Micro-Cap Announces Multiple Positive Drilling Results In One Week

By: AllPennyStocks.com News

July 27, 2009
The gold fields of northeastern Ontario may be likened to a large, unopened cake, on which mining concerns both large and small have been able to feast without fear that the dessert will soon run out. And even recent, cheerier signs that the rest of the economy is gaining strength has not dulled the allure of the shiny yellow metal, nor diminished its place as a safe haven for investors’ money. Prices for gold remain above $900 U.S. even as the recession appeared to be easing elsewhere.

News coming out of the gold reserves in northeastern Ontario provided more evidence, though, that the field is becoming a crowded one. Vancouver-based MPH Ventures Corp. (TSX-Venture:MPS) announced in the next-to-last week of July that promising assay results had come back from a sampling program, and gold mineralization has been confirmed on both its Geneva Lake and Big Mac properties.

Geneva Lake, about 40 kilometres north of Sudbury (a town better known for its nickel properties) is situated in an area with relatively limited historical gold exploration. Assay results indicate appreciable gold contents of 15.9 g/t (grams gold per tonne), 10.4 g/t, 5.3 g/t, and 4.7 g/t from the four samples. Big Mac, another 20 kilometres up the road, hosts a historical gold showing with reported assay results of up to 23.0 g/t gold from a quartz vein, and up to 16.7 g/t gold from the surrounding volcanics.

Earlier the same week, MPH reported assay results for three holes on its 100% owned approximately 3,500 acres Raney Gold Project, southwest of Timmins. A total of 10 diamond drill holes have been completed on the project, one of which intersected 6.52 g/t gold over eight metres which included a 3.5 metre wide grey quartz vein containing four occurrences of visible gold. A second mineralized zone located six metres down hole, assayed 1.01 g/t gold over five metres.

MPS, which also devotes its efforts to mining molybdenum in northwestern Ontario, intends to complete detailed sampling, prospecting, geological mapping and mechanical trenching to further define these promising gold targets. The company is also hard at work on developing a quartz property in the Yukon Territory, consisting of 22 lode quartz claims situated adjacent and to the northeastern of Underworld Resources Inc's White Gold property. MPS is also working on a gold stake on the Red Lake property, elsewhere in the northeast part of the province.

Word of the two strikes in the north this week travelled quickly and translated into a fever of trading activity last week. More than 800,000 shares changed hands in MPS stock in one day, driving the price up more than 14% to eight cents, but as of July 27th, the stock was down to 7.5 cents which is in the middle of a 52-week trading range that bottomed out at 2.5 cents on New Year’s Eve, after peaked at 17.5 cents last August.

Copyright © 2009 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.