New Cantech Ventures Inc.
New Cantech Ventures Inc.: Exploration Update
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.
201 – 14881 Marine Drive
White Rock, BC V4B 1C2
Tel: 604-541-7288
Email: kenya1@telus.net
Website: http://www.newcantech.com
NEWS RELEASE
July 19, 2006
DRILLING UPDATE – DAUNTLESS PROJECT – INDI PROPERTY – STEWART, BRITISH
COLUMBIA
Drilling Continues to Intersect High Grade Gold on Cantech’s Indi Property
with DDH-2006-150 Intersecting 1.52 m of 32.5 g/t Au
Stewart, BC – New Cantech Ventures Inc. (“Cantech”) (TSXV:NCV, FSE:C7X), is
pleased to announce that a 2006 exploration program has intersected high
gold values in the Main Breccia zone on the Indi Property and the adjoining
Silver Coin and Kansas Properties.
The Indi Property is a gold-silver-base metal property located about 24
kilometers north of Stewart, British Columbia in the Skeena Mining Division
and contiguous to the Kansas and Silver Coin Properties.
To date, a total of over 7,000 meters of drilling has been completed on the
Silver Coin, Kansas and Indi Properties in 30 holes by 3 drills working on
the properties. Such drilling includes seven holes (DDH 92, 93, 94, 95,
96, 97 and 150) which have been collared on the Indi Property and drilled
into the Kansas Property (see the Indi Drill hole Location Map on the
Cantech website). One drill is testing at depth with holes up to 800
meters deep while two drills are testing in areas surrounding the
identified mineral resource. It is the intention to complete approximately
20,000 meters of drilling on the three properties in the 2006 field season
with an expected 8,000 meters to be located on the Indi Property.
Assays have been received for the first 8 holes. The program is awaiting
assays for DDH 99. Highlights are: DDH 2006-94 assayed from 126,22 m to
127,74 m a grade of 30,64 g/t Gold; 39,6 g/t Silver. DDH 2006-98 assayed
from 69,82m to 71,34 m a grade of 49,27 g/t Gold; 39,8 g/t Silver. DDH
2006-150 assayed from 72,26m to 73,78 m a grade of 32,55 g/t Gold; 7,8 g/t
Silver.
New Zone of Mineralization
In addition to the above drilling results, trenching has located a new zone
of mineralization on the Indi Property just on the west side of the Dan
zone. Trenching exposed the zone over a width of 20 meters with a 16 meter
wide section assaying 1.5 g/t Au, 3.86 g/t Ag, 0.009 % Cu, 0.08 % Pb and
0.55% Zn.
Extreme Showing Project
Approximately one kilometer southwest of the Dauntless Project is the
Extreme Showing Project which is also located on Cantech’s Indi Property.
Cantech’s joint venture partners will conduct trenching on what is believed
to be a copper-silver bearing dyke. In 2004 and 2005 float sampling in the
area of the dyke yielded results as high as 1.49 g/t Au, 1302 g/t Ag, 8.91%
Cu, 0.45% Pb and 1.51% Zn. In 2005 select grab samples from this zone
indicated up to 1.16 g/t Au, 1012 g/t Ag, 3.44% Cu, 5.74% Pb and 11.7% Zn.
A 20 tonne bulk sample will also be taken as part of the up coming program.
It appears that the Extreme Showing Project is fully within the boundaries
of Cantech’s Indi Property.
Clarification of Previous Disclosure
In addition to the assay results mentioned above, in 2005 another two
diamond drill holes, DDH 2005-64 and 2005-74, were collared on the Kansas
Claim and were drilled towards and into Cantech’s Indi Property (the
boundary separating the Indi Property from the Silver Coin Property has not
been surveyed but will be surveyed shortly – see below). The results of
those two diamond drill holes were set out in the Cantech news release
dated May 19, 2006, but at that time it was thought that those two drill
holes were drilled into the Kansas Claim and, as a result, the drill
results were not disclosed as the drill hole results of the Indi Property –
see also the heading below “Proposed Property Boundary Survey and Drill
Hole Survey”. Highlights of DDH 2005-64 and DDH 2005-74 are 93,4 g/t
Silver and Gold with grades of 7,76 g/t and 3,07 g/t.
Background
Contiguous to the East and to the South of the Indi Property is the Silver
Coin group of claims owned jointly by Mountain Boy with a 49% interest and
Pinnacle Mines with a 51% interest (see the claim map on the Cantech
website www.newcantech.com).
Also, contiguous to the East is the Kansas claim which is the subject of an
option/joint venture with Tenajon Resources Ltd., pursuant to which
Pinnacle and Mountain Boy are earning a 60% interest through the
expenditure of $1,000,000 on exploration over four years. Pinnacle and
Mountain Boy can jointly earn a further 10% interest in the Kansas claim
(for an aggregate 70% interest) by exercising an option to deliver a
feasibility study within four years of earning the initial 60% (see also
the claim map on the website).
Regarding the Indi Property, Mountain Boy Minerals Ltd has earned a 26.95%
and Pinnacle Mines has earned a 28.05% interest with New Cantech retaining
a 45% interest in the Indi Property as per the option agreement dated March
26, 2004 between Mountain Boy and Cantech and the subsequent option
agreement dated July 29, 2004 between Pinnacle and Mountain Boy.
Recent Resource Calculation on the Contiguous Silver Coin Property
On March 15, 2006, Pinnacle Mines Ltd., Mountain Boy Minerals Ltd. and
Tenajon Resources Corp. announced a resource estimate on the contiguous
Silver Coin Project. The resource estimate was prepared by Minefill
Services, Inc. of Vancouver, British Columbia (see the announcement as
filed in SEDAR.com). That resource calculation was not based on any
diamond drilling conducted in 2006 and was not based on any drilling on
Cantech’s Indi Property, except for any drill holes previously thought to
be located on the Silver Coin Project but which may be determined by future
survey to be located, in part or in whole, on Cantech’s Indi Property.
The Technical Report dated April 27, 2006 prepared by Minefill Services
Inc. disclosed a calculated Net Inferred Resource of 499,775 contained
ounces of gold on the Silver Coin Property (not including any of the
results of Cantech’s Indi Property) and 2.11 million contained ounces of
silver on the Silver Coin Property (see page 51 of the Minefill Technical
Report filed in SEDAR.com). The mineral resource estimate consisted of
11.3 million tonnes grading 1.60 g/t Au and 6.64 g/t Ag, 0.056% Cu, 0.19%
Pb, and 0.413% Zn and has was calculated in accordance with CIMM (2000)
standards, at a zero cutoff.
Proposed Resource Calculation on the Indi Property
Cantech’s main objective of the 2006 diamond drill program is to provide
information for the basis of a resource calculation on the Dauntless
Project located on Cantech’s Indi Property. On the other hand, Pinnacle,
Mountain Boy and Tenajon are looking to expand the mineral resource on
their Silver Coin Property and the Kansas Claim.
Proposed Property Boundary Survey and Drill Hole Survey
To further facilitate the proposed resource calculation of the Dauntless
Project, Cantech and its joint venture partners are also arranging the
legal survey of the property boundary separating the Indi Property, the
Kansas Claim and the Silver Coin Property and also the survey of the
location of the diamond drill holes located on the Indi Property and the
adjacent Kansas claim and Silver Coin Properties.
Extent of Deposit on Cantech’s Indi Property
Accordingly, the recent diamond drilling confirms that the mineral deposit
located on the Silver Coin Property and the Kansas Property, dips to the
west and onto Cantech’s Indi Property. Also, the recent diamond drilling
confirms that each of: (a) a legal survey; (b) further drilling on
Cantech’s Indi Property; and (c) a resource calculation will need to be
completed in order to determine how much of the mineral deposit is
contained on Cantech’s Indi Property.
Gold Coin Project
On September 29, 2005, Cantech announced that is had acquired a 100%
interest in one mineral claim some 500 metres north east of the
Pinnacle-Mountain Boy Silver Coin Project which project is located to the
immediate east of the Indi Property. Cantech plans a geochemical survey
this summer on this property.
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.
(c)DGAP 19.07.2006
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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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