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(TSX-V: MPS)
NEWS RELEASE
July 22, 2008
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.
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 molybdenum mineralization 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
|
Hole
No.
|
From
(m)
|
To
(m)
|
Length
(m)
|
%
Mo
|
|
|
|
|
|
|
|
PM
08-1
|
49.3
|
55.3
|
6
|
0.51%
|
|
incl
|
49.3
|
50.3
|
1
|
1.36%
|
|
|
|
|
|
|
|
PM
08-2
|
70.3
|
75.3
|
5
|
0.06%
|
|
|
79.8
|
81.8
|
2
|
0.05%
|
|
|
|
|
|
|
|
PM
08-3
|
22.4
|
26.0
|
3.6
|
0.12%
|
|
|
44.2
|
48.4
|
4.2
|
0.07%
|
|
|
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%
|
|
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%
|
|
|
67.3
|
76.3
|
9.0
|
0.12%
|
|
Partial
Assays
|
|
|
|
|
|
PM
08-6
|
40.2
|
50.3
|
10.1
|
0.20%
|
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 2
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
Share Outstanding
30.4 million
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