(TSX-V:
MPS)
November
27, 2007
NEWS RELEASE
Confirmation
Drilling Begins on Moly Deposit, NW Ontario
NI 43-101 Report Received from Wardrop Engineering
Vancouver, BC – MPH Ventures Corp. (TSX-V:
MPS) (the “Company”) announces a
diamond drill has now mobilized to its Pidgeon Molybdenum Deposit project. The proposed 10,000 metre diamond drill
program is to start immediately, with an initial 4,000 metres to
verify and confirm the historic data recently compiled by Wardrop Engineering
Inc. Infill drilling will then be done to improve the confidence of the
molybdenum resource to a level sufficient for an economic assessment.
MPH
Ventures has also initiated a 70 km detailed grid and will complete a
magnetometer survey over the grid.
Past reports on the Pidgeon Molybdenum Deposit project from T.
Bottrill for BHP Billiton (Sept. 17, 1979) and consulting engineering firm
Strathcona Mineral Services Ltd. for BHP Billiton (July 16, 1980) indicate
the contained tonnage in the mineralized zone varies from Strathcona’s
report of 9,000,000 tonnes drill indicated at 0.096% molybdenum to as much as
T. Bottrill’s report of 55,000,000 tonnes inferred with grades of
0.081% molybdenum. The historic estimates were based on a total of 76
variably spaced diamond drill holes completed on the property. The historic
resources were not calculated to National Instrument 43-101 standards and
therefore could not be relied upon.
The
Company has received an NI 43-101 standard resource estimate from Wardrop Engineering
Inc. (“Wardrop”) based on historical data. Wardrop has determined
that the Pidgeon Molybdenum Deposit contains an inferred molybdenum resource
of 8.5 million tonnes grading .099% molybdenum and that the
mineralization has been calculated down to a total depth of 150 metres. The
resource is contained in a mineralized shell, which is about 1300 metres long
and 60 metres thick. The area containing the inferred resource in the report
accounts for only 450 metres of the total strike length of the mineralized
shell. The Pidgeon Molybdenum Deposit remains open in all directions. There
is very good potential of increasing the resource by drilling off the deeper
portions of the mineralized shell as well as untested strike extensions.
Wardrop has recommended that
initial confirmation drilling would increase the confidence level of the moly
resource and move the resource from the inferred to the drill indicated
category. Wardrop also concludes there is a good chance of increasing the
tonnage of the resource, which could make the economics more attractive.
It is the Company’s
intention to quickly verify and confirm the existing resource as indicated by
the Wardrop Report as well as to undertake an expansion program with the goal
of significantly increasing the mineral resource of the Pidgeon Molybdenum
Deposit.
Past data includes several diamond
drill programs evaluating the deposit from the 1950’s to the
1980’s. An exploration adit was driven, and a bulk sample was taken for
metallurgical testing in 1955. The most complete work was last done in 1979
and 1980 by Rio Algom (BHP Billiton) including diamond drilling. Strathcona Mineral Services Ltd. completed a
preliminary economic study at that time.
Wardrop also recommends that all
cores from new diamond drilling be sampled, as it has been noted in previous
reports that there are significant intervals, especially in the Aplitic
dikes, that were not split or sampled. Molybdenum disulfide (MoS2)
mineralization was observed in these un-sampled intervals and new assay data
would help to reduce internal waste dilution that has been noted.
These types of moly deposits
typically occur in multiple lenses or mineralized shells that are stacked
above each other within the porphyritic stock. The introduction of the
molybdenum mineralization appears to be related with the intrusion of the
Aplitic dikes and hosts the bulk of the mineralization to date. The bulk of
the mineralization from past data occurs in a shell near the margins of the
monzonite stock work where the quartz vein stock work also cuts across the
Aplitic dikes.
The Company announced on November
21st it has acquired, through staking of claims and by optioning
of claims, an additional 2900 acres in 14 claim blocks that completely
surrounds the patented leased claims MPH Ventures recently purchased from BHP
Billiton and Goldcorp, as noted in past News Releases.
Updated Pidgeon Molybdenum Deposit claims map:
http://www.mphventurescorp.com/s/Image.asp?i=maps/MPS-ON-Pidgeon-area-map.gif
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
“Jim Pettit”
________________________________
JAMES G. PETTIT
President
Share Outstanding
23.6 million
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