New Cantech Ventures Inc.

New Cantech Ventures Inc.

November 14, 2007 13:59 ET

New Cantech Ventures Inc. Receives Final Assay Results for Phase 4 In-Fill Drilling at the Lucky Ship Molybdenum Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2007) - New Cantech Ventures Inc. ("New Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) is pleased to report that it has received the final molybdenum (Mo) assay results for the Phase 4 infill drilling program at the Lucky Ship Molybdenum Property. Lucky Ship is located 85 kilometres by road southwest of Houston, British Columbia, Canada, and is considered to be one of North America's significant molybdenum deposits.

A.C.A. Howe International Limited, an independent consulting firm, completed a National Instrument 43-101 compliant Preliminary Economic Assessment as reported by New Cantech on May 2, 2007 and filed on June 19, 2007. The Phase 4 drilling program was completed on August 20, 2007 with the main objective being to convert that part of the Lucky Ship mineral resource classified as inferred into the indicated category. Now that the assay results have been received the re-calculation of the mineral resource estimate can now be undertaken.

Lucky Ship Phase 4 Final Assay Results

New Cantech has now received assay results for holes LS07-107 to 114 which were drilled between July 7 and August 20, 2007. Results for holes LS07-69 to LS07-106 were reported in news releases on June 15 and June 26, 2007. Significant molybdenum intersections for holes LS07-107 to 114 are summarized in Table 1 below. A map showing drill hole locations can be viewed on the New Cantech website at (

Table 1. Summary Drill Hole Information and Significant Molybdenum

Significant Drill
Drill Hole Information Hole Intersections
Azi- Length Length(m.)
Hole Easting Northing Elev. muth Incl. (m.) From To @ % Mo
No significant
LS07-107 599838 5987165 998 325 -90 205.20 intersections
LS07-108 599798 5987138 994 325 -90 260.90 51 75 @ 0.039
LS07-109 599838 5987165 998 325 -75 205.13 47 207 @ 0.051
incl- 18.00m
uding 51 69 @ 0.102
LS07-110 599778 5987374 1104 330 -44 227.38 51.82 140.21 @ 0.083
incl- 36.57m
uding 67.06 103.63 @ 0.127
LS07-111 599746 5987359 1108 325 -45 251.76 73 181 @ 0.089
incl- 36.00m
uding 81 117 @ 0.160
incl- 4.00m
uding 167 171 @ 0.355
LS07-112 599746 5987359 1108 325 -70 294.50 119 294.43 @ 0.059
incl- 16.00m
uding 135 151 @ 0.108
incl- 12.00m
uding 171 183 @ 0.107
LS07-113 599882 5987420 1080 325 -45 151.10 3.05 69 @ 0.052
incl- 12.00m
uding 7 19 @ 0.89
LS07-114 599847 5987389 1090 325 -45 151.10 3.05 105 @ 0.085
incl- 4.00m
uding 5 9 @ 0.131
incl- 58.00m
uding 35 93 @ 0.101

Drill holes LS07-107 and 108 were drilled vertically outside the southern limit of the molybdenum zone. These holes were drilled to constrain the southern extent of molybdenum mineralization on this side of the deposit. LS07-109 was drilled from the same setup as LS07-107 but at a -75 degree angle and intersected the southern edge of the deposit at a down hole depth of 47 metres. LS07-110 -112 were all collared within the low grade granite porphyry core of the deposit and were drilled at an angle to the northwest cutting through the northern half of the deposit. LS07-113 and 114 were collared within the molybdenum zone and drilled at an angle to the northwest, intersecting the northern edge of the deposit at depth.

All drill core is cut into halves, with one half being sent for analysis and the other half kept for future reference. All analyses were done by Acme Analytical Laboratories, Vancouver, British Columbia, Canada, an ISO 9002 accredited laboratory, using the hot Agua Regia digestion and ICP-ES analytical technique. A controlled program of check, blank and duplicate sampling is employed throughout with duplicates standards and blanks being entered into the sample stream at regular intervals.

Lucky Ship Phase 5 Drilling

In a news release dated September 20, 2007, New Cantech reported that three additional diamond drill holes, totaling 926.9 metres, had been completed in an area centered approximately 400 metres northwest of the Lucky Ship deposit. The target of this drilling, designated as Phase 5, is a north trending, steeply dipping zone of quartz-molybdenite veins observed in a large gossanous outcrop. New Cantech is waiting to receive the assay results from the laboratory for these three drill holes which will be released once they are received.

Environmental Baseline and Engineering Studies

The following is an update from the September 20, 2007 New Cantech news release on the current status of the environmental baseline and engineering studies at the Lucky Ship Molybdenum Project.

- A Project Description on the Lucky Ship deposit is currently being compiled by Ecos Environmental Consulting Inc. of Smithers, British Columbia. The Project Description is one requirement under the Environmental Assessment Process in British Columbia, to obtain an Environmental Assessment Certificate for a mining project the size of Lucky Ship.

- Initial evaluation and geotechnical assessments of the T6B - Tailings Storage Facility and the proposed plant site were completed by BGC Engineering Inc. (BGC). A total of forty-nine test pits were excavated throughout the proposed project area. The test pits focused on locating potential earth fill resources for the tailings dams and/or general construction materials for the project, and for assessment of shallow foundation conditions at the proposed plant site. This was followed up with drilling of fifteen boreholes and installation of monitoring wells between September 5 and October 16, 2007 within the vicinity of T6B and the proposed plant site. A majority of the geotechnical drill holes were drilled along the preferred T6B dam alignments, with four holes being drilled at the proposed plant site. A summary report on the results of the geotechnical programs to date is expected from BGC in the near future.

- BGC Engineering Inc. has submitted a Draft Report on the Terrain Inventory Mapping program completed for the project area between August 1 and 8, 2007.

- Evaluations on groundwater (hydrogeology) quality and flows within and below the mineralized zone continued to be carried out through monitoring of existing wells. The establishment of additional wells proposed in the Phase 3 groundwater program has been delayed due to unavailability of an appropriate drilling rig. The Phase 2 program of Static, Kinetic and Field Bin test work is ongoing and intensive Surface Water and Sediment Quality assessments continue to be carried out by Lorax Environmental Services Ltd. and Ecos Environmental Consulting Inc. throughout the project area.

- Extensive Aquatic Biota and Fish Assessment Programs were implemented in September 2007 using Jacques Whitford-Axys (JWA). The programs were designed to obtain pertinent fisheries information for all the watersheds associated with the mine site, plant site and T6B Tailings Storage Facility option. JWA is actively compiling the field data for development of a report for New Cantech.

- SRK Consulting Engineers and Scientists are currently evaluating the various mining options for the project, and

- A pilot mill metallurgical test program was initiated in October 2007 with G&T Metallurgical Services (G&T). A 2,200 kg sample of Quartz Feldspar Porphyry (QFP) mineralized material was sent to G&T and is being milled, in order to further evaluate the metallurgical characteristics of the QFP and to determine a potential plant flowsheet.

Qualified Persons

Dr. Donald G. MacIntyre, P. Eng. a qualified person under National Instrument 43-101, has reviewed and approved the technical disclosure pertaining to the Phase 4 diamond drilling program contained in this news release.

Bruce Graff, P. Eng., a qualified person under National Instrument 43-101, is the Lucky Ship Project Manager and has been supervising New Cantech's 2007 developmental studies. He has reviewed and approved the technical disclosure in this news release regarding the environmental and engineering development studies.

About New Cantech

New Cantech is a TSX Venture 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

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.
    James Jacuta
    President and CEO
    (604) 638-0699