New Cantech Ventures Inc.
New Cantech Ventures Inc. Announces Results for the Last 3 holes of the 2006 Phase 3 Drilling Program on its Lucky Ship Molybdenum Property
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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Drilling to Extend Hole LS06-68 to 1100 Metres to Commence Shortly
November 7, 2006
As announced in its October 12, 2006 news release, New Cantech Ventures
Inc. (‘Cantech’) (TSXV:NCV, FSE:C7X), has completed seventeen drill holes
(LS06-52 to 68) totaling 4,484 metres on its Lucky Ship porphyry molybdenum
property located 85 kilometres by road south of Houston, B.C. Cantech
previously released the assay results from the first 14 holes (LS06-52 to
65) in three separate press releases and is now releasing assay results for
the last three drill holes (LS06-66 to 68). The following tables summarize
significant drill hole intersections for previously released drill holes
(LS06-52 to 65) and the 3 holes (LS06-66 to 68) that are part of this
release.
The results for drill holes LS06-52 to 65 have been described in a previous
news release and are not included here. The last hole reported in the
previous press release was LS06-65. Hole LS06-66 was collared 50 metres
east of this hole on line 18+50E. This hole intersected the molybdenum zone
between 35 and 181 metres. This interval, which is at the eastern edge of
the molybdenum zone averaged 0.049% Mo over a core length of 146 metres.
This, and adjacent holes indicate that molybdenum grades drop off gradually
away from the central granite porphyry intrusion with the highest grades
closest to the intrusive contact. As discussed in a previous news release,
hole LS06-67 was the initial attempt to drill a deep hole on the property.
It was a vertical hole collared outside the molybdenum zone and only
reached a depth of 50.9 metres before it was abandoned due to poor core
recovery in highly fractured rock. The drill was then moved 80 metres
south of this setup and a second attempt to complete a deep hole reached a
depth of 267 metres before drilling was terminated again due to highly
fractured rock. This hole, LS06-68, was drilled at azimuth 325 degrees and
inclination -87 degrees and was designed to intersect the same target area
at depth as hole LS06-67. The hole was collared at the northern edge of
the molybdenum zone and intersected sporadic mineralization from 15 to 89
metres with the best grade being a 2 metre interval of 0.419% Mo near the
top of the hole.
Status of Deep Hole
As previously stated, except for the completion of the deep hole, Cantech
has completed Phase 3 drilling program on the Lucky Ship Property. As was
announced previously the last hole planned for the summer 2006 drill
program was intended to be a deep hole (1100 metres) that would test an
area on the northwest side of the deposit that could contain an additional
Mo resource at depth.
Previously Released
Drill hole Si- Ho- Ea- No- El- Az- Dip Le- St-
informat- gn- le- st- rt- ev- i– ng- ar-
ion if- Nu- in- hi- .
– muth th- t
–
icant mber g
– ng- (m- (m- (m.)
drill (NAD (NAD et- et-
hole 83) 83) res) res)
in-
te-
rs-
ec-
ti-
ons
End
(m.) Len LS0 599 598 1098 143 -60 270 67
gth 6-52 552 7218 .1
@
Grade
%Mo
75 8.0m LS0 599 598 1045 318 -45 190 3
@ 6-53 674 7156 .5
0.2
08
153 150 Inc 27
.0m lud
@ ing
0.0
69
87 60.0m LS0 599 598 1044 328 -45 303 6
@ 6-54 694 7192 .6
0.1
08
266 260 Inc 6
.0m lud
@ ing
0.0
84
42 36.0m
@
0.1
63
LS0 599 598 307
6-55 739 7216 1043 325 -45 .54 162
84.0m
@
0.0 LS0 599 598 358
246 74 6-56 781 7238 1046 325 -45 .14 213
140
.0m
@ Inc
0.0 lud
353 66 ing 213
36.0m
@
0.1 LS0 599 598 312
249 36 6-57 810 7280 1055 325 -45 .42 173
112
.0m
@ Inc
0.0 lud
285 65 ing 179
48.0m
@
0.1 LS0 599 598 300
227 08 6-58 844 7308 1054 325 -45 .23 15
164
.0m
@ Inc
0.0 lud
179 64 ing 103
62.0m
@ Inc
0.1 lud
165 07 ing 147
14.0m
@
0.2 LS0 599 598 258
161 06 6-59 874 7356 1058 325 -45 .17 9
88.0m
@
0.0 LS0 599 598 400
97 68 6-60 711 7093 1005 325 -45 .81 45
355
.8m
@ Inc
0.0 lud
400.81 75 ing 113
232
.0m
@ Inc
0.0 lud
345 95 ing 153
20.0m
@
0.2 LS0 599 598 519
173 03 6-61 748 7122 998 325 -45 .38 41
80.0
@ inc
0.0 lud
121 72 ing 75
14.0
@
0.1
89 22 257
262.0
@ Inc
0.0 lud
519 61 ing 307
26.0
@
0.1 LS0 599 598 114
333 02 6-62 798 7138 994 325 -45 .00 19
82.0
@ Inc
0.0 lud
101 74 ing 85
4.0
@
0.2 LS0 599 598 148
89 26 6-63 838 7165 998 325 -45 .13 39
40.0
@
0.0 LS0 599 598 126
79 75 6-64 874 7201 1003 325 -45 .49 65
54.0
@ Inc
0.0 lud
119 88 ing 77
8.0
@
0.1 LS0 599 598 337
85 64 6-65 893 7246 1012 325 -45 .72 17
320.7
@ Inc
0.0 lud
337.7 82 ing 17
254.0
@ Inc
0.0 lud
271 96 ing 25
14.0
@ Inc
0.2 lud
39 06 ing 195
6.0
@ Inc
0.2 lud
201 30 ing 267
4.0
@
0.5
271 50
This Release
Drill hole Sig Hol Eas Nor Ele Azi Dip Len Sta
informat- nif e
N ting thi v. –
m gth rt
ion icant umb ng (me uth (me (m.)
drill er tre tre
hole s) s)
int
ers
ect
ions
End
(m.) Len LS0 599 598 1023 325 -45 218 35
gth 6-66 921 7298 .39
(m.)
@
Grade
%Mo
181 146.0 inc 47
@ lud
0.0 ing
49
85 38.0 inc 73
@ lud
0.0 ing
82
83 10.0 LS0 599 598 1166 0 -90 50.9 No
@ 6-67 539 7392 sig
0.1 nif
27 icant
int
ers
ect
ions
LS06-68 599 598 1139 325 -87 267 15 89 74.0
586 7331 .3 @
0.0
46
inc 15 17 2.0
lud @
ing 0.4
19
Cantech has hired Cyr Drilling of West Saint Paul, Manitoba to complete
this deep hole. A drill capable of reaching the target depth of 1,100
metres is now being mobilized onto the property and drilling should
commence within a few days of this news release. Unfortunately, heavy
snowfall in the area has hampered mobilization of the drill onto the
property but all access roads have now been plowed and a drill pad is
currently being constructed at site LS06-68 so that the drill can be moved
on site by helicopter. Once the drill is in position, hole LS06-68 will be
continued from its current depth of 267.3 metres to a target depth of 1100
metres. It is anticipated that it will take approximately 3 weeks to reach
this depth.
Updated Resource Calculation
The objective of Cantech’s Phase 3 Drill Program was to better define the
grade and width of the Lucky Ship deposit at depths greater than 100 metres
below surface particularly along the north side of the deposit and to
conduct exploration drilling in the eastern part of the deposit, which
recent computer modeling shows to be open. Previous resource calculations
by Dr. N.C. Carter placed that part of the deposit below 100 metres from
surface in the Inferred category due to lack of drill hole information.
The recently completed drill program has better defined the grade and
extent of the deposit at depth and this information will be used to prepare
a revised resource calculation. Cantech now has all the assay results from
the Phase 3 Drill Program and will compile this data on sections in support
of completion of a revised resource estimate to be done by Dr. Carter.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Dalton DuPasquier’
NEW CANTECH VENTURES INC.
Kontakt Deutschland
Value Relations GmbH
E-Mail: C7X@ir-services.de
Tel.: 069/959246-13
(c)DGAP 07.11.2006
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Language: English
Issuer: New Cantech Ventures Inc.
Suite 201 – 14881 Marine Drive
V4B 1C2 White Rock, B.C. Kanada
Phone: +1 604 541 7288
Fax: +1 604 541 7286
E-mail: kenya1@telus.net
WWW: www.newcantech.com
ISIN: CA6431661017
WKN: 121407
Indices:
Listed: Freiverkehr in München; Open Market in Frankfurt
End of News DGAP News-Service
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