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NEW
CANTECH VENTURES INC. LUCKY SHIP MOLYBDENUM PROPERTY
UPDATE
New Cantech Ventures
Inc. ("New Cantech") (TSXV:NCV, FSE:C7X) announces that it has received a
further payment of $2,000,000 Canadian towards the Lucky Ship Option
Agreement entered into by Korean companies Palm Clean Energy Inc. and
Daewon Chemical Co. Ltd. as optionees. James Jacuta, New Cantech's President, said that, "I am very pleased by New Cantech's Korean partners
moving forward on their commitments at this time. This is a significant
indicator of on-going support for the Lucky Ship Molybdenum Project." New
Cantech's President, also added, "We are scheduling meetings in Vancouver
with a team from Korea in the next couple of weeks to review and approve
development plans for Lucky Ship in 2008-09 and we are hoping that the
project will be accelerated at that time based on the discussions that we
have already had on this possibility."
Environmental Baseline
and Engineering Studies
The following is an update from the
November 14, 2007 news release on the current status of the environmental
baseline and engineering studies at the Lucky Ship Molybdenum Project.
- A draft report on the results of the evaluation
and geotechnical assessment of the T6B -Tailings Storage Facility is
currently being prepared by BGC Engineering Inc. (BGC).
- BGC Engineering Inc. has recently submitted final
reports on the Terrain Inventory Mapping program completed for the
project area between August 1st and 8th, 2007, and on the Prefeasibility
Site Investigations - Proposed Plantsite that was completed in
September, 2007.
- Lorax Environmental Services is currently
managing the startup of the delayed Phase 3 groundwater (hydrogeology)
quality and flow program for the area located between the mineralized
zone and the Nanika River. It is anticipated that this Phase 3
geotechnical drilling assessment will be completed by early February,
2008.
- Ecos Environmental Consulting Inc. has continued
water quality and groundwater sampling over the past two months
throughout the project site.
- Jacques Whitford-Axys (JWA) will be contracted to
complete the required "winter" wildlife survey on the project area.
Prior to initiation of this study the project team will meet with
government regulators to determine the extent of their requirements in
regard to this portion of the Environmental Baseline Assessment.
- SRK Consulting Engineers and Scientists have
submitted a draft memorandum, which covers their assessments of the
various mining options for the Lucky Ship Project.
- A pilot mill metallurgical test program is
underway at the G&T Metallurgical Services (G&T) facility in
Kamloops. A 2,200 kg sample of Quartz Feldspar Porphyry (QFP)
mineralized material was sent for milling. To date a rougher concentrate
has been produced from the pilot mill process and this will provide
G&T and New Cantech with important information on the metallurgical
characteristics of the QFP and potential plant flowsheet. It is
anticipated that the cleaner concentrate processing will be completed by
January, 2008.
- New Cantech has initiated discussions with MQes -
Mine and Quarry Engineering Services, Inc of San Mateo, CA, in regards
to their company completing a preliminary feasibility study on a process
plant and ancillary facilities for the Lucky Ship Molybdenum
Project.
Final Assay Results Received on Phase 5
Drilling
In a news release dated September 20, 2007, New
Cantech announced that three additional Diamond drill holes totaling 926.9
metres had been completed on the Lucky Ship Molybdenum property, located
85 kilometres by road southwest of Houston B.C. This drilling tested an
area centered approximately 400 metres northwest of the main Lucky Ship
molybdenum deposit. The target of this drilling, designated as Phase 5,
was a north trending, steeply dipping zone of quartz-molybdenite veins
observed in a large gossanous outcrop. The three NQ Diamond drill holes
(LS07-115 to 117) were drilled between August 24 and September 11, 2007.
New Cantech has now received final assay results for these three holes.
All analyses were done by Acme Analytical Laboratories, Vancouver, B.C.,
Canada, an ISO 9002 accredited laboratory, using the hot Agua Regia
digestion and ICP-ES analytical technique. A map showing drill hole
locations can be viewed on the New Cantech website (www.newcantech.com).
Drill hole details are summarized in the table below.
Drill Hole No.
|
Easting |
Northing |
Elevation |
Length |
Azimuth |
Inclination
|
LS07-115 |
599210 |
5987609 |
1242 |
285.59 |
55 |
-45 |
LS07-116 |
599220 |
5987548 |
1241 |
349.61 |
55 |
-45 |
LS07-117 |
599400 |
5987558 |
1234 |
291.69 |
235 |
-55
|
Drill holes LS07-115 and 116 were drilled at
azimuth 55 degrees and inclination -45 degrees. Hole LS07-117 was drilled
at azimuth 235 degrees and inclination -55 degrees. Best intersections
from these holes are listed below:
Drill Hole |
From |
To |
Length |
Mo % |
Cu % |
Ag gm/t |
Au ppb |
LS07-115 |
267 |
271 |
4 |
0.055 |
0.01 |
<2 |
66 |
LS07-116 |
271 |
273 |
2 |
0.002 |
2.89 |
52 |
1694 |
LS07-116 |
273 |
275 |
2 |
0.005 |
0.66 |
10 |
383 |
LS07-116 |
291 |
293 |
2 |
<0.001 |
0.41 |
13 |
74 |
LS07-117 |
47 |
49 |
2 |
0.075 |
0.01 |
<2 |
40
|
Note: all measurements in metres; ppb=parts per
billion; gm/t=grams per tonne
The lack of significant
concentrations of molybdenum bearing veins in the area tested by the Phase
5 drilling suggests low potential for additional Mo resources in this
area. However, the significantly higher background concentrations of Cu,
Ag and Au found in this area are interesting and could indicate the
presence of a different, more Cu rich target along the eastern contact of
the Lucky Ship intrusive complex.
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 5 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 has been
supervising New Cantech's 2007 developmental studies and 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.
For
more information please contact James Jacuta, President and CEO of New
Cantech Ventures Inc., at (604) 638-0699 or visit New Cantech's website at
http://www.newcantech.com.
ON BEHALF OF THE BOARD OF
DIRECTORS
"James Jacuta"
Chairman, CEO and
President.
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.
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