MPH Ventures Drills 23 Metres of .38% Mo & 29 Metres of .18% Mo Near Surface at Pidgeon Molybdenum Deposit in NW Ontario
MPH Ventures Corp. 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.
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.
MPH Ventures Corp. is a molybdenum and precious metal exploration company focused on mineral development within Canada.
For further information on MPH Ventures Corp. visit the Company’s web site at www.mphventurescorp.com .
