Wed Jan 9, 2008
Drilling Resumes on Pidgeon Molybdenum Deposit Project, NW Ontario
Vancouver, BC -- MPH Ventures Corp. (TSX-V: MPS) (the "Company") announces that drilling has resumed at its 3,420 acres Pidgeon Molybdenum Deposit project situated approximately 50 kilometres east from the city of Dryden, District of Kenora, Northwestern Ontario.
Click Here for Pidgeon Molybdenum Deposit claims map
The Company completed 7 drill holes totaling 1210 metres by 2007 year end at its Pidgeon Molybdenum Deposit project. All samples have been submitted for analysis to the TSL laboratory in Saskatoon and MPH Ventures expects to have the first batch of assay results available for release shortly.
This continuing 10,000 metre diamond drill program has been designed to verify and confirm the historic data recently compiled by Wardrop Engineering Inc. The 2008 drill program will comprise a significant program of infill drilling to improve the confidence of the molybdenum resource to a level sufficient for an economic assessment.
"We look forward to the continuation of our drill program at the Pidgeon Molybdenum Deposit project, which should advance the project to the next level", stated MPH Ventures President Jim Pettit. "We have a fully winterized camp to support our drilling activities and a strong cash position to aggressively pursue this exciting project" stated Mr. Pettit.
MPH Ventures received in November 2007 a National Instrument 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 MPH Ventures 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 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 NI 43-101 standards and therefore could not be relied upon.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
Weitere Infos unter:
http://www.mphventurescorp.com/s/Home.asp |
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