Vancouver – A mineral resource estimate is now in hand for New Cantech Ventures’ (NCV-V, NCTVF-O) Lucky Ship molybdenum deposit located 65 km southwest of Houston in west-central British Columbia.
The project hosts an indicated resource of 12.7 million tonnes grading 0.089% molybdenum (24.9 million pounds of contained molybdenum) using a 0.06% molybdenum cut-off grade. An additional 19.5 million inferred tonnes at 0.087% molybdenum (37.4 million pounds of contained molybdenum) was also reviewed using the same cut-off grade.
The Lucky Ship estimate is based on more than 4,900 metres of core drilling in 28 holes conducted by New Cantech since mid-2005, in addition to data from Amax Exploration’s core drilling program (11,000 metres in 23 holes) from 1964 to 1968.
The company has signed drill contracts for further 5,000 metres in about 15 core holes, designed to infill the current dataset and upgrade inferred resources. New Cantech also plans at least one deep hole (1,100 metres) to test the potential for a larger Henderson-type deposit beneath Lucky Ship. Additionally, application for a permit allowing a 10,000 tonne bulk sample has been filed.
Mineralization at Lucky Ship is associated with a multi-stage intrusive-breccia complex of porphyritic granites and quartz porphyry. Molybdenum occurs as molybdenite in quartz vein stockworks and as disseminations.
New Cantech looks to develop a potential 5,000 tonne-per-day open pit operation at the deposit. Initial molybdenum flotation tests indicate recoveries of over 90% can be attained using a coarse grind.
With 35.3 million shares outstanding, the company posts a $17.6 million market capitalization given the recent 50 per share trading level.
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