONTACT:
Don Myers, MPH Ventures Corp., Director,
Telephone: (604) 687-3376, Toll Free: (800) 567-8181, Facsimile:
(604) 687-3119, Email: info@mphventurescorp.com
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