MARCH 12, 2007 - 16:22 ET
New Cantech Reports a 40 Metre Intersection Averaging 0.110% Mo (Including 8 Metres of 0.273% Mo) Was Encountered Between 719 to 754 Metres Below Surface in Drill Hole LS06-68 ("The Deep Hole")
Final Results from the Deep Hole-Lucky Ship Molybdenum Property
VANCOUVER, BRITISH COLUMBIA--(March 12, 2007) - New Cantech Ventures Inc. ("Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) is pleased to announce that Cantech has received results for the last 500 metres of hole LS06-68, the "deep hole". Mr. Dalton DuPasquier, the President and CEO of New Cantech, commented:
"I am very encouraged by the assay results of the deep hole which establish that molybdenum mineralization extends down to at least 789 metres below surface, a distance of 250 metres below the cutoff elevation for previous resource calculations. I am encouraged that the grades tend not to drop off and, in particular, as set out below, there is an 8 metre intersection of 0.27% Mo which is one of the better intersections drilled on the Lucky Ship Property to date."
Dr. Donald G. MacIntyre\'s description of the drilling results from the "deep hole" is set out below:
This drilling was done between January 14, 2007 and February 9, 2007. The hole was drilled at azimuth 325 degrees and inclination -87 degrees and was designed to target a zone of molybdenum mineralization that was encountered in hole LS06-61 and two previous Amax drill holes - LS65-12 and LS65-16. The hole was collared just north and outside of the molybdenum zone that surrounds a granite porphyry intrusion. The upper part of the hole encountered sporadic intervals of quartz-molybdenite veining to a depth of 517 metres as announced in a previous press release. Results for the last 500 metres of the hole, which were received on March 9, 2007, are presented in the table below. As shown in the table, from 541 to 789 metres hole LS06-68 averaged 0.051% Mo. This zone is interpreted to be continuous with intersections encountered in holes LS06-61, LS65-12 and LS65-16 thus extending the zone of known molybdenum mineralization to a minimum depth of 789 metres below the surface and at least 250 metres below the limit of previous resource calculations on this section. At 789 metres drill hole LS06-68 entered into a quartz monzonite porphyry intrusion that contained only sporadic quartz-molybdenite veining. This intrusion is interpreted to be a coarser grained equivalent of the granite porphyry intrusion that was intersected in drill holes closer to surface. If the two intrusions are related it suggests the granite porphyry is an offshoot of a large intrusive body of quartz monzonite porphyry at depth. The best grades in hole LS06-68 occur in an altered zone that was intersected just before entering the quartz monzonite porphyry. This zone averaged 0.110% MoS2 over 40 metres, including an 8 metre interval that averaged 0.273% Mo. The true thickness of this zone is not known as there is only a single drill hole cutting the zone at this depth. Additional drilling will be required to determine if the zone is steeply dipping and connects to intersections higher up in holes LS06-61, LS65-12 and LS65-16 or if the zone flattens along the upper contact of the quartz monzonite porphyry intrusion.
Hole East- North- Elev. Azi- Length Start End Length (m.) @
Number ing ing (m.) muth Dip (m.) (m.) (m.) Grade %Mo
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LS06-68 599586 5987331 1139 325 -87 1020 541 789 248.0 @ 0.051
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including 661 789 128.0 @ 0.066
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including 719 759 40.0 @ 0.110
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including 739 747 8.0 @ 0.273
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Phase 4 drilling update
The Phase 4 drilling program began on February 23, 2007. Currently Driftwood Diamond Drilling of Smithers, British Columbia has two drills on the property and as of March 9, 2007 had completed 2,968 metres of NQ diamond drilling in 8 drill holes (LS07-69 to LS07-76). This phase of drilling will see 32 drill holes completed as part of a 10,000 metre drilling program. The objectives of this work are to:
(a) Move that part of the Lucky Ship deposit that is within 300 metres of the surface from the current indicated resource to the measured resource category of National Instrument 43-101. This is required for financing purposes; and
(b) Determine the ultimate vertical extent of the deposit which is still open at depth. This information is required to determine the size and grade of the resource that is below the limits of open pit mining and could potentially be mined by underground methods.
Several of the Phase 4 drill holes will be over 700 metres long and will target the area where a high grade intersection was encountered in hole LS06-68 (the "deep hole") as described above. Assay results from the Phase 4 program will be released as they are received.
Qualified Person
Dr. Donald G. MacIntyre, P.Eng., a qualified person under National Instrument 43-101, has been supervising Cantech\'s drilling programs on the Lucky Ship property and has reviewed and approved the technical disclosure in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Dalton DuPasquier
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.
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