MPH Ventures Corp. has acquired a 100-per-cent interest in the North Albany Property consisting of 16 mineral claims covering approximately 256 hectares located within the Porcupine district of Northern Ontario, contiguous to the north of Zenyatta Ventures Ltd.'s Albany (vein type) graphite deposit discovery.
Zenyatta recently announced intervals of 146 metres of 5.2 per cent graphite, 177 metres of 5.3 per cent graphite, 186 metres of 4.9 per cent graphite and 125 metres of 4.6 per cent graphite, respectively (see Zenyatta Ventures news release dated July 2, 2013).
Zenyatta is in the early stages of exploring and developing a very high grade hydrothermal breccia pipe hosted graphite deposit it discovered in 2011 in northern Ontario, Canada. The graphite forms the matrix of the well-developed beccia pipe. It is the largest and only known graphite deposit of this type under development in the world. Hydrothermal graphite is the purest graphite and commands a higher price than flake or amorphous. Uses today for graphite include electric cars, tablets and smart phones, among others. Global demand for high purity graphite is growing.
The breccia pipe that was discovered by Zenyatta is concealed by glacial till and a thin horizon of limestone. Lack of abundant outcrop in the region is likely to contribute to increased exploration potential for similar occurrences by using various airborne geophysical methods including magnetics and EM.
The fact the developing occurrence at Albany is contained within a robust breccia pipe feature is also highly encouraging for the regional exploration potential as breccia pipes of the scale being explored by Zenyatta commonly occur as clusters, within the prospective area.
MPH Ventures President Jim Pettit stated, "The Company feels this is a great acquisition and is complimentary to MPH Ventures other projects all located in northern Ontario. This now gives MPH Ventures exposure to one of the best new discoveries in Ontario. MPH Ventures now has projects with interests in gold, base metals, and specialty (industrial) minerals".
MPH Ventures primary asset is the 3,420 acres Pidgeon Molybdenum Deposit located in Northwestern Ontario which was acquired from BHP Billiton and Goldcorp with a significant NI 43-101 molybdenum resource. The Company has completed two drill programs to date totaling approximately 100 drill holes. The project is accessible year round and development plans include increasing the resource base which remains open in all directions, conducting regional exploration and carrying out metallurgical testing for recovery of molybdenum and by-products.
The Company also owns 100% of three non-contiguous gold exploration properties located in Timmins Northeastern Ontario. These properties are located throughout various mineral rich mining camps and include the Godfrey Gold property in West Timmins, the Raney gold project and the grass roots exploration Shining Gold property.
Robert Marvin, P.Geo., CPG, Company geologist for MPH Ventures is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release
In consideration for the North Albany property, MPH Ventures will pay $15,000 and will issue 3 million common shares in the capital of the Company to arm's-length vendors. This agreement is subject to approval of the TSX Venture exchange.