The property consists of 16 mineral claims comprising about 256 hectares located within the Porcupine district of Northern Ontario, contiguous to the north of Zenyatta Ventures’ Albany (vein type) graphite deposit discovery.
Under the terms of the acquisition, MPH will pay $15,000 and will issue 3 million common shares in the capital of the company to arm’s-length vendors.
The transaction is subject to approval of the TSX Venture exchange.
MPH Ventures president Jim Pettit said that the latest acquisition is complimentary to the company’s other projects 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," Pettit added.
MPH Ventures primary asset is the 3,420 acres Pidgeon Molybdenum Deposit located in Northwestern Ontario. The company also owns 100% of three non-contiguous gold exploration properties located in Timmins Northeastern Ontario.
