(TSX-V:
MPS)
NEWS RELEASE
September 29, 2008
MPH Ventures Drills 23 Metres of .38% Mo & 29 Metres of .18% Mo
Near Surface at
Pidgeon Molybdenum Deposit in NW Ontario
Vancouver,
BC ? MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the ?Company?) is
pleased to provide assay results on the completion of the company's 2008 phase 2 drill 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:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41.gif
MPH Ventures
completed a 31 hole drill program on its Phase 2 program for 2008. Assays
have now been received for all holes drilled in this program. The drill
program consists 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 now be submitted 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. The stripping and drilling carried out in
2008 by MPH Ventures indicate that significant new tonnage could also be
added along the footwall on the mineralized body along its entire length
(approx. 1700 metres), as this area has never been adequately drilled.
MPH Ventures is
assimilating all new drill information and mapping into its data base, and is
making preparations for a winter 2008-2009 drill program. Significant
additional drilling is planned to expand and fully define the deposit.
PHASE 2 DRILL HOLE SUMMARY
Hole
No.
|
From
(m)
|
To
(m)
|
Core
Length (m)
|
%
Mo
|
PM8-1
|
49.3
m
|
54.3
m
|
5.0
m
|
0.601
Mo
|
PM8-2
|
71.5
m
|
87.0
m
|
16.5
m
|
0.027
Mo
|
incl
|
71.5
m
|
80.8
m
|
9.3
m
|
0.308
Mo
|
PM8-3
|
44.2
m
|
68.6
m
|
24.4
m
|
0.043
Mo
|
PM8-4
|
26.5
m
|
34.2
m
|
7.7
m
|
0.510
Mo
|
PM8-5
|
47.9
m
|
73.8
m
|
25.9
m
|
0.075
Mo
|
PM8-6
|
40.2
m
|
63.8
m
|
23.6
m
|
0.101
Mo
|
PM8-7
|
41.7
m
|
75.3
m
|
33.6
m
|
0.108
Mo
|
PM8-8
|
38.9
m
|
69.3
m
|
30.4
m
|
0.091
Mo
|
PMB-9
|
34.7
m
|
47.9
m
|
13.2
m
|
0.172
Mo
|
PM8-10
No significant values
|
PM8-11
No significant values
|
PM8-12
No significant values
|
PM8-13
|
19.2
m
|
29.2
m
|
10.0
m
|
0.055
Mo
|
PM8-14
|
31.7
m
|
60.7
m
|
29.0
m
|
0.178
Mo
|
PM8-15
|
46.2
m
|
75.2
m
|
29.0
m
|
0.069
Mo
|
PM8-16
|
59.1
m
|
77.1
m
|
18.0
m
|
0.078
Mo
|
PM8-17
|
45.8
m
|
66.8
m
|
21.0
m
|
0.067
Mo
|
PM8-18
|
32.6
m
|
56.0
m
|
23.4
m
|
0.377
Mo
|
PM8-19
|
39.8
m
|
68.1
m
|
28.3
m
|
0.163
Mo
|
PM8-20
|
12.8
m
|
31.4
m
|
18.6
m
|
0.157
Mo
|
PM8-21
|
60.0
m
|
61.0
m
|
1.0
m
|
0.150
Mo
|
PM8-22
No significant values
|
PM8-23
No
significant values
|
PM8-24
No significant values
|
PM8-25
|
15.4
m
|
37.0
m
|
22.6
m
|
0.051
Mo
|
PM8-26
|
34.6
m
|
53.9
m
|
19.3
m
|
0.073
Mo
|
PM8-27
|
46.8
m
|
73.6
m
|
27.0
m
|
0.019
Mo
|
PM8-28
No significant values
|
PM8-29
No significant values
|
PM8-30
No significant values
|
PM8-31
No
significant values
|
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)
The Wardrop Report
recommended a drill program to confirm the location, continuity, grade and geometry
of the molybdenum deposit as outlined by Rio Algom in 1981 (11,477 metres
drilled in total).
MPH Ventures
successfully carried out a 16 hole Phase 1 drill program (3,061 metres) to
meet and confirm the Wardrop criteria in reporting a molybdenum deposit
on the Pidgeon Molybdenum Deposit property. (see news release March 26 2008)
The Company
completed an additional 31 hole Phase 2 drill program (2,462 metres) on
the Pidgeon Molybdenum Deposit project from May to July 2008. The objective
was to significantly increase the tonnage (size) of the known molybdenum
deposit.
In addition to the
drilling, an area of 30 metres by 40 metres was stripped of overburden and
mapped in detail by MPH Ventures geologist. The Company will also be carrying
out a bulk sample from the stripped area to obtain a better estimate of the
likely grade of the deposit. This size of area would produce 2,430 tonnes per
vertical metre. Channel sampling of the proposed bulk sample area is now
being undertaken.
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.
GEOLOGY OF THE
PIDGEON MOLYBDENUM DEPOSIT
The Pidgeon
Molybdenum deposit consists of molybdenum mineralization that occurs in a
zone of vein filled hydro fracturing in compositionally banded granite. Major
veins are 1 to 2 metres wide and trend at 110 degrees. A second set of
veinlets 10 to 20 cm wide trends at 70 degrees. Intense alteration extends 1
to 2 metres out from the larger veins that trend at 110 degrees. This same
alteration extends 30 to 40 cm out from the veinlets that trend at 70
degrees.
Molybdenite 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.
At the Pidgeon
Molybdenum Deposit property, 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.
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
Share Outstanding
34.7 million
|