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MPH Ventures Continues to Significantly Expand Molybdenum Deposit in Phase 2 Drilling, NW Ontario
Vancouver, BC - 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.
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.
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 www.mphventurescorp.com .
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit" ________________________________ JAMES G. PETTIT President
For further information contact myself or: Don Myers MPH Ventures Corp. Director Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@mphventurescorp.com
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.
