2007-05-31 14:54 ET - News Release
Mr. James Jacuta reports
NEW CANTECH VENTURES INC. ANNOUNCES RESOURCE ESTIMATE FOR THE INDI CLAIMS AT
SILVER COIN
New Cantech Ventures Inc. is releasing the results of a recently completed
mineral resource estimate for the Indi claims in the Skeena mining district near
Stewart, B.C. The Indi claims, located near the former producing Premier Silbak
mine, are part of the Silver Coin project currently being explored by New
Cantech's joint venture partners Pinnacle Mines Ltd. and Mountain Boy Minerals
Ltd. The mineral resource estimate was prepared by MineFill Services Inc. of
Vancouver.
New Cantech has a 45-per-cent joint venture interest in the Indi 9, 10, 11
and 12 mineral claims which comprise 750 hectares, out of a total of 2,244.5
hectares that comprise the Silver Coin project (New Cantech does not have any
interest in the Silver Coin project other than the Indi 9, 10, 11 and 12 mineral
claims). The only Indi claim to be explored by New Cantech's joint venture
partners has been the Indi 9 claim which is adjacent the Big Missouri and Kansas
claims. The Big Missouri and Kansas claims host the majority of the mineral
resources of the Silver Coin project.
The measured and indicated mineral resource for the Indi claims has been
estimated to include 333,900 tonnes grading 0.52 gram per tonne (g/t) gold (Au),
15.17 g/t silver (Ag) and 0.26 per cent zinc (Zn) above a cut-off of 0.75 g/t Au
equivalent. An additional 590,000 tonnes grading 0.61 g/t Au, 3.94 g/t Ag and
0.21 per cent Zn are classed as inferred. These resources have been estimated in
compliance with Canadian Institute of Mining (2000). Au equivalent cut-off
grades are based on $525 per ounce for Au, $10 per ounce for Ag, $2.4 per pound
for copper (Cu) and $2 per pound for Zn.
MINERAL RESOURCE ESTIMATE FOR THE INDI CLAIM
(above a cut-off of 0.75 g/t AuEq)
Class Tonnes Au Ag Zn Au AuEq(*)(oz)
g/t g/t % (oz) (Au, Ag only)
Measured 54,160 0.66 6.47 0.38 1,160 1,370
Indicated 279,740 0.49 16.85 0.23 4,420 7,300
-------- ---- ----- ---- ----- -----
Measured
plus
indicated 333,910 0.52 15.17 0.26 5,570 8,670
Inferred 589,520 0.61 3.94 0.21 11,540 12,960
Note: Totals may not tally exactly due to rounding,
(*) AuEq values are calculated at $525 per ounce for Au,
$10 per ounce for Ag.
MINERAL RESOURCE ESTIMATE FOR THE INDI CLAIM
Cut-off grade
AuEq Tonnes Au Ag Zn Au AuEq(*) (oz)
g/t g/t % (oz) (Au, Ag only)
0.25 5,521,410 0.26 3.16 0.11 45,620 56,300
0.5 2,001,460 0.45 5.12 0.17 28,700 34,980
0.75 923,420 0.58 8.00 0.23 17,130 21,650
1 396,830 0.64 14.67 0.34 8,170 11,730
1.25 247,570 0.68 17.73 0.42 5,400 8,080
1.5 156,590 0.81 17.48 0.49 4,070 5,750
Note: Totals may not tally exactly due to rounding,
(*) AuEq values are calculated at $525 per ounce for Au,
$10 per ounce for Ag.
MineFill assessed the economic potential of the Silver Coin mineral resource
in an open-pit mining study. That portion of the within-pit Silver Coin resource
on the Indi 9 claim is estimated to include 119,940 tonnes grading 0.69 g/t Au,
8.85 g/t Ag and 0.39 per cent Zn above a cut-off of 0.75 g/t Au equivalent. An
additional 168,380 tonnes grading 0.62 g/t Au, 4.75 g/t Ag and 0.37 per cent Zn
are classed as inferred. These resources have been estimated in compliance with
CIM (2000).
WITHIN-PIT MINERAL RESOURCE ESTIMATE FOR
THE INDI 9 CLAIM
(above a cut-off of 0.75 g/t AuEq)
Class Tonnes Au Ag Zn Au Au-Eq* (oz)
g/t g/t % (oz) (Au, Ag only)
Measured 41,110 0.74 7.78 0.44 970 2,290
Indicated 78,830 0.66 9.41 0.36 1680 3,860
------- ---- ---- ---- ---- ------
Measured
plus
indicated 119,940 0.69 8.85 0.39 2,650 6,150
Inferred 168,380 0.62 4.75 0.37 3,350 7,680
(*) AuEq values are calculated at $525 per ounce for Au,
$10 per ounce for Ag.
Exploration on the Indi 9 claim comprised 20 Diamond drill holes out of a
total of 182 drill holes completed at Silver Coin in 2005 and 2006. The Silver
Coin resource is based on drilling along 700 metres of strike length within a
mineralized zone that has been identified over a distance of at least 2,500
metres that remains open to the south, east and north. The Silver Coin mineral
resource remains open to the west on the Indi 9 claim. Additional drilling is
therefore required to delineate the extent of the Silver Coin mineral resource
on the Indi property.
Apart from the potential expansion of the Silver Coin mineral resource onto
the Indi 9 claim, the exploration potential of the Indi claims is evident in the
presence of numerous mineralization showings (for example, the Extreme Cu,
Dauntless Vein and Dauntless Hill showings on the Indi 9 and Indi 10 claims or
the Last Chance showing on the Indi 11 claim and a stringer sulphide showing on
the Indi 12 claim) that have not yet been fully explored. A comprehensive
exploration program including trenching, sampling and drilling is therefore
required for the Indi property.
A comprehensive program of data verification was undertaken by MineFill prior
to the building of a block model in SURPAC. The mineral resource estimate was
then generated by ordinary kriging using uncapped gold, silver and zinc values.
MineFill recently filed the results of a preliminary economic assessment (PEA)
on the Silver Coin project and the report has been filed on SEDAR under the
Pinnacle Mines profile. An updated PEA, including the resources on the Indi
claims, will be filed in the New Cantech profile by MineFill and New Cantech
within 45 days of this press release.
The exploration on the Indi claims at Silver Coin project has been conducted
pursuant to a joint venture agreement between Pinnacle Mines, Mountain Boy
Minerals and New Cantech Ventures.
Dr. David Stone, PEng, of MineFill Services, is a qualified person under
National Instrument 43-101 and has reviewed and approved the disclosure
regarding the mineral resource estimation of MineFill Services.
Dr. Warwick Board, PGeo, of Snowden Mining Industry Consultants Inc., is a
qualified person under National Instrument 43-101 and retained by New Cantech,
has provided an independent qualified person's opinion on the context of the
Silver Coin mineral resource relating to the Indi property for the purposes of
this news release.
About New Cantech
New Cantech is a TSX Venture company
focusing on the development of its Lucky Ship Molybdenum Project in northern
British Columbia. In addition to the Lucky Ship Project, New Cantech is pursuing
other related mineral projects that may be beneficial to
shareholders.
For more information please contact Dalton B. DuPasquier,
President & CEO of New Cantech Ventures Inc., at (604) 541-7288 or visit
Cantech's website at http://www.newcantech.com.
ON BEHALF OF THE BOARD OF
DIRECTORS
"James Jacuta", Chairman
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.
For investor enquiries contact:
John R. Chalcraft, ProActive Communications
#201 - 2383
King George Hwy., White Rock, BC, V4A 5A4
Local: (604)
541-1995; Toll free: 1 (800) 540-1995
email: johnchalcraft@shaw.ca