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(TSX-V:
MPS)
NEWS RELEASE
March 26,
2008
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:
http://www.mphventurescorp.com/i/misc/PM2.wmv
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:
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HOLE NO.
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FROM
M.
|
TO
M.
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LENGTH M.
|
%Mo
|
|
PM08-11
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225.60
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230.60
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5.00
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0.272
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PM08-12
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94.00
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110.50
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16.50
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0.040
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PM08-13
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91.40
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105.80
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14.40
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0.050
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PM08-14
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21.70
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50.90
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29.20
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0.059
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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:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-Fig_41.gif
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
“Jim Pettit”
________________________________
JAMES G. PETTIT
President
Share Outstanding
25.8 million
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