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 contained pounds molybdenum) using a 0.06% molybdenum cutoff. An additional 19.5 million inferred tonnes at 0.087% molybdenum (37.4 million lbs. molybdenum) was also reviewed using the same cutoff.
The estimate is based on more than 4,900 metres of core drilling in 28 holes conducted by New Cantech at Lucky Ship since mid-2005; data from Amax Exploration’s core drilling program (11,000 metres in 23 holes) from 1964 to 1968 was also used.
The company has signed drill contracts for another 5,000 metres in about 15 holes, designed to infill the current dataset and upgrade inferred resources. New Cantech plans at least one deep hole (1,100 metres) to test the potential for a larger Henderson-type deposit beneath Lucky Ship. An application for a permit allowing a 10,000-tonne bulk sample was 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 is hoping to develop a 5,000-tonne-per-day, open-pit operation at Lucky Ship. Initial molybdenum flotation tests indicate recoveries of over 90% can be attained using a coarse grind.
With 35.3 million shares outstanding and a recent 50-per-share trading level, the company posts a $17.6-million market capitalization.
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