(TSX-V:
MPS)
NEWS RELEASE
February
28, 2008
1st Phase
Drilling Completed at High-Grade Pidgeon Molybdenum Deposit
in NW Ontario
Vancouver,
BC – MPH Ventures Corp. (TSX-V: MPS) (FWB:
IJA1)
(the “Company”) announces further assay results from its
Phase 1 2007 / 2008 diamond drill program at its Pidgeon Molybdenum Deposit
located in NW Ontario. The project is located in close proximity to the Trans
Canada Highway in an area of well developed highway, rail and electrical
power infrastructure. A significant tonnage of near-surface high-grade
molybdenum mineralization was discovered by Rio Algom and Dickenson Mines
(now Goldcorp) at the property in the late 1970’s. Details on
project location, history and resource estimates have been previously
released by MPH Ventures.
Feb.
2008 3D Video on Pidgeon Molybdenum Deposit:
http://www.mphventurescorp.com/i/misc/PM2.wmv
MPH
Ventures has now completed 16 delineation diamond drill holes totaling 3032 metres for the
Phase 1 Exploration Program on its Pidgeon Molybdenum Deposit project. In
addition, approximately 69 line kilometres of ground magnetic data was
collected on a cut grid covering the eastern end of the stock and greenstone
country rocks.
The
compilation of data from the Phase 1 program is ongoing at present and a
significant portion of the assays from 16 completed drill holes have yet to
be received. Assays results from the first 6 drill holes were
previously released on by MPH Ventures on January 21st and
February 7th 2008.
Phase
1 Mo Mineralization Confirmation Drill Program:
Nine
diamond drill holes (PM07-1 to PM07-9) were completed to confirm historic
mineralized intercepts at the property. Geologic data and intercepted
Mo mineralization in these holes has confirmed the historic geologic and
assay data and is being used to refine the resource model.
The
following three geologic logs from Phase 1 holes PM07-1, PM07-5 and PM07-9
illustrate the nature of the geology and mineralization encountered in the
nine hole confirmation drilling program.
PM07-01
was drilled NNW at 55 degrees to intercept the SE portion of the main
historic mineralization zone. The hole passed through 24.7 metres of
glacial over burden and into a metasedimentary sequence. The sediments
continue to the granite contact at 96.9 metres.
The granite is cut by abundant pegmatite veining to the bottom of the hole at
146.9 metres.
Disseminations and clusters of MoS2 were intercepted within
pegmatite veins and in the granite wall rocks from 112.5 to 145.0 meters (assays
previously released, 32.5
metres of 0.11% Mo).
PM07-5
was drilled NNW at 50 degrees to intercept the central portion of the main
historic mineralization zone. The hole passed through 23.5 metres of
glacial over burden and into a metasedimentary sequence. The sediments
continue to the granite contact at 134.5 metres.
The granite is cut by abundant pegmatite veining to the bottom of the hole at
222.0 metres.
Disseminations and clusters of MoS2 were intercepted within
pegmatite veins and in the granite wall rocks from 135.5 to 178.5 metres (assays
previously released, 46.5
metres of 0.14% Mo).
PM07-9
was drilled NNW at 50 degrees to intercept the northern portion of the main
historic mineralization zone. The hole passed through 10.9 metres of
glacial over burden and into a metasedimentary/metavolcanic sequence which is
cut by gabbroic and plagioclase porphyry dikes. The sediments and
greenstones continue to the granite contact at 109.6 metres. The
granite is cut by abundant pegmatite veining to 212.2 metres. Weakly
altered granite then continues to the bottom of the hole at 246.3 metres. Disseminations
and clusters of MoS2 were intercepted within pegmatite veins
and in the granite wall rocks from 125.9 to 189.0 metres (assays
reported below).
Phase
1 Extension and Exploration Drill Program:
Seven
of the Phase 1 program drill holes were targeted at depth and lateral
extensions of known mineralization and at geologic targets outside the areas
of known mineralization. Zones of well developed MoS2 mineralization
were intercepted in all of these extension and exploration holes.
These
seven holes represent the initiation of the most important part of the MPH
Ventures exploration program at the project, to discover significant
additional tonnage of MoS2 mineralization.
The
data from these holes is being compiled and will be used, along with other
historic data, to target a much more extensive exploration drill program at
the project. It is anticipated that the Phase 2 Exploration Program
will commence in early spring 2008.
Phase
1 Mo Mineralization Extension Drilling:
PM07-10
was drilled NNW at 60 degrees to test the depth extent of the central portion
of the main historic mineralization zone. The hole passed through 3.5 metres of glacial
overburden and into a metasedimentary/metavolcanic sequence which is cut by
gabbroic and plagioclase porphyry dikes. The sediments and greenstones
continue to the granite contact at 250.40 metres. The
granite is cut by abundant pegmatite veining to the bottom of the hole at 373.50 metres.
Disseminations and clusters of MoS2 were intercepted within
pegmatite veins and in the granite wall rocks from 266.6 to 288.0 metres (assays
reported below).
Two
highly anomalous gold values were intercepted in this hole. A narrow, quartz
veined and mineralized shear zone with abundant chalcopyrite and phyrotite
was intercepted from 161.8 to 162.4 metres within chlorite altered
greenstones. A gold assay of 1.47 g/t was returned from this zone. A
second zone of highly anomalous gold was intercepted from 320.6 to 325.1 metres within
sheared granite containing pyrite, chalcopyrite and phyrotite. A gold
assay of 2.51 g/t was returned from this zone.
MPH
Ventures has now received assays results for drill holes 7, 8, 9, and 10 at
its Pidgeon Molybdenum Deposit project.
HOLE_ID
|
From M.
|
To M.
|
Length M.
|
Mo %
|
Au gm/t
|
PM08-7
|
10.0
|
11.0
|
1.0
|
0.07%
|
|
|
11.0
|
12.0
|
1.0
|
0.03%
|
|
|
16.0
|
16.5
|
0.5
|
0.03%
|
|
|
82.5
|
87.5
|
5.0
|
0.06%
|
|
including
|
84.5
|
86.5
|
2.0
|
0.14%
|
|
|
93.5
|
97.5
|
4.0
|
0.17%
|
|
including
|
96.0
|
97.0
|
1.0
|
0.45%
|
|
|
105.5
|
114.0
|
8.5
|
0.10%
|
|
including
|
106.5
|
108.0
|
1.5
|
0.31%
|
|
|
123.0
|
124.0
|
1.0
|
0.04%
|
|
PM08-8
|
173.5
|
178.5
|
5.0
|
0.03%
|
|
|
190.0
|
194.5
|
4.5
|
0.14%
|
|
including
|
190.0
|
191.5
|
1.5
|
0.34%
|
|
|
203.5
|
204.5
|
1.0
|
0.06%
|
|
|
213.5
|
224.6
|
11.1
|
0.01%
|
|
PM08-9
|
62.5
|
66.8
|
4.3
|
|
0.02 gm
|
|
125.9
|
144.0
|
18.1
|
0.08%
|
|
including
|
130.9
|
132.9
|
2.0
|
0.11%
|
|
including
|
135.6
|
144.0
|
8.4
|
0.14%
|
|
including
|
137.9
|
143.1
|
5.2
|
0.24%
|
|
|
151.0
|
157.4
|
6.4
|
0.11%
|
|
|
173.8
|
174.9
|
1.1
|
0.05%
|
|
|
180.0
|
189.0
|
9.0
|
0.06%
|
|
including
|
183.3
|
189.0
|
5.7
|
0.08%
|
|
PM08-10
|
161.8
|
162.4
|
0.6
|
|
1.47 gm
|
|
232.7
|
237.0
|
4.3
|
|
0.58 gm
|
|
273.7
|
275.0
|
1.3
|
|
0.65 gm
|
|
320.6
|
325.1
|
4.5
|
|
2.51 gm
|
|
266.6
|
267.8
|
1.2
|
0.15%
|
|
|
282.8
|
288.0
|
5.2
|
0.17%
|
|
including
|
286.8
|
288.0
|
1.2
|
0.70%
|
|
Four goals were established for
the Phase 1 Exploration Program:
1. Confirm historic assay
intervals and geology in established resource areas.
2. Extend known mineralization by
drilling down dip and along strike of known zones.
3. Begin exploration for new MoS2
resources by drilling untested targets outside the historic resource
areas.
4. Mapping of the eastern margin
of the stock and intruded greenstones through thin glacial till cover with
the use of ground magnetic data collected on a surveyed grid.
To date, the program has been
successful in meeting all four of these goals. Compilation and analysis
of collected geophysical, geologic and assay data from the program is
underway. Once completed, this compilation will be used to develop
drill targets for the Phase 2 drill program at the project.
The large and strategic land
holdings of MPH Ventures will enable the Company to fully explore this large
area of proven molybdenum mineralization potential.
Pidgeon Molybdenum Deposit Claims Map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-area-map.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 analysis by induced couple polarization
(ICP). A stringent program of check, blank and duplicate sampling was
employed throughout with duplicates, standards and blanks being entered into
the sample stream at regular 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 gold,
silver, and molybdenum 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
“Don Huston”
________________________________
DONALD C. HUSTON
Director
Share Outstanding
25.8 million
|