MPH Ventures Prepares for Bulk Sample at Pidgeon Molybdenum Deposit in NW Ontario
Tue Oct 7, 11:24 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2008) - MPH Ventures Corp. (TSX VENTURE: MPS.V) (FRANKFURT:IJA1) (the "Company") announces that it has initiated a detailed channel sampling program on its 100% owned Pidgeon Molybdenum Deposit project located at the east end of Lateral Lake, Echo Township, northwestern Ontario.
Pidgeon Molybdenum Deposit location map: mphventurescorp.com
The detailed channel sampling program is now underway and will be conducted over an area that MPH Ventures has already stripped and cleared to expose bedrock. An area of 30 x 40 metres was stripped of overburden and mapped in detail by MPH Ventures geologists.
Picture of Pidgeon Molybdenum Deposit exposed through stripping: mphventurescorp.com
The partial exposure of the deposit and detailed mapping has resulted in a significant new interpretation of the mineralization and suggests strongly that the grade of this deposit could be significantly greater than indicated by surface drilling due to a strong nugget effect in the molybdenum zone.
Close-up of Pidgeon Molybdenum Deposit exposed through stripping: mphventurescorp.com
The Company will also apply to carry out a bulk tonnage sample to obtain a better estimate of the grade of the molybdenum deposit. MPH Ventures has contacted Wardrop Engineering for advice in proceeding with the bulk sampling program on the Pidgeon Molybdenum Deposit including the size of bulk sample and methodology to be used in extracting the bulk tonnage.
On September 29th, MPH Ventures announced it had completed a 31 hole drill program on its Phase 2 program for 2008. The drill program consisted of a series of step out drill holes that was designed to intersect Molybdenum mineralization within 100 metres of surface.
The goal of this drill program was to achieve 20 million tonnes with an average grade of 0.10% Mo of a drill indicated resource. The Company believes it has surpassed this goal and the data acquired will be submitted to Wardrop Engineering for an updated independent resource evaluation to NI 43-101 standards.
The drilling indicates that the size of the molybdenum deposit has been substantially increased. The drilling also indicates that the known molybdenum zone is open along several trends to the west and suggests that significant new tonnage can also be developed in this direction.
Size of Pidgeon Molybdenum Deposit in 2007: mphventurescorp.com
Size of Pidgeon Molybdenum Deposit in 2008: mphventurescorp.com
MPH Ventures is making preparations for a winter 2008-2009 drill program. Significant additional drilling is planned to expand and fully define the deposit.
HIGHLITES FROM PHASE 2 DRILL PROGRAM
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Hole No. From (m) To (m) Length (m) % Mo
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PM8-1 49.3 m 54.3 m 5.0 m 0.601 Mo
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PM8-2 71.5 m 80.8 m 9.3 m 0.308 Mo
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PM8-3 44.2 m 68.6 m 24.4 m 0.043 Mo
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PM8-4 26.5 m 34.2 m 7.7 m 0.510 Mo
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PM8-5 47.9 m 73.8 m 25.9 m 0.075 Mo
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PM8-6 40.2 m 63.8 m 23.6 m 0.101 Mo
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PM8-7 41.7 m 75.3 m 33.6 m 0.108 Mo
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PM8-8 38.9 m 69.3 m 30.4 m 0.091 Mo
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PMB-9 34.7 m 47.9 m 13.2 m 0.172 Mo
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incl 45.4 m 47.9 m 2.5 m 0.940 Mo
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PM8-13 19.2 m 29.2 m 10.0 m 0.055 Mo
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PM8-14 31.7 m 60.7 m 29.0 m 0.178 Mo
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incl 54.3 m 58.7 m 4.4 m 1.060 Mo
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PM8-15 46.2 m 75.2 m 29.0 m 0.069 Mo
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incl 46.2 m 54.2 m 8.0 m 0.220 Mo
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PM8-16 59.1 m 77.1 m 18.0 m 0.078 Mo
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incl 67.1 m 72.1 m 5.0 m 0.150 Mo
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PM8-17 45.8 m 66.8 m 21.0 m 0.067 Mo
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incl 45.8 m 52.8 m 7.0 m 0.110 Mo
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PM8-18 32.6 m 56.0 m 23.4 m 0.377 Mo
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incl 32.6 m 46.9 m 14.3 m 0.900 Mo
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PM8-19 39.8 m 68.1 m 28.3 m 0.163 Mo
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incl 39.8 m 48.7 m 9.9 m 0.440 Mo
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PM8-20 12.8 m 31.4 m 18.6 m 0.157 Mo
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incl 12.8 m 18.8 m 6.0 m 0.370 Mo
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PM8-21 60.0 m 61.0 m 1.0 m 0.150 Mo
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PM8-25 15.4 m 37.0 m 22.6 m 0.051 Mo
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PM8-26 34.6 m 53.9 m 19.3 m 0.073 Mo
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PM8-27 46.8 m 73.6 m 27.0 m 0.019 Mo
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Drilling continues to confirm the Company's opinion that a potential open pit situation exists on the Pidgeon Molybdenum property. The Pidgeon Molybdenum Deposit property has excellent infrastructure with an all weather road going across the property, location to a paved highway is only 10 km to the south, and location to the major Trans Canada CN rail line is only 10 km to the north of the property.
As a summary, MPH Ventures has now completed 2 phases of diamond drilling on the Pidgeon Molybdenum Deposit project. The Company also had a resource estimate completed by Wardrop Engineering in 2007. (see Wardrop Engineering report filed on SEDAR November 27, 2007)
GEOLOGY OF THE PIDGEON MOLYBDENUM DEPOSIT
Molybdenite on MPH Ventures Pidgeon Molybdenum Deposit occurs in all vein and veinlets as well as in the intensely altered rock. The molybdenite is nuggety within the alteration and extremely nuggety within the quartz veins, particularly within the larger veins. It is this nuggety nature that suggests that the grade may be significantly under estimated from drill hole results. Large clots of molybdenite observed within the quartz veins were seldom, if ever, observed in drill core. There is no association with any other elements. This would suggest simple mill circuitry and a clean concentrate.
The mineralization has a known continuous strike length of 1700 metres with an average true width of 25 metres. The mineralization has a relatively shallow dip to the southeast and occurs from surface to depths below 200 metres. The geometry of the deposit is highly amenable to open pit extraction mining with a very low stripping ratio.
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 VENTURE: MPS.V) visit the Company's web site at www.mphventurescorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT, President
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.
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.
Contacts
James G. Pettit
MPH Ventures Corp.
President
(604) 687-3376 or Toll Free: 1-800-567-8181
(604) 687-3119 (FAX)
Don Myers
MPH Ventures Corp.
Director
(604) 687-3376 or Toll Free: 1-800-567-8181
(604) 687-3119 (FAX)
Email: info@mphventurescorp.com
Website: www.mphventurescorp.com |
