New Cantech Ventures Inc.

New Cantech Ventures Inc.

July 09, 2007 23:30 ET

New Cantech Ventures Inc. Announces Resumption of Diamond Drilling on its Lucky Ship Molybdenum Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2007) - As announced in a previous news release, New Cantech Ventures Inc. ("Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X), is currently conducting its Phase 4 infill drilling program at the Lucky Ship Molybdenum Property, located 85 kilometres by road southwest of Houston B.C.

The Phase 4 program was targeted to complete 47 drill holes for a total of 14,137 metres of drilling. It was initiated on Feb 20, 2007. The main objectives of this drilling program were to move that part of the Lucky Ship mineral resource classified as inferred into the indicated category and to provide initial groundwater (hydrology) information on the deposit. The groundwater drilling is part of the baseline assessments for project development. As of April 29, 2007 Cantech had completed 38 of the projected 47 drill holes (LS07-69 to LS07-106), totaling 11,781 metres. Because of spring thaw conditions which made roads to the property unusable, drilling on the property was suspended on April 29, 2007. Driftwood Diamond Drilling of Smithers B.C. moved a skid mounted drill onto the property and drilling resumed on July 7, 2007. The remaining holes comprising the Phase 4 program should be completed in the next three weeks. This will be followed by three additional holes (Phase 5) totaling 1200 metres that will target an area of molybdenum mineralization uphill and 400 metres northwest of the main molybdenum deposit.

Work has also started on a 95 kilometre soil geochemical grid covering the Moly King property currently under option to Cantech (see previous news releases, including news release of May 23, 2007). This property is completely surrounded by the eastern portion of Lucky Ship claim group. As of July 8, 2007, approximately one third of the grid had been sampled. This work is progressing slowly due to the terrain and patches of snow at higher elevations. It is estimated that this work will be done in another 4 to 5 weeks. All results from this sampling should be received by mid August. At that time a decision will be made regarding additional work on the property.

The Moly King claim is located within an area explored by Falconbridge Nickel Mines back in 1969. Falconbridge carried out a limited exploration program of mapping and geochemical surveying (B.C. Assessment Report 1809). There are very few outcrops on the property.

Falconbridge's geochemical work in 1968 outlined an irregular zone of anomalous Cu and Mo in soils over an area of roughly 1,500 by 2,000 feet. This anomaly, plus showings in creeks cutting through the anomaly present an attractive exploration target. Cantech's current soil geochemical sampling program is designed to further test this area.

Qualified Person

Dr. Donald G. MacIntyre, P.Eng., a qualified person under National Instrument 43-101, has been supervising Cantech's 2007 Phase 4 drill program, will be supervising Cantech's Phase 5 drill program and has been supervising the geochemical work on the Moly King property and has reviewed and approved the technical disclosure in this news release.


James Jacuta


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.

Contact Information

  • New Cantech Ventures Inc.
    Dalton B. DuPasquier
    President and CEO
    (604) 541-7288