New Cantech Ventures Inc.
New Cantech Ventures Inc.: Drill Assays of 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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August 9, 2006 – New Cantech Ventures Inc. (“Cantech”) (TSXV:NCV, FSE:C7X),
is pleased to announce that is has completed eight drill holes (LS06-52 to
59) totaling 2,300 metres and is currently nearing completion of the ninth
drill hole (LS06-60) in it’s 2006 Phase 3 Drill Program. To date Cantech
has received assay results from the first three drill holes totaling 764.2
metres of NQ diamond drilling.
At 0.06% Mo cutoff grade, drill hole LS06-52 assayed over 8.0m 0.208% Mo,
drill hole LS06-53 assayed over 60.0m 0.108% Mo, drill hole LS06-54 assayed
over 260.0m 0.084% Mo and over 36.0m 0.163% Mo.
Drill hole LS06-52 was drilled from the same site as LS05-49 at an azimuth
of 143 deg and inclination of -60 deg. This hole was designed to test the
western limit of the deposit at depth. Results for this hole were better
than expected with some short, high grade intersections. Drill hole
LS06-53 was drilled from the western end of the lower drill road at an
azimuth of 325 deg and inclination of -45 degs again targeting the western
extent of the deposit at depth. This drill hole encountered low grade
mineralization over its entire length with 60 metres averaging 0.108% Mo.
Drill hole LS06-54 was collared 50 metres east of hole LS06-53 and
encountered Mo mineralization over its entire length with the best grade
between 6.0 and 266.0 metres which averaged 0.084% Mo (including the first
36 metres which averaged 0.163% Mo).
As stated above, Cantech is currently drilling hole LS05-60. As of Tuesday
morning, August 8, 2006, this drill hole was at a depth of 325 metres. The
drill core contains Mo mineralization from 17 metres to the end of the
hole. Cantech has decided to extend this hole for an additional 50 metres
at which time it is anticipated that it will be through the zone of Mo
mineralization.
Cantech recently engaged P.E. Walcott and Associates to build a 3D model of
the Lucky Ship deposit using state of the art mine planning software.
Based on the block model generated for the deposit, a number of areas
particularly on the east side of the deposit were identified for additional
drilling.
Cantech’s 2006 Phase 3 Drill Program began on June 19, 2006. The objective
of the Phase 3 Drill Program is 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 current drill program
will better define the grade and extent of the deposit at depth
particularly towards the east where the recent computer modeling suggests
there may be additional tonnage that was not included in Dr. Carter’s
resource calculation.
As stated above, as of August 8, 2006 New Cantech has completed 2,625
metres of NQ diamond drilling in nine holes (first eight holes plus 325
metres in hole LS06-60). All holes have been split and samples sent to
Acme Analytical Laboratories in Vancouver for analysis. To date assay
results have been received for the first three holes only (LS06-52-54).
Turnaround time for results is between 3 and 4 weeks from the date of
shipping.
In addition to completed drill holes LS06-52 to 59 and current hole
LS06-60, there are eight more holes planned for the phase 3 drilling
program totaling an additional 2,760 metres for a total drill program of
5,435 metres. The last hole will be a deep hole (estimated 1,100 metres)
designed to test deep intersections encountered in the 1960’s Amax drilling
and coincident deep IP anomalies.
ON BEHALF OF THE BOARD OF DIRECTORS
Dalton DuPasquier
NEW CANTECH VENTURES INC.
Contact Germany
Value Relations GmbH
E-mail: C7X@ir-services.de
Tel.: 069/959246-13
(c)DGAP 09.08.2006
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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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