MPH Ventures, a Canadian miner, has acquired a 100% interest in the North Albany graphite project located within the Porcupine district of Northern Ontario from an undisclosed seller.
As per the cash-and-stock deal, the company will pay $15,000 and will issue 3 million common shares in the capital of the company to arm’s-length vendors.
The project comprises 16 mineral claims covering approximately 256 hectares, contiguous to the north of Zenyatta Ventures’ Albany (vein type) graphite deposit discovery.
MPH Ventures president Jim Pettit stated that the company is delighted with the acquisition of North Albany, which is complementary to the company’s 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," added Petit.
MPH Ventures also owns a 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’s portfolio also include the Godfrey Gold property in West Timmins, the Raney gold project and the grass roots exploration Shining Gold property.
Zenyatta, meanwhile, recorded intervals of 146m of 5.2% graphite, 177m of 5.3% graphite, 186m of 4.9% graphite and 125m of 4.6% graphite, respectively.