MPH Ventures Reports Significant Strike Extensions at Pidgeon Molybdenum Deposit in NW Ontario
MPH Ventures Reports Significant Strike Extensions at
Pidgeon Molybdenum Deposit in NW Ontario
Vancouver, BC – MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the “Company”) announces it has received assay results from diamond drill holes 11, 12, 13, and 14 of the 3,000 metres Phase I drilling program, completed Feb. 28, 2008, at its 100% owned Pidgeon Molybdenum Deposit Project located in NW Ontario.
A total of 16 drill holes were completed in the Phase I program. The first 10 holes, which were previously reported (PM07-1 to PM08-10), all returned significant molybdenum mineralization. Drill holes in the Phase I drill program had a specific purpose as set out in a commissioned NI 43-101 report by Wardrop Engineering Inc. This program was designed to confirm the historic resource data provided by Rio Algom and Strathcona Mineral Services as well as to provide evidence of both depth and lateral extensions of the known mineralization. The last 5 holes were designed to test and develop geologic targets outside the areas of known mineralization.
3D Video on Pidgeon Molybdenum Deposit drilling:
Jim Pettit, President of MPH Ventures commented: “the company is encouraged with the drilling results to date and feel we have not only confirmed the historical data on the Pidgeon Molybdenum Deposit but are well on our way to further increasing the tonnage”.
Phase 1 Confirmation Drilling:
Hole PM08-11 was designed to test the depth extension of the SW portion of the main zone of mineralization and had been recommended by Wardrop. The hole encountered 5 metres between 225.6 and 230.6 metres grading 0.272% Mo. The intercept was 100 metres below previous intercepts and illustrates the continuity of the mineralized system with depth. The intercept width is believed to be 90% of true width.
Phase 1 Exploration Drilling:
The last 5 holes (PM08-12 to PM08-16) of the Phase 1 drill program were targeted at a NNE trending, 100 metre wide structural zone that appears to offset the main zone of molybdenum mineralization. The potential for structurally controlled mineralization within this zone had not been tested by Rio Algom in the past. The structures were not mineralized however the drilling appears to have added a significant new strike extension to the main body of mineralization. This drilling also suggests multiple parallel zones to the southwest.
Hole PM08-12 was planned to test the northeast trending structure between the main and southwest zones. The hole encountered the structure and 16.5 metres between 94.5 and 110.5 metres that graded 0.04% Mo. The mineralization was in the footwall of the structure. The structure itself was only very weakly mineralized. The hole demonstrates that there is continuity of mineralization between the main and southwest zones.
Hole PM08-13 was intended to be part of a two hole fence that crossed mineralization of the main zone and the structure. The hole encountered 14.4 metres grading 0.05% Mo between 91.4 and 105.8 metres in the hole.
Hole PM08-14 was part of the two hole fence designed to cross the main zone of mineralization and the northeast structural trend. In addition to encountering the structure, this hole intersected 29.2 metres grading 0.059% Mo. Molybdenum mineralization is associated with pegmatite and a tourmaline breccia not noted in mineralization to date. The location of this intercept is highly significant in that it would indicate the main zone mineralization continues westward and that there may be multiple parallel zones to the southwest. The presence of tourmaline breccia might suggest this hole encountered a stronger part of the mineralizing system.
Holes PM08-15 and 16 were drilled as part of a split fence to test the northeast trending structure to the northeast along the strike of the structure. Assays for these holes have not been received to date. Both holes encountered only very modest molybdenite on visual logging. Both holes encountered intense albite-pyrite-hematite-magnetite alteration. The intensity and sodic nature of alteration within the lateral lake stock and its association with a structure are positive indications of possible additional mineralization.
Drill Hole Summary:
HOLE NO. FROM M. TO M. LENGTH M. %Mo
PM08-11 225.60 230.60 5.00 0.272
PM08-12 94.00 110.50 16.50 0.040
PM08-13 91.40 105.80 14.40 0.050
PM08-14 21.70 50.90 29.20 0.059
Initial compilation of data collected during the Phase 1 drill program combined with historic exploration data confirm that significant molybdenite mineralization is present within the pegmatite vein swarm along the margin of the Archean age Lateral Lake stock. This zone has an arcuate strike length of approximately 10 kilometres. This drilling has highlighted the fact that the main zone has not been closed off. These areas will be the subject of continued drilling in April.
Only the eastern margin of the stock has been explored in any detail by Rio Algom and MPH Ventures resulting in the partial delineation of a 1.5 kilometre strike length of near surface molybdenite mineralization. This zone is open along strike and likely is geologically connected with other poorly explored molybdenite occurrences located along the district-scale Lateral Lake stock – country rock contact zone. The MPH Ventures’ claim blocks cover the vast majority of the mineralized intrusive margin of the stock as well as the unexplored central portion of the stock.
The Pidgeon Molybdenum Deposit is located between Dryden and Sioux Lookout, Ontario. The project has an all weather logging road running through the property to the CN Railway 20 km to the north. There is also a major power line running through the property.
Pidgeon Molybdenum Deposit location map:
At the Pidgeon Molybdenum Deposit property, the 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 Analytical Labs in Saskatoon using a four-acid digestion with additional multi-element analysis by induced couple polarization (ICP). A stringent program quality control was employed throughout with duplicates, standards and blanks being entered into the sample stream at 30 sample intervals.
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 and Latin America.
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
JAMES G. PETTIT
For further information contact myself or:
MPH Ventures Corp.
Toll Free: 800-567-8181
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.