New Cantech Ventures Inc.
New Cantech Ventures Inc. Announces 182% Increase In Indicated Molybdenum (Mo) Resource With 0.03% Cutoff
Corporate News transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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New Cantech Ventures Inc. Announces 182% Increase In Indicated Molybdenum
(Mo) Resource With 0.03% Cutoff
Update of Drilling Deep Hole LS06-68
December 12, 2006
Updated Resource Calculation
New Cantech Ventures Inc. (‘Cantech’) (TSXV:NCV, FSE:C7X), is pleased to
announce it has received an updated estimate of mineral resources for the
Cantech’s Lucky Ship Molybdenum Property as prepared by Dr. N.C. Carter
P.Eng., an independent Qualified Person as defined by National Instrument
(NI) 43-101. In preparing this estimate, Dr. Carter reviewed technical
information acquired and compiled on behalf of Cantech by D.G. MacIntyre,
Ph.D., P.Eng., a qualified person. A NI 43-101 compliant technical report
detailing these mineral resource estimates will be prepared and filed in
SEDAR within 45 days of the date of this news release.
The mineral resource estimates are based on the results of more than 9,000
metres of diamond drilling in 47 holes completed by New Cantech since
mid-2005 and, in part, on results obtained from 11,000 metres of diamond
drilling (23 holes) undertaken by Amax Exploration Inc. between 1964 and
1968.
The current exploration program, which has been underway since late June,
included the completion of an additional 17 definition drill holes to
expand upon previously identified Indicated Mineral Resources (see the
previous NI 43-101 Technical Report prepared by Dr. Carter for Cantech and
filed in SEDAR.com). The updated estimates, which include estimates of
resources at a cutoff grade of 0.090% Mo for the first time, more than
double the previously reported estimates of Indicated Mineral Resources at
cutoff grades of 0.030% and 0.060% Mo.
Preliminary estimates of Indicated Mineral Resources at various cutoff
grades are summarized in the following table.
Indicated Mineral Resources
Mo Cutoff Grades(%) Tonnes (millions) Mo % Contained Mo (M lbs)
0.030 54.8 0.070 85.1
0.060 29.1 0.090 58.0
0.090 10.6 0.120 28.0
The foregoing mineral resource estimates have been prepared pursuant to CIM
Standards on Mineral Resources and Reserves referred to in National
Instrument 43-101, Standards of Disclosure for Mineral Projects. Resources
were calculated for eight individual drill hole-cross sections, spaced 50
metres apart, and employing the following parameters: Cutoff grades –
0.030%, 0.060% and 0.090% Mo; Area of influence for individual drill holes
on section – midway point between drill holes; Area of influence for
individual cross-sections – midway point between sections. The specific
gravity of 2.569 used for these estimates is the average value of 79
specific gravity determinations undertaken since June of this year. Note
that these are mineral resources and do not have demonstrated economic
viability.
Molybdenum mineralization, as molybdenite (MoS2 = molybdenum disulphide),
occurs in quartz veins, veinlets and in fractures hosted by an
intrusive-breccia complex and is best developed within an annular zone or
shell around the perimeter of a 240 x 170 metres granite porphyry
intrusion. Widths of the mineralized zone, as defined by a 0.030% Mo
cutoff, range from 90 to 270 metres with the thickest portions developed
along the eastern and western margins of the granite intrusion. The
definition drilling has tested the annular mineral zone to depths of
between 200 and 400 metres below surface and the zone remains open to
depth.
Update of Drilling of Deep Drill Hole LS06-68
As stated in previous news releases, deep hole LS06-68 was stopped in mid
September when highly fractured rock was encountered at 267.3 metres depth.
Cantech subsequently hired Cyr Drilling of West Saint Paul, Manitoba to
complete this hole. A drill was mobilized onto the property and drilling
re-commenced on _____, 2006. Delays in resuming this hole were related to
heavy snowfall in the area which required plowing of over 30 kilometres of
logging road to get the drill on site.
Presently drilling is at 510 metres below surface and is expected to
continue to a target depth of 1100 metres after the drillers take a
Christmas break. The first of the assays results are expected in early
January 2007 and will be released by Cantech as soon as such results are
received.
This hole is being drilled at azimuth 325 degrees and inclination -87
degrees and is targeting a zone of molybdenum mineralization that was
encountered in hole LS06-61 and two previous Amax drill holes, LS65-12 and
LS65-16 between 500 to 760 metres below surface. There is no drill hole
information below 760 metres from surface in the area of these
intersections and it is currently not known how much deeper the molybdenum
mineralization extends to. If hole LS06-68 goes to its target depth it
will test the deposit to a depth of approximately 1100 metres below
surface.
Qualified Persons
Dr. N.C. Carter P. Eng., an independent Qualified Person as defined by
National Instrument (NI) 43-101, has reviewed and approved the technical
disclosure relating to his past and his updated Resource Calculation in
this news release.
Dr. Donald G. MacIntyre, P.Eng., a qualified person under National
Instrument 43-101, has been supervising Cantech’s 2006 Phase 3 Drill
Program and has reviewed and approved the technical disclosure relating to
the drilling of Hole LS06-68 in this news release.
For more information please contact Dalton B. DuPasquier, President & CEO
of New Cantech Ventures Inc., at (604) 541-7288 or visit Cantech’s website
at http://www.newcantech.com.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Dalton DuPasquier’
NEW CANTECH VENTURES INC.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein.
Kontakt Deutschland:
Value Relations GmbH
Tel. 069 959246-13
Fax: 069 959246-20
C7X@ir-services.de
(c)DGAP 12.12.2006
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