New Cantech Ventures Inc.: Lucky Ship Molybdenum Property-New Resource Estimate Discloses a 45% Increase in Indicated Resource T
14 Maggio 2008 - 4:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (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
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Report Density
Cut-off Material Class (t/m3) Tonnes Mo%(5)
(1) (2) (3) (4) (Mt) (uncut)
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RESOURCE BY CATEGORY
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0.03% Mo ALL MIN INDICATED 2.569 65.66 0.064
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0.03% Mo ALL MIN INFERRED 2.569 10.24 0.054
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INDICATED RESOURCE BY CUT-OFF
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greater than 0.100% Mo ALL MIN INDICATED 2.569 7.87 0.127
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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
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Notes:
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.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
Contacts: 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 Website:
www.newcantech.com
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