New Cantech Ventures Inc. Receives Assays for First 3 Holes of its Phase 3 Drill Program on its Lucky Ship Molybdenum Propertyadmin
Thursday, August 10th 2006
New Cantech Ventures Inc. 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.
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.
Drilling is being done by Lone Ranger diamond drilling of Lumby, B.C. using a Longyear 44 drill rig.
Dr. Donald G. MacIntryre, P.Eng., a qualified person under National Instrument 43-101, has been supervising Cantech’s 2006 Phase 3 Drill Program and has reviewed and approved the technical disclosure in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
NEW CANTECH VENTURES INC.
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.
Dalton B. DuPasquier New Cantech Ventures Inc. President & CEO (604) 541-7288 (604) 541-7286 (FAX) email@example.com
Source: New Cantech Ventures Inc.