New Cantech Ventures Inc.

New Cantech Ventures Inc.

May 14, 2008 10:00 ET

New Cantech Ventures Inc.: Lucky Ship Molybdenum Property-New Resource Estimate Discloses a 45% Increase in Indicated Resource Tonnage

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - New Cantech Ventures Inc. ("New Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) is pleased to announce that it has received a new resource estimate for the Lucky Ship molybdenum property from ACA Howe International Ltd. This resource estimate incorporates infill drilling completed by New Cantech in 2007 as part of the Phase 4 drill program. The following is extracted from the ACA Howe report:

"2008 Howe Resource Estimate - New Current Estimate

In April 2008, Howe conducted an update of resources following additional resource development drilling undertaken over the project by New Cantech in 2007 that was designed to infill the existing drill pattern to facilitate conversion of a significant portion of inferred resources to the indicated resource category and to delineate depth extensions to the deposit.

The 2008 Howe resource estimate for Lucky Ship was prepared by Galen White, Senior Geologist-Resources with Howe (UK). Howe's estimate of the inferred and indicated mineral resources at a cut-off grade of 0.030% Mo is summarized in Table 1. The table also summarizes the indicated mineral resource estimate for cut-off grades greater than specified values (greater than 0.100% Mo for example).

Interpretation and Conclusions

The drilling undertaken by New Cantech during 2007 has been successful in infilling those parts of the resource classified as inferred resources in the 2007 Howe resource estimate as well as delineating additional resource tonnage at depth. Recent drilling has also provided more detailed resource boundary definition to the southeast and northwest. Shallow drilling in the northwest portion of the deposit has allowed the geometry and grade characteristics of a new mineralized domain (NW2) to be reliably estimated and it is therefore included in the resource update.

The resource model predicts tonnage and grade estimates that have been calculated using the IDW2 interpolation technique, the search orientations and ranges of which have been calculated through variographic analysis and consideration of the geological domain model. The current resource estimate predicts a 23% increase in overall resource tonnage as compared to the 2007 estimate and a 15% increase in contained metal. The current estimate for indicated resources predicts a 45% increase in tonnage and an 8% decrease in Mo grade (for an overall increase in contained metal of 33%) and a 38% decrease in tonnage and 10% decrease in Mo grade for inferred resources (for an overall decrease in contained metal of 45%). The net decrease in inferred resources of 45% is explained by the upgrading of a large portion of inferred resource to indicated resources following recent drilling, but in addition, infill and extension drilling of inferred resources in some domains, particularly exploration drilling at the edges of the deposit, returned assay grade zones that are, on average, lower grade than those delineated in the main part of the deposit during earlier drilling, and therefore this has affected the estimate of grade in these areas.

Table 1. Howe - CIM Compliant Classified Mineral Resource

Report Density
Cut-off Material Class (t/m3) Tonnes Mo%(5)
(1) (2) (3) (4) (Mt) (uncut)
0.03% Mo ALL MIN INDICATED 2.569 65.66 0.064
0.03% Mo ALL MIN INFERRED 2.569 10.24 0.054
greater than 0.100% Mo ALL MIN INDICATED 2.569 7.87 0.127
greater than 0.090% Mo ALL MIN INDICATED 2.569 11.15 0.118
greater than 0.080% Mo ALL MIN INDICATED 2.569 15.63 0.108
greater than 0.070% Mo ALL MIN INDICATED 2.569 21.02 0.100
greater than 0.060% Mo ALL MIN INDICATED 2.569 28.07 0.091
greater than 0.050% Mo ALL MIN INDICATED 2.569 38.22 0.081
greater than 0.040% Mo ALL MIN INDICATED 2.569 51.93 0.072
greater than 0.030% Mo ALL MIN INDICATED 2.569 65.66 0.064
greater than 0.020% Mo ALL MIN INDICATED 2.569 73.01 0.060
greater than 0.010% Mo ALL MIN INDICATED 2.569 74.52 0.059
greater than 0.000% Mo ALL MIN INDICATED 2.569 74.55 0.059

1. A lower cut-off grade of 0.03% Mo was chosen by considering the
statistical characteristics of Mo grade data as well as assessing the
natural grade boundary of the wireframe.
2. ALL MIN refers to total blocks contained within the mineralized
wireframe. HG A, HG B, NW A, NW B, NW2 A, NW2 B, SE A and SE B refer to
blocks within each of these sub-domains.
3. CIM classification categories of INDICATED and INFERRED mineral resource
blocks (Note that inferred resources cannot be used in reportable
economic evaluation. Mineral resources are not reserves and therefore do
not have demonstrated economic viability).
4. A density of 2.569 has been applied to all resource blocks. This value
has been derived from specific gravity data from 79 drill core samples
from Cantech's 2005/06 drilling.
5. Mo% data remains uncut as part of this resource estimation. Top-cut
analysis on raw sample data suggests no top cut is needed and removal of
high grade outliers prior to estimation would not materially affect the
global block model grade.
- The 2008 Howe resource estimate was prepared by Galen White (B.Sc., FGS,
MAusIMM), Howe Senior Geologist-Resources. This resource estimation
utilizes data from 23 AMAX holes (totalling 7,204.57 m) and 94 New
Cantech holes (totalling 24,435.32 m). The resource estimate was
prepared in accordance with CIM Standards on Mineral Resources and
Reserves as prescribed by NI43-101.

The geological domain model is considered appropriate for this style of mineral deposit at the current stage of advancement of the project. With the inclusion of domain constraints based on geological and grade characteristics, local estimates of block grade as well as global estimates, are likely to be good."

Qualified Persons

The information quoted above in this new release is extracted from a report prepared by Galen White (B.Sc., FGS, MAusIMM), senior geologist-resources for ACA Howe International Ltd. Mr. White is a qualified person following the guidelines set forth in National Instrument 43-101 and has reviewed and approved this news release. This new release has been reviewed and approved on behalf of New Cantech Ventures Inc. by Dr. Donald G. MacIntyre, Ph. D. and P. Eng. and Mr. Bruce Graff, P. Eng. each of whom is a qualified person under National Instrument 43-101.

About New Cantech

New Cantech is a TSX Venture Exchange listed mineral exploration and development company focusing on the development of its Lucky Ship Molybdenum Property in west central British Columbia and the advancement of its other mineral exploration properties, most of which are located in British Columbia and all of which are located within Canada.


James Jacuta, Chairman, President & CEO

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.
    Doug Kerr
    (604) 638-0699 or Toll Free: 1-866-580-0699
    New Cantech Ventures Inc.
    Derek Huston
    (604) 929-2337 or Toll Free: 1-800-665-4288